PhysicsWallah IPO Subscribed ~14% on Day 3; GMP Falls to ₹1.25

PhysicsWallah Ltd’s IPO has so far recorded a subscription of approximately 0.14 times by mid-day on its third and final day of bidding, reflecting modest investor interest.

The grey-market premium (GMP) has slipped to about ₹1.25 per share, suggesting a listing price near ₹110.25, given the upper price band of ₹109.

Key IPO details include a price band of ₹103 – 109 per share and a minimum bid of 137 shares, amounting to about ₹14,933 at the upper end.

The company plans to raise roughly ₹3,100 crore through a fresh issue and ₹380 crore via an offer-for-sale.

While PhysicsWallah boasts strong growth in its online-to-offline education model and a large user base, the IPO valuation appears stretched and several analysts caution that the listing gain may be muted given current subscription trends.