PhysicsWallah IPO is all set to open on November 11, 2025, and will close on November 13, 2025. It is a Book Built Issue, aiming to raise approximately ₹3,480 crores. The IPO includes a fresh issue of ₹3,100 crores and an offer for sale of up to 3,48,62,385 equity shares with a face value of ₹1 each.
The PhysicsWallah IPO price band is fixed between ₹103 to ₹109 per share. The retail investor quota is 10%, while QIB and HNI quotas are 75% and 15%, respectively. The IPO allotment date is November 14, 2025, and the listing date is scheduled for November 18, 2025, on both BSE and NSE.
In terms of financial performance, PhysicsWallah reported a revenue of ₹3,039.09 crores in FY 2025, up from ₹2,015.35 crores in FY 2024. The company also reduced its loss to ₹243.26 crores in 2025, compared to a loss of ₹1,131.13 crores in 2024, showing strong operational improvement. Based on these financial trends, long-term investors may consider subscribing to the PhysicsWallah IPO for potential growth and value creation.
Table of contents
- PhysicsWallah IPO Date & Price Band Details
- PhysicsWallah IPO Market Lot
- PhysicsWallah IPO Reservation
- PhysicsWallah IPO Anchor Investors
- PhysicsWallah IPO Allotment & Listing Dates
- PhysicsWallah IPO: Promoters and Holding Pattern
- Objects of the Issue & Utilisation of proceeds – PhysicsWallah IPO
- PhysicsWallah IPO Company Financial Report
- PhysicsWallah IPO Valuation – FY2025
- PhysicsWallah IPO Peer Group Comparison
- PhysicsWallah Company Overview, Key Points, Strengths, and Risks
- IPO Lead Managers aka Merchant Bankers
- PhysicsWallah IPO Registrar
- PhysicsWallah Company Address
- FAQs about PhysicsWallah IPO
PhysicsWallah IPO Date & Price Band Details
PhysicsWallah IPO will open on November 11, 2025, and close on November 13, 2025. It’s a Book Built Issue with an issue size of ₹3,480 crores, including a fresh issue of ₹3,100 crores and an offer for sale of 3.48 crore shares. Price band: ₹103–₹109, listing: BSE, NSE.
| IPO Details | Details |
|---|---|
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Face Value | ₹1 Per Equity Share |
| IPO Price Band | ₹103 to ₹109 Per Share |
| Issue Size | Approx ₹3,480 Crores |
| Fresh Issue | Approx ₹3,100 Crores |
| Offer for Sale: | Approx 3,48,62,385 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | Click Here |
| RHP Draft Prospectus | Click Here |
PhysicsWallah IPO Market Lot
PhysicsWallah IPO lot size is 137 shares per lot, with a minimum investment of ₹14,933 for retail investors. Retail can apply up to 13 lots (₹1,94,129), while S-HNI starts from 14 lots (₹2,09,062) and B-HNI from 67 lots (₹10,00,511), making it ideal for all investor categories.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 137 | ₹14,933 |
| Retail Maximum | 13 | 1,781 | ₹1,94,129 |
| S-HNI Minimum | 14 | 1,918 | ₹2,09,062 |
| S-HNI Maximum | 66 | 9,042 | ₹9,85,578 |
| B-HNI Minimum | 67 | 9,179 | ₹10,00,511 |
The PhysicsWallah IPO Subscription Status will be updated after the bidding process begins on Nov 7, 2025.
PhysicsWallah IPO Reservation
PhysicsWallah IPO share allocation is divided among different investor categories — QIBs get 75%, NIIs (HNI investors) receive 15%, and retail investors are offered 10% of the total shares. The anchor investor portion will be announced before the IPO opens, ensuring balanced participation across all segments.
| Investor Category | Share Offered | Shares |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 75% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 10% |
PhysicsWallah IPO Anchor Investors
PhysicsWallah IPO anchor bidding date is November 10, 2025. The anchor investor portion will be confirmed soon, with an expected anchor size in crores. The lock-in period for 50% of shares ends on December 14, 2025, and the remaining 50% on February 12, 2026, ensuring investment stability.
| Anchor Event | Date |
|---|---|
| Anchor Bidding Date | November 10, 2025 |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | December 14, 2025 |
| lock-in period end date 50% shares (90 Days) | February 12, 2026 |
PhysicsWallah IPO Allotment & Listing Dates
PhysicsWallah IPO will open on November 11, 2025, and close on November 13, 2025, with a bidding cut-off time of 5 PM. The basis of allotment is on November 14, refunds and Demat credit on November 17, and the IPO listing date is November 18, 2025, on BSE and NSE.
