PhysicsWallah IPO [Initial Public Offering] is a book build issue of 31,92,66,054 shares [₹3,480.00 crore]. The issue is a combination of a fresh issue of 28,44,03,669 shares [₹3,100.00 crore] and an offer for sale of 3,48,62,385 shares [₹380.00 crore].
The PhysicsWallah IPO will open for subscription on November 11, 2025, and close on November 13, 2025. The PhysicsWallah IPO allotment is expected to be finalized on November 14, 2025, while the PhysicsWallah IPO to be listing on the BSE and NSE on November 18, 2025.
The price band for the PhysicsWallah IPO is fixed at ₹103 to ₹109 per share. The minimum application size is 1 lots [137 shares], requiring a retail investor to invest at least ₹14,933 [based on the upper price band]. For S-HNI investors, the minimum application size is 14 lots [1,918 shares] worth ₹2,09,062, while for B-HNI investors, it is 67 lots [9,179 shares] worth ₹10,00,511.
PhysicsWallah IPO Details
| Open Date | November 11, 2025 |
| Close Date | November 13, 2025 |
| Issue Type | Book Built Issue |
| Face Value | ₹1 Per Equity Share |
| Price Band | ₹103 – ₹109 Per Share |
| Listing On | BSE, NSE |
| Issue Size | ₹3,480.00 Cr. [31,92,66,054 Shares] |
| Fresh Issue | ₹3,100.00 Cr. [ Shares] |
| Offer For Sale | ₹380.00 Cr. [3,48,62,385 Shares] |
| EMP Discount | ₹10.00 |
| Prospectus | DRHP | RHP | Anchor Investors |
PhysicsWallah IPO Anchor Investors Details
| Anchor Bid Date | — |
| Anchor Portion Size | — |
| Share Offered | — |
| Anchor lock-in period end date for 50% shares [30 Days] | — |
| Anchor lock-in period end date for remaining shares [90 Days] | — |
PhysicsWallah IPO Reservation
| Category | Reservation | Shares Offered |
|---|---|---|
| QIB | 75.00% | 23,94,49,541 |
| NII | 15.00% | 4,78,89,908 |
| RII | 35.00% | 3,19,26,605 |
| Total | 100.00% | 31,92,66,054 |
PhysicsWallah IPO Market Lot
| Application | Lot | 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 |
Key Performance Indicator
| KPI | Value |
| Market Capitalisation | ₹31,526.73 Cr. |
| P/E Ratio | -116.86x |
| EPS | ₹-0.93 |
| ROE | — |
| ROCE | — |
| RoNW | -12.50% |
| Dept/Equity | — |
| EBITDA Margin | 6.69% |
| PAT Margin | -8.43% |
| Net Assets Value | ₹7.73 |
| Price To Book Value | ₹14.10 |
PhysicsWallah IPO No Peer Comparison
| Company | P/E | EPS | RoNW | NAV |
| — | — | — | — | — |
PhysicsWallah IPO Dates
| Open Date | November 11, 2025 |
| Close Date | November 13, 2025 |
| Allotment Date | November 14, 2025 |
| Refund Date | November 17, 2025 |
| Share Credit Date | November 17, 2025 |
| Listing Date | November 18, 2025 |
PhysicsWallah Limited Company Financial Report
| Years | Assets | Income | Expenses | Net Worth | PAT | Borrow |
|---|---|---|---|---|---|---|
| June 2025 | ₹5,075.67 Cr. | ₹905.41 Cr. | ₹1,057.48 Cr. | ₹1,867.92 Cr. | ₹-127.01 Cr. | ₹1.55 Cr. |
| March 2025 | ₹4,156.38 Cr. | ₹3,039.09 Cr. | ₹3,264.85 Cr. | ₹1,945.37 Cr. | ₹-243.26 Cr. | ₹0.33 Cr. |
| March 2024 | ₹2,480.74 Cr. | ₹2,015.35 Cr. | ₹3,279.26 Cr. | ₹-861.79 Cr. | ₹-1,131.13 Cr. | ₹1,687.40 Cr. |
| March 2023 | ₹2,082.18 Cr. | ₹772.54 Cr. | ₹861.99 Cr. | ₹62.29 Cr. | ₹-84.08 Cr. | ₹956.15 Cr. |
Company Promoters
- Alakh Pandey
| Holding Pre Issue | 81.64% | 2,60,79,56,938 Shares |
| Holding Post Issue | — | 2,89,23,60,607 Shares |
PhysicsWallah IPO Lead Managers
- Kotak Mahindra Capital Company Limited
- JP Morgan India Private Limited
- Goldman Sachs (India) Securities Private Limited
- Axis Capital Limited
PhysicsWallah IPO Registrar
MUFG Intime India Private Limited
C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai 400083, Maharashtra, India
Telephone: +91 810 811 4949
E-mail: physicswallah.ipo@in.mpms.mufg.com
Website: www.in.mpms.mufg.com
About The Company
PhysicsWallah is one of India’s leading edtech companies, known for transforming the way students prepare for competitive exams. Founded with a mission to make quality education accessible and affordable, the company offers a wide range of online and offline courses for exams like JEE, NEET, UPSC, and other professional upskilling programs in data science, analytics, banking, finance, and software development. Its learning ecosystem spans across YouTube, mobile apps, and hybrid centers, creating a powerful digital and physical presence across India.
