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PhysicsWallah co-founder Alakh Pandey
The Rs 3,480 crore initial public offering of edtech firm PhysicsWallah was fully subscribed on the final day of bidding on November 13, closing with an overall subscription of 1.92 times.
According to NSE data, the issue received bids for 33.69 crore shares against an offer size of 18.62 crore shares, after muted interest during the first two days.
The retail investor portion was subscribed 1.14 times, while non-institutional investors (NII) subscribed 51% of their quota. Qualified institutional buyers (QIBs) showed the strongest appetite, taking their portion to 2.86 times the shares on offer.
PhysicsWallah aims to raise Rs 3,480 crore through a fresh issue of Rs 3,100 crore and an offer for sale of Rs 380 crore. The IPO was open from November 11 to 13 at a price band of Rs 103-109 per share.
The minimum bid was 137 shares, requiring an investment of Rs 14,933 at the upper band. The allotment of shares is expected to be finalized on November 14, with listing scheduled for November 18 on the BSE and NSE.
The IPO follows a Rs 1,563 crore anchor round, where 57 institutional investors participated, including ICICI Prudential, Kotak, Nippon India, Aditya Birla Sun Life, DSP, Motilal Oswal, 360 ONE, Tata, Bharti AXA Life, Edelweiss, and Canara Robeco Mutual Fund.
The anchor round also saw strong participation from global institutional investors such as Capital Research, Goldman Sachs Asset Management, Fidelity, Franklin Templeton, PineBridge, Eastspring Investments, and White Oak Capital.
As of Q1 FY26, PhysicsWallah operated 303 centres across six business verticals, a 68% increase from the 182 centres a year earlier.
On the financial front, the firm reported a net loss of Rs 125.5 crore in Q1 FY26, compared with Rs 70.6 crore a year ago, even as operating revenue grew 33% year-on-year to Rs 847 crore.