The PhysicsWallah IPO, comprising a ₹3,480 crore issue, achieved full subscription by day three, led by strong retail investor demand and notable institutional participation. The issue, priced between ₹103-109, funds expansion plans and marks the company's significant market entry with a listing scheduled for November 18, 2025.
PhysicsWallah, the prominent Indian ed-tech platform, successfully secured full subscription on the third and last day of its initial public offering (IPO) bidding ending November 13, 2025. The IPO raised ₹3,480 crore through a combination of fresh equity issuance and promoter share sale, marking an important milestone for the pure-play edtech company ahead of its stock market debut.
The offer comprised a fresh issue of ₹3,100 crore and an Offer for Sale (OFS) by promoters totaling ₹380 crore. Notably, both promoters, Alakh Pandey and Prateek Boob, offloaded shares worth ₹190 crore each through the OFS, maintaining substantial stakes of around 40.31% each in the company post-IPO.
Subscription details revealed a robust response from retail investors, who subscribed to 86% of their allocated quota. Qualified Institutional Buyers (QIBs), previously slow on participation, surged with 1.63 times subscription in their category. Non-Institutional Investors (NIIs) accounted for a modest 25% subscription by the close. The IPO price band was fixed between ₹103 to ₹109 per share, potentially valuing the company at over ₹31,500 crore.
The funds from the fresh issuance are earmarked for expansion efforts, including scaling the offline coaching network and further growth initiatives. PhysicsWallah will list on the NSE and BSE on November 18, 2025, marking its significant entry into the public markets as a major ed-tech player.
Source: NSE Circular, Reuters, Economic Times, Free Press Journal