PhysicsWallah IPO Details
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PhysicsWallah IPO opens for subscription on 11 Nov 2025 and closes on 13 Nov 2025. The IPO will be listed on NSE, BSE with the tentative listing date set for 18 Nov 2025.
PhysicsWallah IPO price band has been fixed at ₹103 – ₹109 per share.The face value is ₹1 per share with a lot size of 137.
PhysicsWallah IPO total issue size comprises 31,92,66,055 shares (aggregating up to ₹3480.00 Cr.). This includes a fresh issue of 28,44,03,670 shares (aggregating up to ₹3100.00 Cr.). Offer for Sale consists of 3,48,62,385 shares (aggregating up to ₹380.00 Cr.). Pre-issue shareholding stands at 2,60,79,56,938, which will increase to 2,89,23,60,607 post-issue.
PhysicsWallah IPO carries a ₹14 (12.8%) GMP, reflecting investor sentiment.
PhysicsWallah IPO Lot Size : Retain Minimum is 1 lot (137 shares) amounting to ₹14,933. Retain Maximum is 13 lots (1,781 shares) amounting to ₹194,129. SHNI Minimum is 14 lots (1,918 shares) amounting to ₹209,062. SHNI Maximum is 66 lots (9,042 shares) amounting to ₹985,578. BHNI Minimum is 67 lots (9,179 shares) amounting to ₹1,000,511.
The Lead Managers for PhysicsWallah IPO are crucial for the offering's success. They are responsible for a wide range of tasks, including preparing the company for the public market, managing the regulatory filings, and marketing the IPO to potential investors. The lead manager for this offering is Axial Capital Pvt.Ltd., JP Morgan India Pvt.Ltd., Kotak Mahindra Capital Company Limited, Goldman Sachs (India) Securities Pvt.Ltd.. To assess their past performance and success in previous IPOs, you can view the Lead Manager Performance Summary report.
For detailed information, Refer to the PhysicsWallah Limited RHP.
PhysicsWallah IPO Details
PhysicsWallah IPO Subscription
PhysicsWallah IPO Application Wise Breakup (Approx)
PhysicsWallah IPO Dates
- 11 Nov 2025Opening dateOPD
- 13 Nov 2025Closing dateCOD
- 14 Nov 2025Allotment Date BOA
- 17 Nov 2025Initiation of RefundsIOR
- 17 Nov 2025Credit of SharesCOS
- 18 Nov 2025Listing dateLID
PhysicsWallah IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retain Minimum | 1 | 137 | ₹14,933 |
| Retain Maximum | 13 | 1781 | ₹194,129 |
| SHNI Minimum | 14 | 1918 | ₹209,062 |
| SHNI Maximum | 66 | 9042 | ₹985,578 |
| BHNI Minimum | 67 | 9179 | ₹1,000,511 |
PhysicsWallah IPO Reservation
Promoter Holding
PhysicsWallah IPO Valuations
PhysicsWallah Financial Information
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 5,075.67 | 4,156.38 | 2,480.74 | 2,082.18 |
| Total Income | 905.41 | 3,039.09 | 2,015.35 | 772.54 |
| Profit After Tax | -127.01 | -243.26 | -1,131.13 | -84.08 |
| EBITDA | -21.22 | 193.20 | -829.35 | 13.86 |
| NET Worth | 1,867.92 | 1,945.37 | -861.79 | 62.29 |
| Reserves and Surplus | 787.92 | 467.06 | -1,254.74 | -187.65 |
| Total Borrowing | 1.55 | 0.33 | 1,687.40 | 956.15 |
| Amount in ₹ Crore | ||||
About PhysicsWallah IPO
Physicswallah is an edtech company offering test preparation courses for various competitive examinations like JEE, NEET, UPSC, etc. and upskilling courses like Data science and analytics, banking and finance, software development, etc. It offers online services via social media channels, website and apps and also offers techenabled offline centers and hybrid centers. It is among the top 5 edtech companies in terms of revenues in India and has 13.7 million subscribers on YouTube as of July 15, 2025.
Key Numbers:
- 4.13 million Unique Transacting users (Online) and 0.33 million students enrolled for offline centers.
