PhysicsWallah Ltd. IPO
The PhysicsWallah IPO is a book-built issue with a total value of ₹3,480 crore. It includes a fresh issue of 28.44 crore shares worth ₹3,100 crore and an offer for sale of 3.49 crore shares wor ...
The IPO will open for subscription on November 11, 2025, and close on November 13, 2025. The allotment is expected to be finalised on November 14, 2025, and the shares are proposed to be listed on the BSE and NSE on November 18, 2025.
The price band for the IPO is set between ₹103 and ₹109 per share. Investors can apply for a minimum of one lot consisting of 137 shares, requiring an investment of ₹14,933 at the upper price band.
For small non-institutional investors (sNII), the minimum application is 14 lots or 1,918 shares, amounting to ₹2,09,062, while for big non-institutional investors (bNII), the minimum is 67 lots or 9,179 shares, amounting to ₹10,00,511. Kotak Mahindra Capital Co. Ltd. is the book-running lead manager, and MUFG Intime India Pvt. Ltd. is the registrar to the issue.
The launch of Physics Wallah’s IPO is anticipated to be a landmark event for India’s edtech industry, potentially encouraging other startups to explore similar opportunities in the capital markets.
Read moreIPO Timeline
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11 Nov 2025Bidding Starts
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13 Nov 2025Bidding Ends
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14 Nov 2025Allotment Finalization
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17 Nov 2025Refund Date
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17 Nov 2025Demat Date
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18 Nov 2025Listing Date
PhysicsWallah Ltd. IPO Financial Result in crore
| Year | Asset | Revenue | Profit |
|---|---|---|---|
| 31 Mar 2023 | 2,082.18 Cr | 772.54 Cr | -84.08 Cr |
| 31 Mar 2024 | 2,480.74 Cr | 2,015.35 Cr | -1,131.13 Cr |
| 31 Mar 2025 | 4,156.38 Cr | 3,039.09 Cr | -243.26 Cr |
| 30 June 2025 | 5,075.67 Cr | 905.41 Cr | -127.01 Cr |
About PhysicsWallah Ltd. IPO
About PhysicsWallah Limited
Physics Wallah Limited is one of India’s fastest-growing edtech companies, transforming the way students learn and prepare for exams. Founded by Al
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The company operates in online, offline, and hybrid formats, reaching 98% of India’s pin codes. More than 10 million students have enrolled in paid courses through the PW App, while over 36 million learners benefit from free educational content delivered across 80 YouTube channels in eight Indian languages. Its network spans 100+ cities with over 120 Vidyapeeth centres, offering support in 28 exam categories, including JEE, NEET, and school-level courses for grades 6 to 12.
PhysicsWallah has built a reputation for offering affordable, high-quality education, making it accessible to students from diverse backgrounds. The company’s popularity has grown rapidly, reflected in its financial performance. Operating revenue surged by 160% to ₹1,940 crore in FY24, although losses also increased to ₹1,131 crore compared to ₹84 crore in the previous year.
The firm is backed by leading investors such as Westbridge Capital, Lightspeed Venture Partners, GSV Ventures, and Hornbill Capital. In 2023, it raised $210 million, valuing the company at $2.8 billion. With its extensive reach and strong presence in both digital and physical education, Physics Wallah continues to shape India’s learning ecosystem.
Strengths and Opportunities of PhysicsWallah Limited
- PhysicsWallah had 4.46 million paid users in Fiscal 2025, growing 59.19% CAGR.
- Operates India’s largest online student community with 98.80 million YouTube subscribers.
- Offers courses across 13 education categories, up from six in Fiscal 2023.
- Maintains 207 active YouTube channels, growing subscribers at 41.80% CAGR.
- Supported by 5,096 faculty members ensuring quality teaching across multiple disciplines.
- Uses AI tools like AI Guru, Smart Doubt Engine, and AI Grader.
- Backed by 598 tech and product employees building a scalable learning platform.
- Targets India’s ₹15-16 trillion education market projected to grow 10% annually.
Risks and Threats of PhysicsWallah Limited
- PhysicsWallah incurred losses of ₹2,432.58m, ₹11,311.30m, and ₹840.75m in recent fiscals.
- Rising employee, faculty, and advertising costs continue to impact profitability.
- High dependence on student enrolments poses a risk to revenue stability.
- Faculty attrition rate rose to 40.40% in Fiscal 2024 before easing later.
- Heavy reliance on founders for leadership may affect operations if discontinued.
- Frequent syllabus changes require costly and timely content updates.
- 45% of online users depend on NEET, JEE, and government exams.
- Expansion delays and undefined offline centre locations may strain financial plans.
PhysicsWallah IPO Promoter Holding
The company promoters are Alakh Pandey and Prateek Boob.
Promoter Holding Pre Issue 81.64%
Promoter Holding Post Issue -
FAQs
What is the PhysicsWallah IPO?
PhysicsWallah IPO is a main-board IPO of 31,92,66,054 equity shares of the face value of ₹1 aggregating up to ₹3,480.00 Crores. The issue is priced at . The minimum order quantity is 137. The IPO opens on November 11, 2025, and closes on November 13.
When PhysicsWallah IPO will open?
The PhysicsWallah IPO opens on November 11, 2025 and closes on November 13, 2025.
What is the lot size of PhysicsWallah IPO?
PhysicsWallah IPO lot size is 137, and the minimum amount required for application is ₹14,933.
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