PhysicsWallah IPO market debut today, GMP signals decent listing
PhysicsWallah’s shares to debut on Tuesday, 18 November, following an IPO subscribed nearly 2x; ₹3,480 cr issue, 13% GMP, and anchor investment of ₹1,562.85 cr..
- Nov 18, 2025,
- Updated Nov 18, 2025 7:19 AM IST
PhysicsWallah, the edtech platform founded in 2016 by Alakh Pandey, will start trading on the stock exchanges on Tuesday, 18 November, following the completion of its ₹3,480-crore initial public offering (IPO).
PhysicsWallah shares' GMP is trading at a premium of about 7 percent in the unofficial market. Investorgain sees the grey market premium (GMP) at Rs 7.8 per share, implying a listing gain of around 7.16 percent. IPO Watch also expects a 7 percent GMP.
The grey market, regarded as an informal ecosystem where shares trade prior to official allotment and up until debut, is often used by market participants to anticipate listing prices and demand.
The IPO, comprising a ₹3,100-crore fresh issue and a ₹380-crore offer for sale, was subscribed nearly two times during the 11–13 November window.
Retail investors fully subscribed their quota, while Qualified Institutional Buyers (QIBs) took up 2.7 times their allocation and Non-Institutional Investors (NIIs) subscribed 48% of their portion.
The company had previously raised ₹1,562.85 crore from anchor investors such as Capital Group, Goldman Sachs, and Fidelity. The post-issue market capitalisation is estimated at ₹31,169 crore. Of the total IPO, 75% was reserved for QIBs and 10% for retail investors.
Promoter holding is set to decrease from 81.6% to 72.3% following the listing. Major investors include WestBridge Capital and GSV Ventures. Kotak Capital, JPMorgan India, Goldman Sachs (India), and Axis Capital acted as the book-running lead managers.
At the upper end of the price band, the implied market capitalisation stands at ₹31,169 crore, with investors closely tracking the grey market premium (GMP) to gauge sentiment. PhysicsWallah, which now operates 303 offline centres across 152 cities in India and the Middle East, rose to prominence during the Covid-19 pandemic and has drawn substantial interest from both institutional and retail participants in its maiden public offering.
PhysicsWallah, the edtech platform founded in 2016 by Alakh Pandey, will start trading on the stock exchanges on Tuesday, 18 November, following the completion of its ₹3,480-crore initial public offering (IPO).
PhysicsWallah shares' GMP is trading at a premium of about 7 percent in the unofficial market. Investorgain sees the grey market premium (GMP) at Rs 7.8 per share, implying a listing gain of around 7.16 percent. IPO Watch also expects a 7 percent GMP.
The grey market, regarded as an informal ecosystem where shares trade prior to official allotment and up until debut, is often used by market participants to anticipate listing prices and demand.
The IPO, comprising a ₹3,100-crore fresh issue and a ₹380-crore offer for sale, was subscribed nearly two times during the 11–13 November window.
Retail investors fully subscribed their quota, while Qualified Institutional Buyers (QIBs) took up 2.7 times their allocation and Non-Institutional Investors (NIIs) subscribed 48% of their portion.
The company had previously raised ₹1,562.85 crore from anchor investors such as Capital Group, Goldman Sachs, and Fidelity. The post-issue market capitalisation is estimated at ₹31,169 crore. Of the total IPO, 75% was reserved for QIBs and 10% for retail investors.
Promoter holding is set to decrease from 81.6% to 72.3% following the listing. Major investors include WestBridge Capital and GSV Ventures. Kotak Capital, JPMorgan India, Goldman Sachs (India), and Axis Capital acted as the book-running lead managers.
At the upper end of the price band, the implied market capitalisation stands at ₹31,169 crore, with investors closely tracking the grey market premium (GMP) to gauge sentiment. PhysicsWallah, which now operates 303 offline centres across 152 cities in India and the Middle East, rose to prominence during the Covid-19 pandemic and has drawn substantial interest from both institutional and retail participants in its maiden public offering.