PhysicsWallah IPO Day 3 Highlights: Issue booked 1.81x. GMP drops sharply. Check GMP, review, key dates. Apply or not?

PhysicsWallah IPO Day 3 Highlights: PhysicsWallah IPO subscription status was 1.81x on day 3. The retail portion was subscribed 1.06x, and NII portion has been booked 48%, Qualified Institutional Buyers (QIBs) portion has received 2.70x bids. The employee portion has been subscribed 3.49x.

The company has received bids for 33,62,27,044 shares against 18,62,04,143 shares on offer, at 19:00 IST, according to data on BSE.

PhysicsWallah IPO Day 3 LIVE: PhysicsWallah IPO subscription status was 1.79x on day 3. The retail portion was subscribed 1.00x, and NII portion has been booked 48%, Qualified Institutional Buyers (QIBs) portion has received 2.70x bids. The employee portion has been subscribed 3.31x.

The company has received bids for 33,41,42,178 shares against 18,62,04,143 shares on offer, at 15:54 IST, according to data on BSE.

PhysicsWallah IPO Day 3 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.

1. Having 0.45 crore total number of paid users in Fiscal 2025, which grew at a CAGR of 59.19% between Fiscals 2023 and 2025, driven by a student community-led approach.
2. Presence across 13 education categories in India with courses offered through multiple channels.
3. The proprietary technology stack enhances students’ learning experience.
4. Their ecosystem generates network effects driven by their community-based approach.
5. Specialised faculty members across categories, quality content, and well-planned curriculum leading to successful results.

PhysicsWallah IPO Day 3 LIVE:

“We recommend subscribing to this IPO for risk-seeking investors who may consider allocating moderate funds with a medium term investment horizon. While the issu seems to be aggressively priced, the company is a leading player in the Ed-Tech industry and ranks among the top five education companies in India by revenue. In fiscal 2025, it recorded a total of 4.46 million paid users,”said Kunvarji Finstock Pvt Ltd.

1. Increase student engagement leading to enhanced brand recall.
2. Scale operations and introducing new value added services to improve margins.
3. Pursue acquisition for the strategic business growth.

PhysicsWallah IPO Day 3 LIVE: Brokerage house, Aditya Birla Capital, said that PhysicsWallah is India’s largest ed-tech company, operating across multiple channels and supported by its strong student-led community, affordable pricing, an interactive learning experience and engaging faculties. PW is well poised to continue its growth trajectory owing to a net-debt-free balance sheet, further expansion into offline centers and new courses, development of new tools and AI models to enable support to both students and teachers and strong and experienced promoter in Mr. Alakh Pandey.

“At the upper price band, PW is available at a valuation of ~ 11x its FY25 revenue. We have a SUBSCRIBE for long term recommendation to this issue,” said the brokerage.

PhysicsWallah IPO Day 3 LIVE: 1) Faculty attrition, 2) Reputation and brand of promoter (Mr. Alakh Pandey) is key, 3) Plagiarism and piracy, 4) Unstable internet connectivity could affect overall experience, 5) History of ed-tech companies in India has not been favourable.

PhysicsWallah IPO Day 3 LIVE: PhysicsWallah Limited (PW) is a new-age edtech company that offers test preparation courses for competitive examinations and other courses. Its delivery channels includes a) Online (Youtube channel, Website, and Apps), b) Tech enabled offline channels (where faculty conduct live classes in a physical centre) or c) Hybrid centres (2 teacher model where a student attends a live online class at a physical center and can benefit from another faculty that is present at the center to resolve questions and participate in revision classes).

1. Revenue concentration: In FY25, six cities contributed ~40% of offline revenue; two of them (Patna & Delhi) alone ~20.7%. That means local disruptions could hurt.
2. Franchise and quality control risk: Many offline/hybrid centres run via franchisees — any lapse in operational quality could damage brand and growth.
3. Talent & scalability risk: As the company expands its offline/hybrid network, retaining top faculty, scaling content and maintaining quality becomes challenging.

PhysicsWallah IPO Day 3 LIVE: “On valuation parse at the upper price band of ₹ 109/-, the issue is asking for a Market cap of ₹ 31527/- cr. Based on FY2025 actuals, the company is valued at approx~10.4x market-cap-to-sales, and at around ~8.8x FY2026 annualised revenue, which appears aggressively priced. We believe open-access model, strong conversion funnel from free to paid users, and diversified offerings across 13 education categories and 7 languages offer significant long-term growth potential, given the vast ~30 crore addressable student base, of which only ~1.5% has been monetized so far. Considering its leadership position and large untapped market, we recommend only risk-tolerant investors to “SUBSCRIBE” to the PhysicsWallah Ltd IPO with a long-term perspective only,” said Mehta Equities.

1. Physics Wallah is one of India’s leading ed-tech players, offering a broad mix of online, offline and hybrid learning solutions.
2. As of June 30, 2025 it operated 303 offline centres (growing at a CAGR of ~165.9% between FY23-25) and had 4.13 million unique paying users online.
3. Its revenue model is diversified: services (teaching / hostel / transportation / content rights), product sales (books, stationery, tablets) and ancillary income (ads, other fees).

PhysicsWallah IPO Day 3 LIVE: PhysicsWallah Ltd (PhysicsWallah) is India’s largest edtech platform by student community, with its main YouTube channel boasting ~1.37 crore subscribers as of July 2025. The company offers test prep courses for JEE, NEET, UPSC, and other exams through online, offline, and hybrid models, operating 112 Vidyapeeth centers, 78 Pathshala centers (54 franchised), and 47 other centers. Supported by 6,267 faculty and content staff, PhysicsWallah has published 4,382 books, developed over 0.87 crore-question banks, and delivers courses in seven languages.

1. Rapid Growth in Paid Users Driven by Community-Led Approach
2. Integrated Ecosystem Driving Network Effects and Margin Expansion
3. Quality Faculty, Content, and Curriculum for Success
4. Proprietary Technology Stack Driving Scalable, Personalized Learning
5. Inorganic Expansion to Strengthen Capabilities and Market Reach

1. Rapid Growth in Paid Users Driven by Community-Led Approach
2. Expanding Presence Across Multiple Education Categories and Delivery Channels
3. Integrated Ecosystem Driving Network Effects and Margin Expansion
4. Quality Faculty, Content, and Curriculum for Success
5. Proprietary Technology Stack Driving Scalable, Personalized Learning
6. Inorganic Expansion to Strengthen Capabilities and Market Reach

PhysicsWallah IPO Day 3 LIVE: PhysicsWallah IPO subscription status was 12% on day 2. The retail portion was subscribed 57%, and NII portion has been booked 5%, Qualified Institutional Buyers (QIBs) portion is yet to receive bids. The employee portion has been subscribed 1.75x.

PhysicsWallah IPO Day 3 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 3 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 3 LIVE: PhysicsWallah IPO GMP today is ₹1.25. 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 ₹110.25 apiece, which is 1.15% higher than the IPO price of ₹109.

Analyzing the grey market trends from the last 9 sessions, today's IPO GMP shows a decline and is anticipated to decrease further. Experts indicate that the lowest GMP is ₹1.25, 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.