Summary
PhysicsWallah’s IPO entered its final subscription day with cautious investor sentiment, showing only modest traction early in the day before institutional buyers helped push the issue over the line. While the retail portion saw fair interest, the subdued response from high-net-worth investors and a nearly flat grey-market premium highlight the market’s restrained expectations. With a valuation crossing ₹31,000 crore at the upper price band and concerns around profitability, scaling costs, and the broader state of the ed-tech sector, the IPO’s final listing performance will serve as a crucial litmus test for both investors and the industry. The outcome could shape market appetite for upcoming tech-driven education companies planning to enter the public markets.
Australia Hill, 13 November 2025 – The initial public offering (IPO) of PhysicsWallah Ltd, one of India’s prominent ed-tech ventures, reached a critical juncture on its third and final day of subscription. Although the issue has shown signs of pick-up, investor response remains cautious, reflecting prevailing market sentiment in the Indian IPO space.
Slow Start, Gradual Pick-Up
Launched at a price band of ₹103-₹109 per share, the fundraising effort seeks to raise around ₹3,480 crore through a combination of a fresh issue (≈ ₹3,100 crore) and an offer-for-sale component (≈ ₹380 crore).
By Day 2 the subscription had been spotty: Muking across sources, the issue was quoted at only ~10–16 % sub
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