PhysicsWallah IPO subscribed 1.8X overall; QIBs lead with 2.7X bids

Edtech unicorn PhysicsWallah’s initial public offering (IPO) received an overall subscription of 1.8 times, driven mainly by strong demand from Qualified Institutional Buyers (QIBs), who subscribed 2.7 times their allotted quota. The employee segment saw the highest enthusiasm with 3.5X subscription, while the retail and Non-Institutional Investor (NII) portions were subscribed 1.05X and 0.48X, respectively.

The IPO, open for bidding between November 11 and 13, had a price band of Rs 103–Rs 109 per share and a minimum investment of Rs 14,111. The company is set to list on the BSE and NSE on November 18.

As per the Red Herring Prospectus (RHP), PhysicsWallah aims to raise Rs 3,100 crore through a fresh issue, while co-founders Alakh Pandey and Prateek Boob will offload shares worth Rs 380 crore via an offer for sale (OFS), down from Rs 720 crore in the earlier draft. At the upper end of the price band, the IPO pegs the company’s valuation at around Rs 28,426 crore ($3.2 billion).

The company plans to utilize the fresh capital to expand its offline centers, upgrade technology infrastructure, and pursue strategic acquisitions in the test preparation and skilling segments.

Ahead of the IPO, PhysicsWallah raised Rs 1,563 crore from anchor investors, including domestic mutual funds like ICICI Prudential MF, Kotak MF, Nippon MF, and global institutions such as Fidelity.

In FY25, the Noida-based firm reported operating revenue of Rs 2,887 crore and a net loss of Rs 243 crore. During Q1 FY26, it recorded Rs 847 crore in revenue and a loss of Rs 127 crore, according to its RHP.