PhysicsWallah IPO Day 3 Status: 14% Subscription So Far, GMP Slides

PhysicsWallah IPO Closes Today: The initial public offering (IPO) of PhysicsWallah ends today, Thursday, November 13. The Rs 3,480-crore issue opened on Tuesday, November 11. The price band has been fixed

in the range of Rs 103-Rs 109 apiece.

The IPO includes a fresh issue of Rs 3,100 crore and an offer-for-sale (OFS) of Rs 380 crore by co-founders and promoters Alakh Pandey and Prateek Maheshwari.

Together, the promoters currently hold 80.62 per cent of the company, which will reduce to 72 per cent post-IPO. Notably, none of the early investors will sell their stakes in this offering.

PhysicsWallah IPO Subscription Status

The PhysicsWallah IPO continued to see a steady but modest flow of bids on Day 3, with the issue subscribed 0.14 times as of 10:12 AM.

Exchange data shows that the IPO received bids for 2,60,29,589 shares against 18,62,04,143 shares available for subscription.

The Qualified Institutional Buyers (QIB) category remained largely inactive, with bids for only 8,220 shares against the 10.11 crore shares reserved — reflecting 0.00x subscription.

The retail category continued to drive demand, subscribing 0.63x of its quota. RIIs placed 2.12 crore bids, with cut-off bids dominating the segment.

PhysicsWallah IPO Key Dates

Its share allotment will be finalised on Friday, November 14, and the market listing will take place on November 18 on both the BSE and the NSE.

PhysicsWallah IPO GMP

According to market observers, unlisted shares of PhysicsWallah Ltd are currently trading at Rs 110 apiece in the grey market, which is a premium 1.15% over the upper IPO price of Rs 109, indicating weak listing.

The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Think Investments Infuses Rs 136 Crore In Pre-IPO Round

Global investment firm Think Investments has invested a little over Rs 136 crore in edtech unicorn PhysicsWallah as part of a pre-IPO funding round.

Think Investments is a USD 4 billion global investment firm, focusing on backing technology-driven early-stage businesses. In India, Think Investments has built a diverse portfolio with investments in some of the prominent companies, including Swiggy, FirstCry, Urban Company, PharmEasy, Experian, Spinny, NSE, Star Health, Meesho, Rapido, Chaayos, and Dream11.

PhysicsWallah IPO: Should You Apply?

Brokerages have expressed mixed views on the much-awaited PhysicsWallah (PW) IPO, with some recommending a cautious approach while others see long-term value in the edtech firm’s growth story.

SBI Securities maintained a ‘Neutral’ stance, saying it would prefer to monitor the company’s performance post listing. The brokerage noted that PhysicsWallah, which offers test-preparation and upskilling courses, ranks among India’s top five edtech companies by revenue. However, it pointed out that the company’s net loss widened from Rs 81 crore in FY23 to Rs 216 crore in FY25, driven by higher depreciation and impairment losses on financial assets.

“At the upper price band of Rs 109, the issue is valued at an EV/Sales multiple of 9.7x based on the post-issue capital, which seems fairly valued,” SBI Securities said.

Angel One also assigned a ‘Neutral’ rating, highlighting that PhysicsWallah’s financials cannot be assessed on a P/E basis since it remains a loss-making company with no listed peers in India’s edtech space. “While the company continues to deliver strong revenue growth and enjoys high brand recall, profitability remains constrained by rising competition and elevated scaling costs. Hence, we recommend investors to wait for clearer earnings visibility before taking a long-term position,” it said.

Angel One further noted that at the upper end of the price band, PW trades at a premium to traditional education players such as MT Educare and CL Educate, a valuation justified only if the company sustains growth of over 25-30% CAGR in the next three years. “The listing will test whether India’s edtech can transform from valuation-driven exuberance to long-term, profit-backed credibility,” added Harshal Dasani, Business Head at INVasset PMS.

In contrast, Incred Equities recommended subscribing to the IPO, stating that PhysicsWallah is “reshaping the industry’s economics”. The brokerage said, “At the upper end of the price band, the IPO is valued at an EV/Sales multiple of 10.7x (based on post-issue capital). This appears demanding, but when placed in the broader context of India’s listed new-age peers, the valuation is broadly in line.”

It compared PW’s valuation to other digital-first players such as PB Fintech (14.4x), Nykaa (8.5x), and Eternal (14.6x), arguing that the market continues to assign premium valuations to scalable, asset-light tech platforms. “The company’s ability to blend online scalability with physical reach gives it an advantage over pure-play digital models. As offline centres mature and yield stable cash flows, and as employee and professional costs stabilise, we expect steady improvement in operating profitability,” Incred Equities added.

Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.