Physicswallah IPO
Physicswallah Limited (PWL) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 18 November 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +2.8% (likely range -2% to +4%), day's high +15.5%, chance of a gain 51%. Actual: +33.0% at the open, +48.6% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 10,11,55,340 | 27,35,75,848 | 2.70x | |
| NII (HNI) total | 5,05,77,669 | 2,44,24,223 | 0.48x | |
| Big NII (above ₹10 lakh) | 3,37,18,446 | 1,85,67,610 | 0.55x | |
| Small NII (₹2-10 lakh) | 1,68,59,223 | 58,56,613 | 0.35x | |
| Retail | 3,37,18,446 | 3,56,00,272 | 1.06x | |
| Employees | 7,52,688 | 26,26,701 | 3.49x | |
| Total | 18,62,04,143 | 33,62,27,044 | 1.81x |
Bids on NSE and BSE together, as published by NSE, as of 13 Nov 2025, 07:00 PM. Shares offered exclude the anchor portion. 28% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Physicswallah's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| DelhiveryMay 2022 | 2.66x | 0.30x | 0.57x | 1.63x | ₹5,519 Cr | +1.7% | +16.8% |
| Pine LabsNov 2025 | 4.00x | 0.30x | 1.22x | 2.46x | ₹3,902 Cr | +9.5% | +28.5% |
| Sona BLW Precision ForgingsJun 2021 | 3.46x | 0.39x | 1.57x | 2.28x | ₹5,667 Cr | +3.4% | +24.1% |
| Juniper HotelsFeb 2024 | 2.96x | 0.85x | 1.28x | 2.08x | ₹1,895 Cr | +1.4% | +11.5% |
| Ather EnergyApr 2025 | 1.70x | 0.66x | 1.78x | 1.43x | ₹3,106 Cr | +2.2% | +3.7% |
| Paradeep PhosphatesMay 2022 | 3.01x | 0.82x | 1.37x | 1.75x | ₹1,637 Cr | +4.8% | +12.5% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Kotak Mahindra Capital Company | 83 | +20.8% | 76% |
| J.P. Morgan India | 27 | +17.4% | 74% |
| Goldman Sachs (India) Securities | 16 | +18.4% | 69% |
| Axis Capital | 107 | +20.4% | 73% |
Offer documents (NSE)
Frequently asked
What is the Physicswallah IPO price band and lot size? ₹103–109 per share, with a lot of 137 shares, so the smallest retail bid is ₹14,933.
How many times has it been subscribed? 1.81x overall: QIB 2.70x, NII 0.48x, retail 1.06x, employees 3.49x.
How did it list? It opened at ₹145, +33.0% against the issue price of ₹109, and closed its first day +42.4%.
