PhysicsWallah’s ₹3,480 crore IPO saw just 10% subscription on Day 2, with a low GMP of ₹1.5. Retail interest is moderate, but institutional demand is weak. With cautious sentiment around tech IPOs, investors should evaluate carefully before applying. The issue closes on November 13 and lists on November 18.
India’s edtech unicorn PhysicsWallah Ltd entered Day 2 of its ₹3,480 crore IPO on Wednesday, November 12, with subdued investor interest. The IPO, priced between ₹103 and ₹109 per share, includes a fresh issue of ₹3,100 crore and an OFS of ₹380 crore.
Key highlights:
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Subscription status: As of Day 2, the IPO is just 10% subscribed, with retail investors showing 33% interest, while institutional demand remains weak.
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Grey Market Premium (GMP): The GMP has dropped to ₹1.5, suggesting a listing price of ₹110.5, or a modest 1.38% gain over the upper band.
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IPO window: Opened on November 11, closes on November 13, with allotment expected by November 14 and listing on November 18.
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Market sentiment: Analysts cite cautious investor mood toward new-age tech stocks and valuation concerns as reasons for the tepid response.
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Application methods: Investors can apply via UPI or ASBA, depending on their broker or bank platform.
While PhysicsWallah’s brand is strong, the weak GMP and low subscription suggest investors should tread carefully.
Sources: Livemint, Economic Times, News18