PhysicsWallah IPO opens for subscription on November 11, 2025 and will close on November 13, 2025. This is a Book Built Issue, through which the company plans to raise around ₹3,480 crore. The issue includes a fresh issue of ₹3,100 crore and an offer for sale of 3,48,62,385 equity shares with a face value of ₹1 each.
The price band for the PhysicsWallah IPO is fixed at ₹103 to ₹109 per share. The quota distribution remains standard with 75% for QIBs, 15% for HNIs, and 10% for retail investors. The allotment will be finalised on November 14, 2025, and the shares will list on BSE and NSE on November 18, 2025.
The company has shown strong revenue growth, moving from ₹2,015.35 crore in FY24 to ₹3,039.09 crore in FY25. Losses have reduced significantly, indicating positive movement towards operational stability. Overall, the IPO looks more suitable for long-term investors who are confident in the future of India’s edtech sector and the company’s multi-channel education model.
Contents
PhysicsWallah IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Face Value | ₹1 per equity share |
| Price Band | ₹103 to ₹109 |
| Issue Size | About ₹3,480 crore |
| Fresh Issue | About ₹3,100 crore |
| Offer for Sale | 3,48,62,385 shares |
| Issue Type | Book Built Issue |
| Listing | BSE, NSE |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
PhysicsWallah IPO
Open: 11-13 Nov 2025
Issue Size: ₹3,820 Cr.
Objective: Get bigger branding, expand centres, and enter new exam categories.
Exchange: BSE NSE
PhysicsWallah IPO Review
The PhysicsWallah IPO comes at a time when the company is expanding rapidly across online, offline, and hybrid learning channels. Revenue has increased sharply over the last two years, and losses have narrowed significantly. While profitability is still a work in progress, the brand enjoys a strong student following and high recall value.
Its scale, network of offline centres, and diversified course offerings give it an edge in the competitive edtech space. Long-term investors who believe in the company’s growth strategy may consider applying, as the business has the potential to turn profitable once operational costs stabilise.
PhysicsWallah IPO Market Lot
| 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 |
IPO Reservation
| Investor Category | Shares Offered | Share % |
|---|---|---|
| Anchor Investor | – | – |
| QIB (Excluding Anchor) | 9,55,38,505 | 75% |
| NII | 4,77,83,848 | 15% |
| Retail | 3,18,55,898 | 10% |
| Employee | 7,07,071 | – |
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PhysicsWallah IPO Anchor Investors
| Particular | Details |
|---|---|
| Anchor Bidding Date | November 10, 2025 |
| Anchor Investors List | View PDF |
| Shares Offered | 7,95,48,091 |
| Anchor Size | ₹1,562.85 crore |
| Lock-in 50% (30 days) | December 14, 2025 |
| Lock-in 50% (90 days) | February 12, 2026 |
PhysicsWallah IPO Dates
| 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 | November 17, 2025 |
| Listing Date | November 18, 2025 |
| Cut-off Time | November 13, 2025 – 5 PM |
Promoters and Shareholding
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre-Issue | 2,60,79,56,938 | 81.64% |
| Promoter Holding Post-Issue | 2,89,23,60,607 | 73.61% |
Promoters: Alakh Pandey and Prateek Boob
Objects of the Issue
| Purpose | Amount (₹ crore) |
|---|---|
| Fit-outs for new offline and hybrid centres | 460.55 |
| Lease payments for existing centres | 548.31 |
| Fit-outs for Xylem’s new centres | 31.65 |
| Lease payments for Xylem’s existing centres and hostels | 15.52 |
| Investment in Utkarsh Classes for lease payments | 33.70 |
| Server and cloud infrastructure | 200.11 |
| Marketing initiatives | 710.00 |
| Additional stake acquisition in Utkarsh Classes | 26.50 |
| Funding inorganic growth and general corporate purposes | – |
About PhysicsWallah IPO
PhysicsWallah is one of India’s leading edtech companies, offering preparation courses for JEE, NEET, UPSC, and various upskilling programs. The company operates through online platforms, tech-enabled offline centres, and hybrid setups.
With over 4.13 million online users and 0.33 million offline students, the brand has established strong credibility among students. PhysicsWallah runs 198 offline centres with more than 5,000 teachers and publishes thousands of educational books annually. Its YouTube channel, with over 13.7 million subscribers, continues to drive reach and engagement.
PhysicsWallah IPO Financial Report (₹ in crore)
| 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
| KPI | Value |
|---|---|
| ROE | (12.50%) |
| ROCE | – |
| EBITDA Margin | 6.69% |
| PAT Margin | (8.43%) |
| EPS | ₹(0.86) |
| P/E | N/A |
| RoNW | (12.50%) |
| NAV | ₹7.73 |
Peer Group Comparison
There are no listed peers for PhysicsWallah.
IPO Lead Managers
Kotak Mahindra Capital Co. Ltd.
JP Morgan India Pvt. Ltd.
Goldman Sachs (India) Securities Pvt. Ltd.
Axial Capital Pvt. Ltd.
Company Address
PhysicsWallah Ltd.
B 8, Block B, Industrial Area, Sector 62,
Noida, Uttar Pradesh 201309
Phone: +91 9289926531
Email: investorsrelation@pw.live
Website: https://www.pw.live/
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 IPO FAQs
What is PhysicsWallah IPO?
It is a Mainboard IPO worth ₹3,480 crore at a price band of ₹103 to ₹109 per share.
When does the IPO open?
It opens on November 11, 2025 and closes on November 13, 2025.
What is the investor quota?
QIB 75%, NII 15%, Retail 10%.
How to apply?
Apply via ASBA or UPI through banks and stockbrokers.
What is the allotment date?
November 14, 2025.
What is the listing date?
November 18, 2025 on BSE and NSE.
Expert Comment
PhysicsWallah has built a strong student-first brand and continues to expand its hybrid learning network aggressively. Revenue growth is impressive, and losses are reducing steadily.
However, profitability and cost control remain areas to watch. The IPO is best suited for long-term investors who believe in the edtech sector’s recovery and the company’s ability to scale sustainably.
