Edtech company PhysicsWallah Ltd’s initial public offering (IPO) has successfully closed with full subscription on its final day of bidding, achieving an overall subscription rate of 1.22 times.
As of 2:27 PM, qualified institutional buyers (QIBs), who initially displayed limited interest, subscribed at a rate of 1.79 times. Non-institutional investors (NIIs) subscribed at 0.29 times, while retail investors showed a subscription rate of 0.89 times. The employee portion of the offering was notably strong, with a subscription rate of 2.74 times.
The IPO, valued at ₹3,480 crore, has set a price band of ₹103 to ₹109 per share, with a minimum lot size of 137 shares. It consists of a fresh issue of equity shares amounting to ₹3,100 crore and an offer for sale (OFS) of up to ₹380 crore from the promoters.
Promoters Alakh Pandey and Prateek Boob are each divesting shares worth ₹190 crore through the OFS and currently hold a 40.31 percent stake in the company. Additionally, the anchor portion of the issue attracted significant investments, securing ₹1,563 crore.
Brokerages reviewing the PhysicsWallah IPO exercise caution, citing concerns over profitability, execution hurdles, rising competition, and high operating costs. Expectations of a modest listing gain are noted, influenced by grey-market indicators and a moderate level of retail interest. However, strong institutional backing and the brand strength of PhysicsWallah might bolster a stable debut, providing a foundation for growth after the listing, particularly if the company meets its objectives for offline expansion, margin enhancement, and student acquisition.
PhysicsWallah is scheduled to make its stock market debut on November 18.
In contrast, another IPO, Emmvee Photovoltaic Power Ltd, exhibited lackluster subscription numbers on its closing day, achieving only 0.56 times the shares offered.
As of 2:42 PM, the QIB portion was subscribed at 0.60 times, NIIs at 0.23 times, and the retail segment at 0.97 times. The IPO has a price range set between ₹206 and ₹217 per share, with a lot size of 69 shares. The total size of the issue is approximately ₹2,900 crore, which includes a fresh issue of about ₹2,144 crore and an OFS of around ₹756 crore.
Published on November 13, 2025.
