Due mostly to high demand from Qualified Institutional Buyers (QIBs), who subscribed 2.7 times their allocated quota, PhysicsWallah, an edtech unicorn, received an overall subscription of 1.8 times for its IPO. The retail and Non-Institutional Investor (NII) segments subscribed 1.05X and 0.48X, respectively, while the employee segment had the greatest enthusiasm with a 3.5X subscription.
Key Highlights
- The PhysicsWallah IPO topped out at 1.8× overall subscription, driven largely by strong institutional demand.
- Qualified Institutional Buyers (QIBs) subscribed at about 2.7× their quota, while the employees’ portion hit roughly 3.5×.
The IPO had a price range of Rs 103–Rs 109 per share and a minimum investment of Rs 14,111. Bids were accepted between November 11 and 13. On November 18, the business is scheduled to list on the BSE and NSE.
PhysicsWallah is to raise Rs 3,100 crore with a new offering, according to the Red Herring Prospectus (RHP). Co-founders Alakh Pandey and Prateek Boob will sell shares for Rs 380 crore through an offer for sale (OFS), down from Rs 720 crore in the previous draft. The IPO places the company's valuation at approximately Rs 28,426 crore ($3.2 billion), which is at the upper end of the price range.
The company intends to use the new funds to update its technical infrastructure, grow its offline centers, and make smart acquisitions in the test preparation and skilling sectors.
PhysicsWallah raised Rs 1,563 crore from anchor investors prior to the IPO, including international firms like Fidelity and Indian mutual funds like ICICI Prudential MF, Kotak MF, and Nippon MF.
Also Read: PhysicsWallah Founders Enter Billionaire Club ahead of IPO
The Noida-based company reported operational revenue of Rs 2,887 crore and a net loss of Rs 243 crore for FY25. According to its RHP, it made Rs 847 crore in sales and lost Rs 127 crore in the first quarter of FY26.
