PhysicsWallah IPO Opens: Check Latest Grey Market Trends And Other Key Details

Delhi-based leading ed-tech company PhysicsWallah Ltd. launched its initial public offering (IPO) today, on Tuesday, November 11. The IPO was booked 0.03 times so far on Tuesday.

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.

Mutual funds secured more than half the allocation of PhysicsWallah Ltd. shares in the pre-IPO anchor round on Monday. A total of 14 mutual funds subscribed through 35 schemes, representing 55% of the anchor allocation. They include ICICI Prudential, Motilal Oswal, Tata Mutual Fund, Edelweiss, Aditya Birla Sun Life and Kotak Mutual Fund.

Goldman Sachs, Fidelity, Abu Dhabi Investment Council, and PineBridge Investments LLC were the marquee foreign investors in the pre-IPO fundraise.

Founded in 2016, PhysicsWallah is an Indian ed-tech company that provides educational courses at affordable rates. It started as a YouTube channel and is now an Indian ed-tech company that offers affordable and comprehensive educational courses primarily for competitive examinations and professional upskilling.

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

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

The latest GMP for the PhysicsWallah IPO stood at Rs 3 as of 10:30 a.m. on Tuesday, November 11. With an upper price band of Rs 109 per share, the estimated listing price is likely to be Rs 112, as per the latest GMP. This implies an expected listing gain of 2.75% per share for the 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.

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.

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

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.

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.