Ed-tech unicorn PhysicsWallah Ltd’s initial public offering (IPO) concluded with full subscription on its final day of bidding, marking a significant but uneven response across investor categories. The ₹3,480 crore issue recorded bids for approximately 20.8 crore shares against the 18.62 crore shares on offer. Qualified Institutional Buyers (QIBs) led the charge, subscribing around 1.63 times their allotted quota.

Meanwhile, the retail individual investor (RII) portion trailed, booking about 85–86% of its reserved shares.  Non-institutional investors (NIIs) showed minimal engagement, with subscription levels substantially lower. Market observers note that despite the strong brand and growth story of PhysicsWallah, investor caution remains due to its loss-making history and aggressive valuation.

The company plans to list its shares on 18 November, and the allotment is expected by 14 November. With this mixed subscription profile, the upcoming listing will be closely watched to assess whether long-term investor confidence aligns with initial institutional momentum.