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PhysicsWallah IPO Day 2 LIVE: The public offering for Edtech unicorn PhysicsWallah opened for subscription on Tuesday, November 11, and will close on Thursday, November 13. PhysicsWallah IPO GMP today is ₹1.5.

On the first bidding day, PhysicsWallah IPO subscription status was 7%. The retail segment saw a subscription rate of 33%, while the Non-Institutional Investors (NII) category received 2% of bids. The Qualified Institutional Buyers (QIBs) portion is yet to receive bids. Additionally, the employee segment was subscribed at a rate of 1.11x.

PhysicsWallah IPO price band has been established between ₹103 and ₹109. PhysicsWallah IPO includes a fresh issue of equity shares valued at ₹3,100 crore and an offer-for-sale (OFS) of shares totaling up to ₹380 crore from the company's founders.

Both founders, Alakh Pandey and Prateek Boob, intend to sell shares worth ₹190 crore each through the OFS. Each currently owns a 40.31% interest in the firm.

PhysicsWallah offers courses for test preparation for competitive exams like JEE, NEET, GATE, and UPSC, along with upskilling programs available through various online platforms (YouTube, its website, and apps), technology-enabled offline centers, and hybrid centers that combine online learning with in-person support.

The company, which is backed by WestBridge Capital, Hornbill, and GSV Ventures, managed to reduce its losses to ₹243 crore for the fiscal year ending March 2025, down from ₹1,131 crore the previous year. At the same time, revenue rose to ₹2,887 crore, up from ₹1,941 crore in the corresponding period.

(Stay tuned for more updates)

PhysicsWallah IPO Day 2 LIVE: According to Lakshmishree Investment & Securities, while risks such as operational complexity from rapid offline expansion and dependence on the founder's personal brand exist, PW's established brand trust, low-cost structure, and key role in making education accessible across Tier-2 and Tier-3 cities provide a solid foundation.

“We recommend a ‘SUBSCRIBE’ rating for investors seeking exposure to a high-growth, marketleading platform in the Indian education sector,” said the brokerage.

PhysicsWallah IPO Day 2 LIVE:

PhysicsWallah IPO Day 2 LIVE: Bhavik Joshi, Business Head, INVasset PMS, said that PhysicsWallah IPO marks a defining moment for India’s edtech sector, symbolizing the transition from digital virality to institutional scale. The company’s evolution—from a single YouTube channel to a multi-format learning ecosystem spanning over 300 offline and hybrid centers—underscores its deep student connect and content credibility. Revenue has expanded sharply from ₹772 crore in FY23 to over ₹3,000 crore in FY25, highlighting strong top-line momentum and brand stickiness in a crowded market.

However, profitability remains elusive, with cumulative losses exceeding ₹1,400 crore across FY23–FY25. The negative earnings base and a steep valuation multiple make this IPO a play on long-term execution rather than immediate returns.

PhysicsWallah IPO Day 2 LIVE: As of Jun’25, the company offers courses in 13 education categories (up from 6 in FY23). PW provides preparation courses for engineering and medical entrance exams (JEE and NEET) through online, offline and hybrid channels. Additionally, the company offers courses for other entrance exams (like GATE, CUET, and CAT) and public administration jobs

PhysicsWallah IPO Day 2 LIVE: Physics Wallah’s business model stitches together three engines - a communityled distribution funnel, a modular AI-enabled technology stack, and a large, continually refreshed content library to sell bundled ‘Batches’ across online, offline and hybrid channels.

A significant portion of discovery and CAC reduction comes from free, high-reach content on its 200+ YouTube channels and community events that feed paid enrolments. The company leverages a flexible, scalable LMS and an ‘Alakh AI’ suite (AI Guru, Smart Doubt Engine, AI Grader, AI Sahayak, TeacherX) to lower marginal teaching hours and speed feedback/doubts, creating operating leverage as enrolments scale.

PhysicsWallah IPO Day 2 LIVE: Successfully blends a massive, low-cost online student base with high-ARPU offline centres (Vidyapeeth), creating a highly capitalefficient and scalable ecosystem.

PhysicsWallah IPO Day 2 LIVE: InCred Equities believes that the company has demonstrated significant growth over the years in both online and offline business verticals. At the upper end of the price band, the initial public offer (IPO) is valued at EV/sales multiple of 10.7x based on post-issue capital. The valuation of PW seems to be stretched but looking at the strong moat and topline/business expansion, the company is well-placed to disrupt the edtech space.

“As the business scales up, we expect profitability over the medium- to long-term,” said InCred Equities.

PhysicsWallah IPO Day 2 LIVE: The initial public offering includes a fresh issuance of equity shares valued at ₹3,100 crore, along with an Offer For Sale (OFS) of shares totaling up to ₹380 crore by the promoters.

Both of the promoters, Alakh Pandey and Prateek Boob, will each sell shares worth ₹190 crore through the OFS. Currently, each holds a 40.31 percent stake in the company.

PhysicsWallah IPO Day 2 LIVE: Tentatively, PhysicsWallah IPO basis of allotment of shares will be finalised on Friday, November 14, and the company will initiate refunds on Monday, November 17, while the shares will be credited to the demat account of allottees on the same day following refund. PhysicsWallah share price is likely to be listed on BSE and NSE on Tuesday, November 18.

PhysicsWallah IPO Day 2 LIVE: PhysicsWallah IPO has reserved not less than 75% of the shares in the public issue for qualified institutional buyers (QIB), not more than 15% for non-institutional Institutional Investors (NII), and not more than 10% of the offer is reserved for retail investors. The employees have been reserved up to ₹70 million worth shares.

PhysicsWallah IPO Day 2 LIVE: PhysicsWallah IPO GMP today is ₹1.5. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of PhysicsWallah share price was indicated at ₹110.5 apiece, which is 1.38% higher than the IPO price of ₹109.

Analyzing the grey market trends from the last 8 sessions, today's IPO GMP shows a decline and is anticipated to decrease further. Experts indicate that the lowest GMP is ₹1.50, whereas the highest reaches ₹9.00.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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