PhysicsWallah IPO Final Day: Issue sees only 16% subscription so far amid strong retail interest—Check latest updates

PhysicsWallah IPO: The initial public offering (IPO) of PhysicsWallah Limited stepped into its final day of public subscription today, November 13, with the issue subscribed to only 16 per cent so far, as per the provisional exchange data. The Edtech Unicorn's Rs 3,480-crore issue is a combination of a fresh issue and an offer for sale (OFS) of shares aggregating to around 31.93 crore shares.

The basis of allotment of the IPO shares is expected to be finalised on November 14, 2025, and the stock is likely to list on both the stock exchanges (BSE and NSE) on November 18, 2025, tentatively.

PhysicsWallah IPO subscription status

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As of 11 am, investors have bid for 2.95 crore shares out of the total shares on offer. The subscription includes bids mainly from institutional investors and retail investor quota who have booked the issue 0.08 times and 0.71 times out of their allotted portions, respectively.

In terms of shares, the NIIs and RIIs have booked 39.66 lakh and 2.39 crore shares out of their allotted portions, respectively. The Qualified Institutional Buyers(QIBs) category has booked only 17,399 shares so far out of its allotted portion.

PhysicsWallah IPO details

The PhysicsWallah IPO is a book-build issue of Rs 3,480 crore, comprising a fresh issue of 28.44 crore shares (Rs 3,100 crore) and an offer-for-sale (OFS) of 3.49 crore shares (Rs 380 crore).

Alakh Pandey and Prateek Maheshwari are the company's promoters who are offloading shares worth Rs 190 crore each through the OFS.

Kotak Mahindra Capital Co Ltd is the book-running lead manager, while MUFG Intime India Pvt Ltd is the registrar of the issue.

The IPO has allocated 75 per cent, 15 per cent and 10 per cent of the net offer for the QIB, NII and retail investor categories, respectively.

Price band: Rs 103 to Rs 109 per equity share

Subscription date: From November 11 to November 13, 2025

Lot size: 137 shares (minimum investment of Rs 14,933)

Allotment date: November 14, 2025 (tentatively)

Listing date: November 18, 2025 (tentatively)

PhysicsWallah Limited company profile

PhysicsWallah offers test preparation courses for competitive exams focusing on JEE, NEET, GATE and UPSC, along with upskilling programs, delivered through online platforms (YouTube, website, and apps), tech-enabled offline centres, and hybrid centres that combine online teaching with in-person support.

The company narrowed its losses to Rs 243 crore in FY25 from Rs 1,131 crore in FY24, while the revenue rose to Rs 2,887 crore from Rs 1,941 crore in the same period.