Delhi's edtech firm PhysicsWallah Ltd. opened for subscription on Tuesday, November 11th, but saw a muted response on day 1. Just 0.03 times subscribed overall at the press time, amid valuation concerns and recent losses. The issue price is in the price band of Rs. 103-Rs. 109.
As per the early exchange data, the retail section recorded a subscription of 0.14 times, while the Qualified Institutional Buyers (QIBs) had not entered any bids so far. The Non-Institutional Investor (NII) category has received just 0.01 times subscription so far.
Meanwhile, the grey market premium (GMP) for the PhysicsWallah IPO dropped slightly before the opening, indicating a lack of interest from the investors.
Analysts attribute this to the company’s expanding losses and elevated valuation metrics despite its strong brand recall and market presence in the edtech segment.
The Rs. 3,480 crore IPO includes a fresh issue worth Rs. 3,100 crore and an offer-for-sale (OFS) of Rs. 380 crore by the founders Alakh Pandey and Prateek Maheshwari, who collectively own over 80% of the company.
PhysicsWallah raised Rs. 1,562.85 crore from 57 anchor investors before the public offering, an allotment of 14.33 crore shares at Rs. 109 to each.
Domestic mutual funds like ICICI Prudential, Kotak, Nippon, Aditya Birla Sun Life, and Motilal Oswal took part in the offering along with international participants like Goldman Sachs Asset Management, Fidelity, and Franklin Templeton.
Its YouTube channel has 13.7 million subscribers. The entire reach of the network amounted to almost 100 million as of June 2025.
The company reported a revenue of Rs. 3,039 crore for FY25, which represents a 37% growth compared to the previous year, simultaneously recording a net loss of Rs. 243 crore. The losses increased from Rs. 81 crore in FY23 due to higher depreciation and technology-related expenses.
The IPO was given a value of 10.8x FY25 P/S by Anand Rathi Research, referring to it as “fully priced but attractive for long-term investors.”
The brokerage rated it as “Subscribe-Long Term,” citing growth potential through diversification, expansion based on languages, and acquisitions.
On the other hand, SBI Securities maintained a“Neutral” stance, stating that at the top limit, the EV/Sales multiple of 9.7x offers limited space for listing profits.
Experts pointed out that PhysicsWallah's average revenue per user (Rs. 3,682) and the increasing number of students are advantages, but the consistency of margins is still a major concern.
IPO Open: November 11, 2025
IPO Close: November 13, 2025
Allotment Date: November 14, 2025
Listing Date: November 18, 2025
Lot Size: 137 shares (Rs. 14,933 at upper band)
According to market experts, investors should take a wait-and-watch approach for now, considering the weak subscriptions on the first day and a soft grey market signal.