PhysicsWallah IPO GMP Today, 13 November 2025: Grey Market Premium Turns Flat As QIBs Rescue Subscription

Location: Mumbai | Date: 13 November 2025

Edtech unicorn PhysicsWallah Ltd is closing its ₹3,480 crore initial public offering (IPO) today, but the grey market premium (GMP) has almost vanished even as institutional money pushed the issue comfortably over the fully-subscribed mark in the final hours of bidding.

While Qualified Institutional Buyers (QIBs) have stepped in to lift overall demand, most grey market trackers now indicate near-flat listing expectations, signalling that the Indian stock market is cautious about paying a big premium for a loss-making but fast-growing edtech brand.

PhysicsWallah IPO GMP Today (13 November 2025)

Different GMP-tracking platforms are showing slightly different numbers through the day, but all of them are clustered around zero to very small gains:

• India Today reports a GMP of ₹1.25 as of 8:58 a.m., implying an estimated listing price of about ₹110.25 versus the upper price band of ₹109 — a gain of roughly 1.15%.
• The Hans India also pegs today’s PhysicsWallah IPO GMP at ₹1.25, with the same implied listing price of ₹110.25 and a ~1.15% theoretical upside.
• Goodreturns, citing data from InvestorGain, notes a GMP of ₹1 around 9:59 a.m., pointing to an expected listing near ₹110 per share.
• IPOWatch’s live GMP table shows PhysicsWallah quoting a GMP of about ₹2, translating to an indicative listing gain of less than 1% — again signalling very mild enthusiasm.
• NDTV Profit says the GMP has slipped to almost flat (around ₹0) by early afternoon, indicating little to no premium over the ₹103–₹109 price band, based on InvestorGain data.
• Moneycontrol, also referencing InvestorGain and IPOWatch, describes the grey market premium as “below 1%” (around 0.92%) ahead of listing — effectively mirroring the “flat-to-tiny” gain picture. Moneycontrol

Put simply, today’s GMP for PhysicsWallah is fluctuating in a very narrow band between about ₹0 and ₹2, depending on the time of day and the data source, with the dominant signal being that big listing pop expectations have faded.

Important: GMP is an unofficial, unregulated indicator derived from trades in the grey market. It is not an NSE/BSE price, can be manipulated, and shouldn’t be used as the sole basis for investment decisions.

Subscription Status on Final Day: From Weak Start to Respectable Finish

If you only looked at the GMP, you might assume demand was poor — and early on Day 3, that was true. But QIBs have dramatically changed the picture through the day.

Early morning: Still sluggish

• Around 10:12 a.m., India Today reported that the IPO had been subscribed only 0.14 times (14%) overall.
  • Retail: 0.63x
  • QIBs: 0x
  • NII (HNI): 0.06x

At that point, the issue was clearly struggling to find takers, especially among institutions.

Midday: QIBs wake up

By early afternoon, several live trackers showed QIBs stepping in aggressively:

• Financial Express’ live blog at around 2:32 p.m. pegged total subscription at 1.21x, with QIBs at 1.78x, retail at 0.89x, NIIs at 0.28x, and employees at 2.53x.
• Kotak Securities’ IPO page, updated around a similar time, shows total subscription of 1.23x, broken up as:
  • QIBs: 1.79x
  • Retail: 0.91x
  • NII: 0.30x
  • Employees: 2.84x
• NDTV Profit also notes that PhysicsWallah was fully subscribed (1.23x) as of 2:45 p.m. on the last day.
• Lokmat Times reports similar figures, highlighting stronger interest from QIBs and employees, with retail still below full subscription.

Late afternoon: Issue comfortably through

As per Upstox’s update around 3:43 p.m., the IPO had strengthened further:

• Total bids: ~33.31 crore shares
• Shares on offer: ~18.62 crore
• Overall subscription: 1.79x on the final day.

Live coverage on Mint also references this 1.79x subscription on Day 3 and notes that, despite some concerns, certain brokerages still see long-term merit in the issue.

Takeaway:
The IPO started slow but finished respectably, thanks largely to institutional investors. Retail participation remained decent but not euphoric, which lines up neatly with the muted GMP.

Key PhysicsWallah IPO Details (Indian Stock Market)

For readers tracking the issue for listing and allotment:

• IPO type: Mainboard, book-built
• Issue size: Around ₹3,480 crore
  • Fresh issue: ₹3,100 crore
  • Offer for Sale (OFS): About ₹380 crore by promoters and existing investors
• Price band:₹103–₹109 per share
• Lot size:137 shares
  • Minimum investment for retail investors:
    • At lower band (₹103): 103 × 137 = ₹14,111
    • At upper band (₹109): 109 × 137 = ₹14,933
• Investor quota:
  • QIBs: 75%
  • NIIs: 15%
  • Retail investors: 10%
  • Separate employee quota with a discount, fully subscribed early.
• Timeline:
  • IPO open: 11 November 2025
  • IPO close: 13 November 2025
  • Basis of allotment: 14 November 2025
  • Refunds & credit to demat: 17 November 2025
  • Listing on NSE & BSE:18 November 2025 (tentative)

What Does Today’s GMP Say About Expected Listing Gains?

If you combine today’s range of GMP prints with the IPO’s upper price band of ₹109:

• At GMP ≈ ₹2:
  • Expected listing price ≈ ₹109 + ₹2 = ₹111 → gain of about 1.8% (simple rupee difference, though some trackers round differently).
• At GMP ≈ ₹1.25:
  • Expected listing price ≈ ₹109 + ₹1.25 = ₹110.25 → gain of around 1.15%.
• At GMP ≈ ₹1:
  • Expected listing price ≈ ₹110 → gain of ~0.9%.
• At GMP ≈ ₹0:
  • Expected listing price ≈ issue price → flat or even slightly negative after costs.

