Edtech PhysicsWallah Ltd’s initial public offering (IPO) has been fully subscribed today — its final day of bidding — registering an overall subscription of 1.22 times so far.
At 2.27 pm, the qualified institutional buyers (QIB), who showed limited interest in the first two days, subscribed 1.79 times, non-institutional investors (NIIs) at 0.29 times, retail investors at 0.89 times. Employee portion was booked 2.74 times.
The ₹3,480-crore IPO of this Noida-based company fixed the price band of ₹103 to ₹109 per share, with a lot size of 137 shares.
It comprised of a fresh issue of equity shares worth ₹3,100 crore and an offer for sale (OFS) of up to ₹380 crore by the promoters.
Both promoters, Alakh Pandey and Prateek Boob, offload shares worth ₹190 crore through the OFS. At present, both hold 40.31 per cent stake each in the company.
The anchor portion of the issue was also strong, securing ₹Rs 1,563 crore.
Brokerages analysing the PhysicsWallah IPO were broadly cautious yet see potential for long-term investors. Analysts flagged concerns pertaining to profitability, execution challenges, rising competition and high operating costs. Given the grey-market indications and the moderate level of retail enthusiasm, the expected listing pop may be modest. However, the strong institutional backing and brand strength of PhysicsWallah could support a stable debut and provide a base for post-listing growth — especially if the company delivers on its offline expansion, margin improvement and student-acquisition goals.
PhysicsWallah will make its stock market debut on November 18.
Emmvee Photovoltaic Power IPO sees tepid demand
Meanwhile, another mainboard IPO — Emmvee Photovoltaic Power Ltd — has shown a muted subscription trend on its closing day, garnering just 0.56 times the shares on offer.
At 2.42 pm today, the qualified institutional buyers (QIB) portion stood at 0.60 times, the non-institutional investors (NIIs) at 0.23 times, and the retail quota at 0.97 times.
The IPO is priced in the band of ₹206 to ₹217 per share with a lot size of 69 shares. The total issue size is about ₹2,900 crore, consisting of a fresh issue of roughly ₹2,144 crore and an offer for sale (OFS) of around ₹756 crore.
Published on November 13, 2025
