PhysicsWallah shares make strong debut on Indian stock market, list at 33% premium

PhysicsWallah made a strong listing on the Indian stock markets on Tuesday, 18 November, listing at a 33% premium over the IPO price of ₹109 per share.

PhysicsWallah share price opened at ₹145 on the National Stock Exchange (NSE) and ₹143.10 on the BSE.

Ahead of listing, shares of PhysicsWallah IPO were trading at a premium of ₹14 in the grey market, as per financial education and review platform, investorgain.

PhysicsWallah IPO details

The IPO had opened for subscription on 11 November and closed on 13 November. The mainboard IPO saw an overall subscription of 1.81 times.

Retail individual investors (RIIs) subscribed 1.06 times the allotted portion, while non-institutional investors (NII) segment was subscribed 48%. The qualified institutional buyers (QIBs) category received the highest interest, with a subscription level of 2.70 times.

The PhysicsWallah IPO was priced between ₹103 and ₹109 per share. The offering raised a total of ₹3,480.71 crore through a combination of a fresh issue of 28.45 crore equity shares worth ₹3,100.71 crore and an offer-for-sale (OFS) of 3.49 crore shares amounting to ₹380 crore.

The IPO funds will be used in offline centres, cover lease expenses, enhance cloud infrastructure, and fuel marketing and acquisitions—reflecting PhysicsWallah’s strategic shift to a hybrid model.

Approximately ₹710 crore has been set aside for marketing, with another ₹941 crore reserved for acquisitions, showcasing the company's intent to strengthen its position in the highly competitive edtech sector.

Kotak Mahindra Capital Co. Ltd served as the book-running lead manager, while MUFG Intime India Pvt. Ltd. acted as the registrar for the IPO.

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