| Event | Date |
|---|---|
| IPO Open Date: | November 11, 2025 |
| IPO Close Date: | November 13, 2025 |
| Basis of Allotment: | November 14, 2025 |
| Refunds: | November 17, 2025 |
| Credit to Demat Account: | November 17, 2025 |
| IPO Listing Date: | November 18, 2025 |
| IPO Bidding Cut-off Time: | November 13, 2025 – 5 PM |
PhysicsWallah IPO: Promoters and Holding Pattern
The promoters of PhysicsWallah IPO are Alakh Pandey and Prateek Boob. The company’s promoter holding pre-issue stands at 81.64% (2,60,79,56,938 shares), which will adjust to 2,89,23,60,607 shares post-issue. Strong promoter backing highlights confidence in the company’s long-term growth and business expansion potential.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 2,60,79,56,938 | 81.64% |
| Promoter Holding Post Issue | 2,89,23,60,607 | -% |
Objects of the Issue & Utilisation of proceeds – PhysicsWallah IPO
The objects of the PhysicsWallah IPO include capital expenditure for new offline and hybrid centers (₹460.55 Cr), lease payments (₹548.31 Cr), marketing initiatives (₹710 Cr), server and cloud infrastructure (₹200.11 Cr), and investments in subsidiaries like Utkarsh Classes, along with funding inorganic growth and corporate purposes.
| Purpose | Crores |
|---|---|
| Capital expenditure for fit-outs of new offline and hybrid centers of our Company | 460.55 |
| Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company | 548.31 |
| Capital expenditure for fit-outs of new offline centers of Xylem | 31.65 |
| Lease payments for Xylem’s existing identified offline centers and hostels | 15.52 |
| Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers | 33.70 |
| Expenditure towards server and cloud related infrastructure costs | 200.11 |
| Expenditure towards marketing initiatives | 710.00 |
| Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited | 26.50 |
| Funding inorganic growth through unidentified acquisitions and general corporate purposes |
PhysicsWallah IPO Company Financial Report
PhysicsWallah IPO financials show strong growth with revenue rising to ₹3,039.09 crore in FY 2025 from ₹2,015.35 crore in FY 2024. The loss reduced to ₹243.26 crore from ₹1,131.13 crore, while total assets increased to ₹4,156.38 crore, reflecting solid financial improvement and business expansion before the June 2025 quarter.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹772.54 | ₹861.99 | ₹84.08 | ₹2,082.18 |
| 2024 | ₹2,015.35 | ₹3,279.26 | ₹1,131.13 | ₹2,480.74 |
| 2025 | ₹3,039.09 | ₹3,264.85 | ₹243.26 | ₹4,156.38 |
| June 2025 | ₹905.41 | ₹1,057.48 | ₹127.01 | ₹5,075.67 |
PhysicsWallah IPO Valuation – FY2025
PhysicsWallah IPO key performance indicators (KPI) reveal an EBITDA margin of 6.69% and a PAT margin of (8.43%). The EPS stands at ₹(0.86) with a RoNW of (12.50%) and NAV of ₹7.73. These metrics reflect improving operational performance and growth potential for long-term investors.
| KPI | Values |
|---|---|
| ROE: | (12.50)% |
| ROCE: | -% |
| EBITDA Margin: | 6.69% |
| PAT Margin: | (8.43)% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹(0.86) (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | (12.50%) |
| Net Asset Value (NAV): | ₹7.73 |
PhysicsWallah IPO Peer Group Comparison
- There are no listed peers of the Company.
PhysicsWallah Company Overview, Key Points, Strengths, and Risks
PhysicsWallah Limited (PW) is a leading Indian multinational edtech (educational technology) company. It was founded in 2016 by Alakh Pandey as a YouTube channel providing free physics education for competitive exams like JEE (Joint Entrance Examination) and NEET (National Eligibility cum Entrance Test).
The company evolved into a full-fledged hybrid learning platform, offering affordable online and offline courses for a wide range of competitive exams (JEE, NEET, UPSC, SSC, Banking, etc.), K-12 schooling, and skill development. It achieved unicorn status in 2022 and has since expanded its reach significantly across India through a multi-channel model.
Key Points
- Founder & Origin: Founded by Alakh Pandey in 2016 as a YouTube channel; co-founded the official app with Prateek Maheshwari in 2020.
- Business Model: Operates a hybrid (online-offline) model, combining its large digital platform with a growing network of physical coaching centers called Vidyapeeth and Pathshala.
- Core Philosophy: Democratizing education through extreme affordability and a student-first approach, focusing on high-quality content at very low prices compared to competitors.
- Scale: As of mid-2025, PW boasts a massive digital community with over 98 million YouTube subscribers across its network of channels and a paid user base of 4.46 million in FY25.
