PhysicsWallah IPO Ends With 1.81x Subscription as QIBs Drive Late Surge

Overview

• The offering drew bids for 33.62 crore shares against 18.62 crore on offer, NSE data showed on the final day.
• Qualified institutional buyers subscribed 2.70 times, retail finished at 1.06 times, and the non‑institutional portion reached 48 percent.
• Ahead of the launch, the company raised Rs 1,563 crore from anchor investors at Rs 109 per share, with over half the allocation taken by domestic mutual funds.
• The Rs 3,480 crore issue comprises a Rs 3,100 crore fresh issue and a Rs 380 crore OFS within a Rs 103–109 price band, implying a valuation above Rs 31,500 crore at the top end.
• Backed by WestBridge, Hornbill and GSV Ventures, the 2016‑founded edtech narrowed FY2025 losses to Rs 243 crore on revenue of Rs 2,887 crore as it approaches the first major pure‑play edtech listing in India.