PhysicsWallah IPO gets 10% subscription on second day

PhysicsWallah, the Noida-based edtech unicorn, is all set to make its stock market debut on November 18, and its initial public offering (IPO) is already drawing attention. On the second day of bidding, the IPO received a 10 per cent subscription, indicating early interest from investors. The offer will remain open until November 13.

The ₹3,480-crore IPO has so far attracted bids for 1.83 crore shares against 18.62 crore shares on offer, according to National Stock Exchange (NSE) data. Among investor groups, retail investors showed strong interest with 46 per cent subscription, while non-institutional investors subscribed 4 per cent. Institutional buyers have yet to participate for the second day in a row.

Founded by Alakh Pandey and Prateek Boob, PhysicsWallah is poised to become the first major pure-play edtech company in India to list on the stock exchange. The company has set a price band of ₹103-₹109 per share, which could value it at around ₹31,500 crore at the top end.

The IPO consists of a fresh issue of ₹3,100 crore, which will go to the company, and an offer for sale (OFS) of ₹380 crore, through which both promoters will sell ₹190 crore each. Currently, both hold 40.31 per cent stake each in the firm.

Earlier this week, the company raised ₹1,563 crore from anchor investors, a move often aimed at boosting confidence ahead of listing.

PhysicsWallah had filed its IPO papers with SEBI in March 2025 via a confidential pre-filing route, received approval in July, and submitted an updated draft in September.

The edtech platform, backed by WestBridge Capital, Hornbill, and GSV Ventures, offers coaching for competitive exams such as JEE, NEET, GATE, and UPSC, alongside professional upskilling programs. These are delivered through online platforms, tech-enabled offline centres, and hybrid models combining online teaching with in-person support.

Financially, the company has improved significantly. Its revenue rose to ₹2,887 crore in FY25 from ₹1,941 crore in FY24, while losses narrowed sharply to ₹243 crore, down from ₹1,131 crore the previous year.

Funds raised from the IPO will be used to expand business operations and open more learning centres, strengthening PhysicsWallah’s presence in India’s fast-growing edtech market.