PhysicsWallah IPO
Bookbuilding IPO | ₹3,480.00 Cr | Listing at BSE, NSE
IPO Open
Tue, Nov 11, 2025
IPO Close
Thu, Nov 13, 2025
Price Band
₹103.00 to ₹109.00
Market Cap (Pre-IPO)
₹31,526.73 Cr
IPO Details
| IPO Date | Nov 11, 2025 to Nov 13, 2025 |
| Listing Date | Tentative: Nov 18, 2025 |
| Face Value | ₹1.00 per share |
| Price Band | ₹103.00 to ₹109.00 |
| Lot Size | 137 Shares (Minimum: ₹14,933.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹3,480.00 Crores |
| Total Shares Offered | 319,330,921 shares |
| Fresh Issue | 284,468,537 shares |
| Offer For Sale | 34,862,384 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 2.86x |
| NII | 0.51x |
| RII | 1.14x |
| Total | 1.92x |
PhysicsWallah IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 23,89,67,889 (74.83%) |
| Retail Shares Offered | 3,18,62,385 (9.98%) |
| NII Shares Offered | 4,77,93,577 (14.97%) |
PhysicsWallah IPO Lot Size
Investors can bid for a minimum of 137 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 137 | ₹14,933 |
| Retail (Max) | 13 | 1,781 | ₹194,129 |
| S-HNI (Min) | 14 | 1,918 | ₹209,062 |
| S-HNI (Max) | 66 | 9,042 | ₹985,578 |
| B-HNI (Min) | 67 | 9,179 | ₹1,000,511 |
PhysicsWallah Financial Information (Restated Consolidated)
PhysicsWallah Ltd.'s revenue increased by 51% and profit after tax (PAT) rose by 78% between the financial year ending with March 31, 2025 and March 31, 2024.
| 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 | 2,480.74 | 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 ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 0.00% |
| ROCE (Return on Capital Employed) | 0.00% |
| Debt/Equity | 0.00 |
| RoNW (Return on Net Worth) | -12.50% |
| PAT Margin (Profit After Tax Margin) | -8.43% |
| EBITDA Margin | 6.69% |
| Price to Book Value | 14.10 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | -0.93 | -1.76 |
| P/E (x) | -116.86 | -62.06 |
| Promoter Holding | 81.64% | 71.48% |
Company Promoters
- Alakh Pandey and Prateek Boob are the company promoters.
Company Overview
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
Company Strengths
- 4.46 million Total Number of Paid Users in Fiscal 2025, grew at a CAGR of 59.19% from fiscal 2023 to 2025
- Presence across a large number of education categories in India with courses offered through multiple channel
- Proprietary technology-stack enhances students’ learning experience
- Specialized faculty members across categories, quality content and well-planned curriculum
- Experienced management team led by our visionary founders
Use of Proceeds
| 1) | Capital expenditure for fit-outs of new offline and hybrid centers of our Company | 460.55 |
| 2) | Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company | 548.31 |
| 3) | Capital expenditure for fit-outs of new offline centers of Xylem | 31.65 |
| 4) | Lease payments for Xylem’s existing identified offline centers and hostels | 15.52 |
| 5) | Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers | 28.00 |
| 6) | Expenditure towards server and cloud related infrastructure costs | 200.11 |
| 7) | Expenditure towards marketing initiatives | 710.00 |
| 8) | Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited | 26.50 |
| 9) | Funding inorganic growth through unidentified acquisitions and general corporate purposes | 941.15 |
Objectives
The Company PhysicsWallah IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
Quick Info
| Sector | Edtech (Education Technology) |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹31,526.73 Cr |
Important Dates
| IPO Open | Nov 11, 2025 |
| IPO Close | Nov 13, 2025 |
| Allotment Date | Nov 14, 2025 |
| Credit to Demat | Nov 17, 2025 |
| Listing Date | Tentative: Nov 18, 2025 |
Lead Manager(s)
Kotak Mahindra Capital Co.Ltd.
Registrar
Description
- PhysicsWallah IPO is a book build issue of ₹3,480.00 crores. The issue is a combination of fresh issue of 28.45 crore shares aggregating to ₹3,100.08 crores and offer for sale of 3.49 crore shares aggregating to ₹379.92 crores.
- PhysicsWallah IPO bidding started from Nov 11, 2025 and ended on Nov 13, 2025. The allotment for PhysicsWallah IPO was finalized on Nov 14, 2025. The shares got listed on BSE, NSE on Nov 18, 2025.
- PhysicsWallah IPO price band is set at ₹109.00 per share . The lot size for an application is 137. The minimum amount of investment required by an retail is ₹14,933 (137 shares) (based on upper price). The lot size investment for sNII is 14 lots (1,918 shares), amounting to ₹2,09,062, and for bNII, it is 67 lots (9,179 shares), amounting to ₹10,00,511.
- The issue includes a reservation of up to 7,07,070 shares for employees offered at a discount of ₹10.00 to the issue price