PhysicsWallah IPO Opens: Subscribe For Listing Gains, Says DRChoksey — Check Key Issue Details

The initial public offering of ed-tech company PhysicsWallah, one of the most awaited IPOs of the season, began on a quiet note with lukewarm bidding on Day 1. The issue received bids for only 1.31 crore shares, or 7% of the offered issue size of 18.62 crore shares, on Day 1 of bidding.

On a more granular level, the subscription details are also telling: while retail individual investors (RIIs) put in bids for 33 % of the issue size, non-institutional investors (NIIs) subscribed at just 2%, and qualified institutional buyers (QIBs) did not put in any bids on Day 1. The only category that saw some decent demand, at about 1.11 times, was the employee category.

The absence of significant institutional interest is often interpreted by the market as a negative signal — particularly for a large‐size IPO.