PhysicsWallah IPO GMP Falls Marginally Ahead Of Its Launch On Tuesday

Delhi-based leading ed-tech company PhysicsWallah Ltd. will launch its initial public offering (IPO) on Tuesday, November 11. The company will raise up to Rs 3,100 crore through a fresh issue, and co-founders Alakh Pandey and Prateek Maheshwari will sell equity worth Rs 380 crore via an offer-for-sale. Both founders own over 80% stake in PhysicsWallah.

The mainboard IPO will remain open for subscription from November 11 to November 13.  

PhysicsWallah, which started as a YouTube channel, is an Indian ed-tech company that offers affordable and comprehensive educational courses primarily for competitive examinations and professional upskilling. In the April-June period, the company reported a net loss of Rs 127 crore, compared to about Rs 72 crore a year ago. Total income during this period stood at Rs 905.41 crore, up 37% year-on-year.

Founded in 2016, PhysicsWallah is an Indian ed-tech company that provides educational courses at affordable rates.

Known as the 'Physics guy', Pandey doesn't hold a formal degree. He pursued a Bachelor's degree in Mechanical Engineering at Kanpur's Harcourt Butler Technical Institute, but dropped out in the third year to pursue his passion for teaching. Meanwhile, Maheshwari joined PhysicsWallah in 2020 to look after its strategy and innovation initiatives.

Ahead of its launch, private market investors will closely watch the grey market premium for the mainboard offer to gauge the market sentiment.

Here's a look at the grey market premium (GMP) and other key details about PhysicsWallah IPO ahead of the launch.

The latest GMP for the PhysicsWallah IPO stood at Rs 4 as of 8:30 a.m. on Monday, November 10. With an upper price band of Rs 109 per share, the estimated listing price is likely to be Rs 113, as per the latest GMP. This implies an expected listing gain of 3.67% per share for the PhysicsWallah IPO investors.

Note: GMP does not represent official data and is based on speculation. GMP data as per InvestorGain.

The mainboard IPO comprises a fresh issue of 28.44 crore shares, valued at Rs 3,100 crore, and an offer-for-sale (OFS) of 3.49 crore shares, amounting to Rs 380 crore.

The IPO price band has been fixed at Rs 103-Rs 109 per share. Retail investors need to apply for at least a single lot size of 137 shares, amounting to a minimum investment of Rs 14,933 at the upper limit of the issue price. Small Non-Institutional Investors (NIIs) are required to bid for a minimum of 14 lots worth Rs 2,09,062. Big NIIs can participate in the IPO subscription by applying for at least 67 lots, amounting to an investment of Rs 10,00,511.

MUFG Intime India Pvt. Ltd. (formerly Link Intime India) is the issue registrar, while Kotak Mahindra Capital Co. Ltd. is the book running lead manager of the issue.

PhysicsWallah IPO allotment status is expected to be finalised on November 14. The company will initiate refunds and share transfers to demat accounts on November 17.   

Shares of PhysicsWallah Ltd. are expected to be listed on the NSE and BSE on November 18.

PhysicsWallah will utilise the proceeds from the fresh issue for various purposes. It will use Rs 710 crore for marketing initiatives, Rs 548 crore for lease payments of existing identified offline and hybrid centers operated by the company, Rs 460 crore for capital expenditure for fit-outs of new offline and hybrid centers, and Rs 471 crore for investment in subsidiary Xylem Learning Pvt.

PhysicsWallah primarily provides online and offline education for students preparing for various examinations like JEE, NEET and UPSC, among others. The company offers its course material and video lectures via social media platforms, website, apps and YouTube channel.

The company’s total income stood at Rs 905.41 crore in the quarter ended June 2025. However, the company reported a net loss of Rs 127.01 crore and an Ebitda loss of Rs 21.22 crore in the June quarter. For the full financial year 2024-25, the company’s total revenue stood at Rs 3,039.09 crore with a net loss of Rs 243.26 crore. However, its Ebitda stood at Rs 193.2 crore in FY25

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult financial advisors and read the red herring prospectus thoroughly before placing bids.