“This article expresses my personal analysis based on publicly available financial data and market reports.”

A promising name, but a hesitant market

It’s rare to see an ed-tech brand that resonated so deeply with students across India quite like PhysicsWallah. But as the company opened its IPO in November 2025, the excitement didn’t quite translate into auction frenzy. On Day 2, the subscription stood at only around 10-16% — a muted start for what was billed as one of the biggest education-tech listings this year.

For many investors, this became a moment of pause: strong growth stories are one thing, but market mood and valuation concerns are another.

Why the PhysicsWallah IPO subscription is so tepid

From the outset, the PhysicsWallah IPO had much going for it: a popular founder, a large base of students, a strong online presence and an expanding offline/hybrid infrastructure. 

Yet by Day 2:

• Overall subscription: ~12-13%. 
• Retail investors showed the best interest (≈57-60% subscription of their quota) while institutional investors (QIBs) were almost absent. 
• Grey market premium (GMP) hovered around ₹1.5-₹2 per share (≈1-2% above issue price) — modest for a large-scale IPO. 

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So what’s behind this cautious uptake? A few key reasons:

• High valuation: The company is being valued aggressively, and this has made many investors sit back.
• Sector noise: The edtech space has had jolts recently — slower growth, profitability challenges — causing investors to be selective. 
• Institutional hesitation: Large investors are watching the final numbers before diving in. With QIB bids low, the issue lacks a strong anchor.

What does this slow start signal for investors

For someone watching from Delhi or any other city in India, the takeaway is this: fast growth brands do not guarantee instant listing gains or easy wind-profits. The slow start of the PhysicsWallah IPO is a reminder of a few real-world patterns:

• Be cautious with short-term listing expectations. With GMP low and subscription weak, a big first-day pop is unlikely.
• Growth is only one side of the coin. According to India Today, Execution, profitability, scaling offline centres, controlling costs — these matter. PhysicsWallah has a strong story but also risks. 
• Market mood counts. Even a well-known brand may face investor resistance if sector sentiment or broad markets are tepid.
• Retail vs institutional behaviour differs. Retail leapt in faster, but institutional backing is crucial for sustained faith. If institutions don’t play, the issue may stay flat post-listing.

My view — Long game or wait-and-watch?

Here’s what I feel: If you believe in the long-term India ed-tech story, PhysicsWallah has the brand credibility and reach to matter. But going by current indicators, it does not seem like a quick money-making listing.

For example, a retail investor might get in hoping for a big first-day jump — that looks risky now. On the other hand, if you are in for the long haul (3-5 years), you may take a position — but only after checking how the company scales offline, improves margins, and justifies its valuation.

In short, this IPO might appeal more to long-term believers than short-term speculators.

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Key takeaways for India’s IPO watchers in 2025

• The IPO market in India is maturing — and simply being a “popular startup” is no guarantee of listing fireworks anymore.
• Edtech companies are under scrutiny. Post-pandemic growth surged, but the challenge now is sustainable profitability.
• Retail investors are still first in line, but institutional interest often defines the real signal.
• Valuation discipline matters. A high-valuation, high-risk growth story needs execution — investors will watch closely.
• When watching from regional cities (like Nagpur and others), remember: market dynamics are national. Whether you apply or not should depend on both company fundamentals and sentiment indicators.

Conclusion

In my view, the PhysicsWallah IPO is interesting — yes — but it’s not a slam-dunk. The slow subscription and muted GMP tell us one thing: investors are saying, “Show me more proof before I trust large gains.” If I were you, I’d consider watching the listing outcome and early post-IPO performance. If the company shows strong quarterly results, margin improvements and institutional follow-through, then it may be worth getting in. Until then, maybe take a small position or stay on the sidelines and wait for traction.

In short, big brand, big aspiration, but the market wants to see big execution.

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Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not US News Weeks. We advise investors to check with certified experts before making any investment decisions.

Source : India Today & Mint - PhysicsWallah IPO