Earlier in the week, some platforms were showing GMPs near ₹3–₹5, hinting at a 2–4% premium. Over the last several sessions, that has steadily trended down to today’s “almost flat” zone. IPO Watch+3ET Now+3India Today+3

In plain language:

As of 13 November 2025, the grey market is signalling that PhysicsWallah’s IPO may see only marginal listing gains, if any, on Dalal Street.

But again, GMP is not a guarantee. Sentiment can change between now and the 18 November listing, especially if global or domestic markets move sharply.

Why Is PhysicsWallah’s GMP So Muted?

Several factors seem to be weighing on sentiment, despite PhysicsWallah’s powerful brand and rapid growth.

1. Stretched valuations versus still-loss-making business

• InCred Equities, cited by multiple outlets, values the issue at about 10.7x EV/Sales at the upper end of the band, calling the valuation “stretched” even though they like the company’s moat and growth trajectory and have a “Subscribe (long term)” stance. The Financial Express+1
• Mint says the IPO is being offered at roughly 11x FY25 revenue, again highlighting that this is not cheap and is best suited to long-term investors comfortable with volatility.
• SBI Securities, quoted in Moneycontrol and India Today, has a “Neutral” view, pointing out that PhysicsWallah remains loss-making, with an EV/Sales multiple near 9.7x at the upper price band. Moneycontrol+1

According to detailed financials shared on Kotak Securities, PhysicsWallah’s revenue has surged from about ₹772 crore in FY23 to over ₹3,039 crore in FY25, but the company still reported a net loss of about ₹243 crore in FY25, even after a big swing from a deeper loss in FY24.

So, investors are essentially being asked to pay “growth stock” valuations for a high-growth but still-loss-making edtech player, which naturally caps speculative excitement in the grey market.

2. Sector overhang: Edtech scars & regulatory risks

Financial Express and other brokers highlight several risk factors:

• Heavy dependence on founder Alakh Pandey’s brand and presence in content and marketing.
• High attrition among faculty and staff, with disclosed attrition rates above 35–45% in recent years.
• The National Education Policy (NEP) 2020 changes and 2024 guidelines that, among other things, restrict enrolment of students below 16 years into coaching programmes, potentially affecting PhysicsWallah’s “Foundation” courses (Classes 6–10).
• Fierce competition from other large edtech and coaching brands, both offline and online.

All of this makes investors wary of paying a big GMP in a sector that has already seen valuation resets post the pandemic edtech boom.

3. Rapid offline expansion and acquisition-driven growth

The company has aggressively scaled its offline and hybrid centres and expanded into multiple education categories and even overseas markets like the UAE.

While this underpins the growth story and revenue surge, it also means:

• Higher capital expenditure,
• More execution risk, and
• Longer gestation before profits stabilise.

Brokerages like Angel One (via Moneycontrol) flag these as reasons to stay cautious, assigning “Neutral” ratings and suggesting that investors may want to wait and watch post listing for clearer earnings visibility. Moneycontrol

What Are Brokerages Saying About PhysicsWallah IPO?

Bullish-but-selective: “Subscribe for long term”

• InCred Equities believes PhysicsWallah has built a strong moat through its brand, large online community, and multi-channel approach. It recommends subscribing for the long term, while warning that the valuation is demanding and execution risks are real.
• Mint reports that certain analysts like the company’s scalable business model and topline momentum, and are comfortable with the IPO for long-horizon investors.

Neutral / “wait and watch”

• SBI Securities has a “Neutral” rating, citing the company’s loss-making status, rich valuation and competitive intensity in the edtech space. It suggests that investors monitor post-listing performance and profitability trajectory before taking aggressive bets. Moneycontrol+1
• Angel One also flags uncertain profitability and execution challenges, and is not overtly bullish on near-term returns.

Overall sentiment

Brokerage views mirror the GMP: cautiously constructive on the business and long-term story, but unexcited about quick listing gains at the current price band.

About PhysicsWallah: The Edtech Giant Behind the IPO

• Founded by Alakh Pandey as a YouTube channel, PhysicsWallah has grown into a large edtech platform offering courses for JEE, NEET, UPSC, government exams, and skill development.
• The company delivers content through apps, websites, YouTube, offline coaching centres and hybrid classrooms across India, and is counted among the top five education companies by revenue in the country.
• As of mid-2025, PhysicsWallah claims to operate hundreds of offline centres and serve millions of students across 13 education categories, from school foundation to professional upskilling.

This scale and brand strength are what make the IPO headline-grabbing — which is precisely why the disappointing GMP stands out so much.

Should Investors Care About Today’s GMP?

From an investor’s perspective, today’s near-flat GMP tells you mainly this:

1. Speculators chasing big listing pops may be disappointed if conditions don’t improve before the 18 November listing.
2. Institutional investors are interested, but they seem unwilling to overpay in the unofficial market.
3. The story around PhysicsWallah is increasingly about long-term execution — profits, margins, regulation, and brand longevity — rather than a one-day listing spike.

This article is for information and news purposes only and is not investment advice.
For any decision on subscribing or trading PhysicsWallah shares, consider speaking to a SEBI-registered financial advisor and reviewing the company’s Red Herring Prospectus (RHP) and your own risk profile.