PhysicsWallah IPO Closes Strong at 1.81x Subscription Status Today; QIB Book Soars to 2.70x
By Shishta Dutta | Updated at: Nov 13, 2025 06:35 PM IST
Mumbai, November 13, 2025 (5:10 PM) — The ₹3,480-crore PhysicsWallah Limited IPO closed with a robust finish on Thursday, powered by a sharp late-session surge in institutional demand. The issue, which struggled for momentum in earlier sessions, ended the final day at a healthy 1.81 times subscription, backed by strong traction from Qualified Institutional Buyers (QIBs) and solid support from retail investors and employees.
Final Subscription Status (as of 5:03 PM, November 13, 2025)
| Category | Shares Offered | Shares Bid | Subscription (x) |
|---|---|---|---|
| Qualified Institutional Buyers (QIBs) | 10,11,55,340 | 27,35,75,848 | 2.70 |
| Non-Institutional Investors (NIIs) | 5,05,77,669 | 2,44,24,223 | 0.48 |
| Retail Individual Investors (RIIs) | 3,37,18,446 | 3,55,96,984 | 1.06 |
| Employee Reservation | 7,52,688 | 26,26,701 | 3.49 |
| Total | 18,62,04,143 | 33,62,23,756 | 1.81 |
The QIB book was the standout performer, closing at 2.70x, a substantial jump from the morning’s 1.79x and far exceeding expectations.
How the Segments Performed
Qualified Institutional Buyers (2.70x)
Strong and broad-based interest across:
- Mutual Funds: 16,03,00,823 shares
- Foreign Institutional Investors: 8,63,47,812 shares
- Banks/Insurance/FIs: 1,42,20,052 shares
- Other QIBs: 1,27,07,161 shares
The heavy mutual fund and FII participation underscores solid conviction in the company’s hybrid education model and scalability.
Non-Institutional Investors (0.48x)
While improving through the day, the NII segment remained undersubscribed, with:
- Large Bids (>₹10 lakh): 0.55x
- Mid Bids (₹2–10 lakh): 0.35x
High-ticket investors continued to show restraint amid broader market caution.
Retail Investors (1.06x)
The retail portion crossed full subscription in late afternoon, reflecting strong brand affinity and confidence among small investors. Cut-off bids alone accounted for 3.05 crore shares.
Employee Quota (3.49x)
Employees remained the most enthusiastic participants, with nearly 3.5 times coverage — one of the highest across recent large IPOs.
Price-Wise Bidding Pattern
| Bid Price (₹) | Cumulative Quantity |
|---|---|
| 103.00 | 33,63,81,169 |
| 104.00 | 33,57,86,452 |
| 105.00 | 33,56,91,100 |
| 106.00 | 33,54,49,432 |
| 107.00 | 33,53,75,452 |
| 108.00 | 33,52,85,991 |
| 109.00 (Cap Price) | 33,52,17,080 |
| Cut-off | 3,26,65,184 |
The book ended heavily skewed toward the ₹109 cap price, confirming strong valuation support at the top end of the range.
Overall Market View
The final hours saw a decisive shift in investor sentiment, fueled by aggressive QIB bidding and firm retail participation. While NII demand remained modest, the strong institutional backing has positioned the IPO favourably ahead of allotment.
The subscription strength — especially across FIIs and mutual funds — reflects confidence in PhysicsWallah’s hybrid education expansion, digital footprint, and growth trajectory.
Next Steps
| Event | Date |
|---|---|
| Allotment Finalisation | November 14, 2025 |
| Refunds Initiated | November 17, 2025 |
| Shares Credited | November 17, 2025 |
| Listing on NSE & BSE | November 18, 2025 |
About PhysicsWallah
PhysicsWallah Limited is among India’s leading hybrid edtech companies, offering online learning, offline coaching, and test-prep solutions across major competitive exams including JEE, NEET, UPSC, defence and government jobs, alongside K-12 and professional upskilling. The company operates 300+ offline and hybrid centres and serves millions of learners across its digital ecosystem.
With strong institutional backing and complete retail coverage, the PhysicsWallah IPO ends with a solid 1.81× subscription ahead of next week’s listing.
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