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PhysicsWallah's IPO Debut: Slow Start, Institutional Boost
18 Nov
Summary
- PhysicsWallah set to become India's first publicly listed edtech firm
- IPO saw weak interest initially, but institutional investors stepped in
- Anchor investors include ICICI Prudential, Kotak, Nippon Life, and others
On November 18, 2025, PhysicsWallah, India's first edtech company to list publicly after the sector's turmoil, made its debut on the bourses. The IPO, however, saw a slow start, with the company receiving bids for only 13 million shares, roughly 7% of the 186 million on offer, on the first day.
The early demand came mostly from employees, whose quota was fully subscribed. It was only on the final day that institutional investors stepped in and helped the edtech company's IPO reach full subscription just in time. Overall, the IPO closed 1.81 times subscribed.
Ahead of the listing, PhysicsWallah had secured Rs 1,563 crore from 57 anchor investors, including ICICI Prudential, Kotak, Nippon Life, Franklin Templeton, Goldman Sachs, Fidelity, and Aditya Birla Sun Life. Think Investments also raised its stake, buying around 5% of the anchor portion and further purchasing 10.72 million shares (0.41% of pre-offer equity) from 14 employees through a secondary deal worth Rs 136 crore.
