Updated 11 November 2025 at 12:58 IST
PhysicsWallah IPO Opens For Subscription: GMP, Price Band, Lot Size & All You Need to Know
The ₹3,480-crore initial public offering (IPO) of edtech unicorn PhysicsWallah opened for subscription on November 11 and was subscribed 2% by mid-morning, driven largely by retail participation. The issue, which closes on November 13, saw limited response from institutional investors so far, with a modest grey market premium (GMP) of ₹3.
The much-anticipated ₹3,480-crore initial public offering (IPO) of PhysicsWallah Ltd opened for public subscription on Monday, November 11, and saw a 2% subscription on Day 1 (as of 10:50 am), according to data available on the National Stock Exchange (NSE).
The maiden public issue received bids for 41.52 lakh shares against the offer size of 18.62 crore shares. The retail investor segment led the early momentum, booking 11% of their reserved quota, while Non-Institutional Investors (NII) subscribed 1% of their allotted portion.
The Qualified Institutional Buyers (QIB) category, however, is yet to make any substantial bids.
PhysicsWallah IPO Details: Price Band, Lot Size and Key Dates
The PhysicsWallah IPO is a book-built issue consisting of a fresh issue of 28.44 crore shares aggregating to ₹3,100 crore, and an offer for sale (OFS) of 3.49 crore shares worth ₹380 crore.
The price band has been fixed at ₹103 to ₹109 per share, with a lot size of 137 shares. The minimum investment for retail investors stands at ₹14,933 (at the upper end of the price band). For small non-institutional investors (sNII), the minimum application size is 14 lots (₹2,09,062), and for big non-institutional investors (bNII), it is 67 lots (₹10,00,511).
The IPO opened on November 11 and will close on November 13, 2025. The share allotment is expected to be finalized on November 14, while listing on the BSE and NSE is tentatively scheduled for November 18, 2025.
The issue also includes a reservation of 7,07,071 shares for employees at a discount of ₹10 per share.
Kotak Mahindra Leads, MUFG Intime as Registrar
Kotak Mahindra Capital Co. Ltd. is the book running lead manager, while MUFG Intime India Pvt. Ltd. serves as the registrar of the issue.
PhysicsWallah IPO GMP Today
As per market tracker websites, the PhysicsWallah IPO grey market premium (GMP) stood at ₹3 as of 11:30 am on November 11. Based on the upper price band of ₹109, the expected listing price is ₹112 per share, implying a 2.75% estimated gain over the issue price.
About PhysicsWallah Ltd
Founded as a YouTube channel by Alakh Pandey, PhysicsWallah has evolved into one of India’s leading edtech companies, providing test preparation courses for JEE, NEET, UPSC, and various upskilling programs including data science, banking, finance, and software development.
The company operates through its online platforms (website, app, and social media) as well as tech-enabled offline and hybrid centers. As of July 15, 2025, it boasts 13.7 million YouTube subscribers, ranking among the top five edtech firms in India by revenue.
Published By : Tuhin Patel
Published On: 11 November 2025 at 12:58 IST