As of July 15, 2025, PhysicsWallah stands among the top five edtech companies in India by revenue, boasting 13.7 million YouTube subscribers and over 4.46 million paid learners. The platform has witnessed rapid growth, achieving a CAGR of 59.19% between FY 2023 and FY 2025. It caters to more than 4.13 million online transacting users and 0.33 million offline students, supported by an extensive network of 303 centers, 6,267 faculty members, and 18,028 employees.
What sets PhysicsWallah apart is its proprietary technology stack, designed to enhance learning experiences through personalized teaching methods and efficient content delivery. With a strong lineup of expert educators, a rich library of 4,382 published books, and a student-first approach, the company continues to empower millions of learners while redefining the future of education in India.
Objects Of The Issue
- Capital expenditure for fit-outs of new offline and hybrid centers of our Company
- Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company
- Capital expenditure for fit-outs of new offline centers of Xylem
- Lease payments for Xylem’s existing identified offline centers and hostels
- Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers
- Expenditure towards server and cloud related infrastructure costs
- Expenditure towards marketing initiatives
- Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited
- Funding inorganic growth through unidentified acquisitions and general corporate purposes
Company Address
PhysicsWallah Limited
B 8, Block B,
Industrial Area, Sector 62,
Noida, Uttar Pradesh, 201309
Phone: +91 9289926531
Email: investorsrelation@pw.live
Website: www.pw.live
PhysicsWallah IPO FAQs
What are the open and close dates of the PhysicsWallah IPO?
The PhysicsWallah IPO will open on November 11, 2025 and will close on November 13, 2025.
What is the price band for PhysicsWallah IPO?
The price band for the PhysicsWallah IPO is fixed at ₹103 to ₹109 per share.
What is the lot size of the PhysicsWallah IPO?
Investors can apply for PhysicsWallah IPO minimum of 137 shares per lot and in multiples thereafter.
How can retail investors apply for the PhysicsWallah IPO?
Retail investors can apply through UPI-based ASBA (Application Supported by Blocked Amount) via their bank or stock broker’s platform.
What is the issue size of the PhysicsWallah IPO?
The total issue size of PhysicsWallah IPO is ₹3,480.00 Cr., comprising both fresh issue and offer for sale (if applicable).
When will the basis of allotment for the XYZ IPO be finalized?
The PhysicsWallah IPO allotment is expected to be finalized on November 14, 2025.
How can I check the allotment status of the PhysicsWallah IPO?
Investors can check their PhysicsWallah IPO allotment status on the official registrar’s website once it is announced.
When will the shares of PhysicsWallah IPO get listed?
The PhysicsWallah IPO shares are expected to be listed on the BSE and NSE on November 18, 2025.
Is the PhysicsWallah IPO a good investment?
Investment decisions depend on an individual’s financial goals and risk profile. It is advised to consult with a SEBI-registered financial advisor before making any investment decision.
Disclaimer: Readers are strongly advised to seek guidance from a qualified financial advisor before making any investment decisions. Relying solely on the content presented here for financial choices is done entirely at the reader’s own risk.
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