PhysicsWallah Ltd, the Indian ed‑tech firm, opened its ₹3,480 crore IPO on 11 November 2025, with shares priced in the ₹103‑109 band. The IPO will close on 13 November, and listing on the NSE and BSE is expected on 18 November.
Ahead of the public issue, 57 anchor investors, including Goldman Sachs and Fidelity, subscribed for roughly ₹1,563 crore, showing institutional confidence.
However, early subscription from retail and non-institutional investors remained weak, with overall subscription around 4 % on Day 1. The grey market premium is reported at ₹2‑3 per share, suggesting limited short-term listing gains.
PhysicsWallah offers online and offline courses for exams like JEE and NEET. Revenue has grown rapidly, though the company remains loss-making. Proceeds from the IPO will fund expansion of learning centres, technology upgrades, marketing, acquisitions, and general corporate purposes.
Analysts note the company has a strong growth story and a promising hybrid model but warn of high valuation and execution risks, including operational issues at some centres.
Investors are advised to view the IPO as a long-term play rather than a quick listing gain.
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