- Financials (FY25):
- Operating Revenue: Approximately ₹2,886 crore (up from ₹1,940 crore in FY24).
- Net Loss: ₹243 crore (sharply narrowed from ₹1,131 crore in FY24), reflecting continued rapid expansion and investment.
- Valuation: Its valuation has consistently grown, reaching $2.8 billion as of September 2024, with a targeted valuation of up to $3.6 billion for its upcoming IPO.
- Diversification: Initially focused on JEE/NEET, PW has diversified into 13 educational categories and expanded geographically, notably through strategic acquisitions like Xylem Learning and Utkarsh Classes.
Strengths
- Extreme Affordability and Volume: PW’s most significant strength is its low-cost pricing structure (courses often priced at a fraction of competitors’), making high-quality test prep accessible to millions of students, especially from Tier-2 and Tier-3 cities. This strategy drives high volume and scale.
- Strong Brand Trust and Organic Community: The brand was built organically on Alakh Pandey’s credibility and authentic teaching style, leading to a loyal and trusted student community. This community acts as a powerful, low-cost marketing funnel, significantly reducing customer acquisition costs.
- Hybrid Multi-Channel Presence: The combination of a massive online platform and a rapidly expanding physical network (300+ offline centers as of mid-2025) provides a robust hybrid model, enhancing student retention, learning outcomes, and geographical reach.
- Growth Momentum: The company has demonstrated impressive revenue growth and scale, with an aggressive expansion into new educational verticals and offline centers.
Risks
- Persistent Losses and Path to Profitability: Despite massive revenue growth, the company is still reporting significant net losses (₹243 crore in FY25), driven primarily by high costs associated with rapid offline expansion, hiring, and technology investments. Sustained profitability remains a future promise.
- Dependence on Founder’s Personality (Key-Person Risk): A large part of PW’s brand identity, initial growth, and student trust is heavily tied to the image and teaching style of its founder, Alakh Pandey. Any negative event or change related to the founder could impact the company’s valuation and brand perception.
- Concentration Risk: A significant portion of the company’s revenue remains concentrated in the highly competitive and saturated JEE/NEET test preparation segment, and its offline revenue is concentrated in a few key geographic regions like the Hindi heartland.
- Operational Complexity of Rapid Offline Expansion: The aggressive rollout of hundreds of physical centers and the integration of multiple acquisitions introduce substantial operational and quality control challenges, demanding consistent investment in faculty, infrastructure, and management.
IPO Lead Managers aka Merchant Bankers
- Kotak Mahindra Capital Co. Ltd.
- JP Morgan India Pvt. Ltd
- Goldman Sachs (India) Securities Pvt. Ltd.
- Axial Capital Pvt. Ltd.
PhysicsWallah IPO Registrar
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: physicswallah.ipo@in.mpms.mufg.com
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
PhysicsWallah Company Address
PhysicsWallah Ltd.
B 8, Block B,
Industrial Area, Sector 62,
Noida, Uttar Pradesh 201309
Noida, Uttar Pradesh, 201309
Phone: +91 9289926531
Email: investorsrelation@pw.live
Website: https://www.pw.live/
FAQs about PhysicsWallah IPO
The PhysicsWallah IPO opens for subscription on November 11, 2025, and closes on November 13, 2025.
The IPO Price Band for the issue is fixed between ₹103 to ₹109 per equity share.
The minimum Lot Size for the retail investor category is 137 shares, requiring a minimum investment of ₹14,933 at the upper price band.
The total issue size is approximately ₹3,480 crores, which includes a fresh issue of ₹3,100 crores and an Offer For Sale (OFS) component.
The reservation is divided as: QIB (Qualified Institutional Buyers) at 75%, HNI (High Net-worth Individuals/NII) at 15%, and Retail Investors at 10%.
The IPO allotment date is tentatively scheduled for November 14, 2025.
The shares are scheduled to list on both the BSE (Bombay Stock Exchange) and the NSE (National Stock Exchange) on November 18, 2025.
PhysicsWallah’s revenue grew to ₹3,039.09 crores in FY 2025 (up from ₹2,015.35 crores in FY 2024), and its loss was significantly reduced to ₹243.26 crores (from ₹1,131.13 crores in FY 2024).
The proceeds will primarily be used for Capital Expenditure for new offline/hybrid centers, lease payments for existing centers, marketing initiatives, and investment in server/cloud infrastructure.
A retail investor can apply for a maximum of 13 lots, which amounts to 1,781 shares and a total investment of ₹1,94,129 (at the upper price band).
Disclaimer: This content is provided strictly for educational and informational purposes only. The securities or investments mentioned are based on publicly available information and should not be construed as investment advice or recommendations. Investors are advised to consult with their financial advisor before making any investment decisions.
