PhysicsWallah Ltd was started by Alakh Pandey in 2016 on YouTube.

It helped students prepare for JEE, NEET, and government exams.

Now it has become a big edtech company with online, offline, and hybrid classes.

The company’s income doubled in FY24.

It grew 161% that year.

In FY25, it grew again by 49%, but the company still lost money because of high costs and expansion.

IPO Details

Price band: ₹103 to ₹109 per share

Total issue size: ₹3,480 crore

Fresh issue: ₹3,100 crore

Offer for sale: ₹380 crore

Lot size: 137 shares (minimum ₹14,933)

Valuation: Around ₹31,500 crore

Allotment date: November 14

Listing date: November 18 (BSE and NSE)

Funds use: For new centres, technology, and marketing

This IPO is one of the biggest in the edtech space.

It shows how fast the company has grown.

Subscription Status (Day 2)

By Day 2 (Nov 12), the IPO was 9% subscribed.

On Day 1, it was 7% subscribed.

Retail investors: Around 44–47% booked

NIIs (Non-institutional): Around 3–4%

QIBs (Institutions): Very low so far

The response is slow.

Big investors may come later, but the start is weak.

This can mean less chance of a strong listing.

Grey Market Premium (GMP)

The GMP shows how much more people are ready to pay for the IPO before listing.

Early on, GMP was ₹4 per share (about 3–4% gain)

Later, it fell to ₹1.5–₹2 per share (about 1–2% gain)

A low and falling GMP means less demand.

For a big IPO, this is a sign of caution.

Popular IPOs usually have 10–20% GMP before listing.

Investor View

Short-term: Do not expect big listing gains.

Long-term: The company has strong growth and a big brand.

Risk: High price, high costs, and big competition.

If you believe in the future of edtech, you can invest for long-term growth.

If you only want quick profit, it may be better to wait and watch.

Final Thoughts

The PhysicsWallah IPO is big and ambitious, but investor interest is low right now.

The listing on November 18 will show the market’s real view.

The company’s next goal is to control costs, expand smartly, and become profitable.

For now, the message is clear — go slow, think long term.