Updated 13 November 2025 at 17:00 IST
PhysicsWallah IPO Day 3: Subscription Response, GMP, Price Band, Listing Date and Other Key Details
PhysicsWallah’s Rs 3,480 crore IPO closed with 1.8x subscription on Day 3, led by strong QIB interest. Grey market premium remains muted at Rs 1–2, hinting at a flat listing. Allotment to be finalised on Nov 14; listing on NSE and BSE set for Nov 18.
Edtech unicorn PhysicsWallah Ltd saw a steady yet cautious response from investors as its initial public offering (IPO) closed on Thursday, November 13.
Price Band
The company, best known for its affordable online learning ecosystem, aims to raise about Rs 3,480 crore through the issue, which includes a fresh equity issue of Rs 3,100 crore and an offer-for-sale worth Rs 380 crore. The IPO is priced in the range of Rs 103–Rs 109 per share.
Subscription response
By the end of the third day, the public issue was subscribed around 1.7–1.8 times, according to provisional exchange data. The qualified institutional buyer (QIB) segment led the show with bids of over 2.5 times, while the retail investor category saw full subscription. The non-institutional investor (NII) segment remained relatively muted, though the employee quota drew healthy interest, being subscribed over three times.
Grey Market Premium
In the grey market, however, enthusiasm appeared restrained. The grey market premium (GMP) hovered near Rs 1–2, suggesting a modest listing gain of around 1% at best — indicating subdued near-term sentiment.As of November 13, 2025, 4:00 PM, the Grey Market Premium (GMP) for the PhysicsWallah IPO stood at ₹0, indicating no premium over its issue price. With a price band set at ₹109 per share, the estimated listing price is expected to remain at ₹109, suggesting a neutral debut with no anticipated gain or loss for investors.
Key Dates
The IPO’s basis of allotment is likely to be finalized on Friday, November 14, with refunds expected by Monday, November 17. Successful applicants should see shares credited to their demat accounts the same day. Listing on the NSE and BSE is scheduled for Tuesday, November 18.
About the company
Founded in 2016 by Alakh Pandey, PhysicsWallah has emerged as one of India’s few profitable edtech firms, boasting a large user base across digital and hybrid formats. The company is betting on its affordability-led model, regional language expansion, and AI integration to power its next phase of growth as it prepares for life as a listed entity.
Published By : Avishek Banerjee
Published On: 13 November 2025 at 17:00 IST