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PhysicsWallah IPO: The initial public offering (IPO) of PhysicsWallah Limited concluded its second day of public subscription today, November 12, with the issue subscribed to only 13 per cent, as per the provisional exchange data. The 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.

At the end of the second bidding day, investors bid for 2.38 crore shares out of the total shares on offer. The subscription includes bids primarily from institutional investors and retail investor quota who booked the issue 0.06 times and 0.58 times out of their allotted portions, respectively.

In terms of shares, the NIIs and RIIs have booked 28.02 lakh and 1.96 crore shares out of their allotted portions, respectively.

The Qualified Institutional Buyers(QIBs) category has booked 6,302 shares out of its allotted portion.

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 of the issue, 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 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.