The moment is here: EdTech unicorn PhysicsWallah (PW) is set to open its long-awaited Initial Public Offering (IPO) for public subscription tomorrow, November 11. This follows the successful closure of its anchor book, which saw phenomenal institutional demand, raising a substantial ₹1,562.8 Cr.
The robust interest from top domestic and global institutional players signals a strong vote of confidence in the company’s hybrid business model and financial health, setting the stage for what is expected to be a landmark listing. The ₹3,480 Cr PhysicsWallah IPO represents one of the most significant public debuts in the Indian EdTech space this year.
Institutional Giants Corner the Anchor Book
The anchor allotment was executed at the upper end of the price band, with investors subscribing to 14.33 Cr equity shares at ₹109 per share. The allocation was strategically structured to ensure a strong mix of stable, long-term investors.
The overwhelming response highlights the appeal of PW’s journey, which has grown from a popular YouTube channel into a comprehensive, multi-stream education platform.
Domestic Funds Lead the Charge
In a significant display of local conviction, 55% of the total anchor allocation—amounting to 7.96 Cr shares—was cornered by domestic mutual funds. This segment included 14 prominent mutual funds participating via 35 different schemes.
Key mutual fund houses that secured a substantial stake include:
- ICICI Prudential
- Motilal Oswal
- Aditya Birla Sun Life
- Edelweiss
- 360 ONE Assets
Global Marquee Investors Participate
The global investment community also showed strong interest in the PhysicsWallah IPO. Marquee foreign institutional investors (FIIs) who secured allocations in the anchor round included:
- Franklin Templeton
- Goldman Sachs India Equity Portfolio
- Fidelity
- Helios
- Invesco
- DSP
The largest individual allocations, demonstrating the firm belief in the company’s future growth, went to Smallcap World Fund (9.9%), Nippon India Small Cap Fund (5.35%), and Goldman Sachs India Equity Portfolio (5.1%).
Critical Details: Price Band, Dates, and OFS Reduction
The public offering is a combination of a fresh issue of shares and an Offer for Sale (OFS) by the promoters. The total size of the PhysicsWallah IPO stands at ₹3,480 Cr.
| IPO Component | Final Figure/Range | Investor Consideration |
| Price Band | ₹103 to ₹109 per share | The anchor price was set at the highest point, ₹109. |
| Fresh Issue | ₹3,100 Cr | Funds flow directly to PW for expansion and debt reduction. |
| Offer for Sale (OFS) | ₹380 Cr (Reduced from ₹720 Cr) | Less dilution suggests promoters are holding on to a higher stake. |
| Subscription Window | November 11 – November 13, 2025 | The crucial three-day bidding period. |
| Tentative Listing Date | November 18, 2025 | Expected date for listing on the BSE and NSE. |
Strategic Use of Funds: Fueling the Hybrid Model
The primary purpose of the substantial ₹3,100 Cr fresh issue is to finance the company’s aggressive growth strategy. PhysicsWallah intends to solidify its position through both digital and physical expansion.
The proceeds are strategically earmarked for:
- Capital Expenditure: Investing in the establishment and fit-out of new Vidyapeeth (offline/hybrid) centres across Tier-2 and Tier-3 cities.
- Debt Reduction: Clearing lease and other operational liabilities to strengthen the balance sheet.
- Infrastructure: Significant investment in server and cloud infrastructure to enhance the digital user experience and support millions of concurrent users.
This dual focus on expanding the accessible physical footprint while fortifying the core digital product is seen by analysts as a smart de-risking strategy that justifies the high valuation.
The successful anchor book closing positions the PhysicsWallah IPO as a key event to watch, not just for the EdTech space, but for the entire Indian primary market. Retail investors will now have their opportunity to participate over the next three days.