- Average collection per user: 3,930.55 as of June 30, 2025
- Multiple courses across 13 education categories
- 303 total offline centers as of June 30, 2025
- 6,267 Faculty members as of June 30, 2025
- 18,028 employees as of June 30, 2025
- 4382 books published
Strength Of PhysicsWallah IPO
- We had 4.46 million Total Number of Paid Users in Fiscal 2025 which grew at a CAGR of 59.19% between Fiscals 2023 and 2025 and we had 2.43 million Paid Users in the three months ended June 30, 2025, driven by a student community-led approach.
- We have a presence across 13 education categories in India with courses offered through multiple channels.
- Our proprietary technology-stack enhances students' learning experience.
- Our ecosystem generates network effects driven by our community based approach.
- Specialized faculty members across categories, content and well-planned curriculum leading to successful results.
- We have an experienced management team led by our visionary founders.
Risk Of PhysicsWallah IPO
- We have incurred restated loss for the period/year of Rs. 1,270.09 million, Rs. 718.12 million, Rs.2,432.58 million, Rs.11,311.30 million and Rs.840.75 million for the three months ended June 30, 2025 and June 30, 2024, and Fiscals 2025, 2024 and 2023, respectively, and have had negative net worth as at March 31, 2024 and negative EBITDA in Fiscal 2024 and the three months ended June 30, 2025. If we are unable to generate adequate revenue growth and manage our expenses and cash flows as we grow, we may continue to incur losses in the future, which may negatively affect our financial condition.
- Our success depends on our ability to attract and retain students. Any failure to do so could adversely impact our business, reputation, financial conditions and cash flows.
- Our success depends on our ability to attract and retain faculty members. Any failure to do so could adversely impact our business, operations, financial condition and cash flow.
- Our business depends substantially on the continued leadership of our founders (also our Promoters), Alakh Pandey and Prateek Boob, members of our management and our employees. Any discontinuation of their services with us could adversely impact our business.
- Our success depends on our ability to provide updated and relevant content across Education Categories. Any failure to do so could have an adverse impact on student outcomes, student enrolments, business, financial condition and cash flows.
- 26.64%, 15.63%, 12.33% and 17.61% of our Number of Unique Transacting Users (Online Channel) are enrolled for courses across NEET, JEE, Other government examinations and Foundation Education Categories for the three months ended June 30, 2025. Our failure to offer these Education Categories or increase enrolments across our other Education Categories could have an adverse impact on our operations and cash flows.
- We derive a significant portion of our offline revenue from the offline centers located in the Indian cities of Delhi NCR, Patna in Bihar, Kota in Rajasthan, Calicut in Kerala, Lucknow in Uttar Pradesh and Kolkata in West Bengal. Any failure to expand our network of offline centers could expose us to concentration risks which could impact our business and operations.
- We have entered, and will continue to enter into, related party transactions that may potentially involve conflicts of interest.
- We are yet to identify the exact locations for the setting up our new offline centers and have not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the Offer and the costs to be incurred in relation to such Objects are based on the quotations received from the vendors or estimates of the management.
- Certain of our Subsidiaries, Xylem, Knowledge Planet and Utkarsh Classes have incurred losses in Fiscals 2025 and 2024 and the three months ended June 30, 2025 and June 30, 2024 and had negative net worth, other equity and earnings per share in the past, and portion of the Net Proceeds will be invested in the acquisition of additional shareholding in Utkarsh Classes. If they continue to incur losses, we may be required to continue providing financial support to them which may adversely affect our consolidated cash flows, results of operations and financial condition.
Objectives PhysicsWallah IPO
1. Capital expenditure for fit-outs of new offline and hybrid centers of our Company
2. Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company
3. Capital expenditure for fit-outs of new offline centers of Xylem
4. Lease payments for Xylem’s existing identified offline centers and hostels
5. Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers
6. Expenditure towards server and cloud related infrastructure costs
7. Expenditure towards marketing initiatives
8. Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited
9. Funding inorganic growth through unidentified acquisitions and general corporate purposes
Company Contact Details
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/