PhysicsWallah IPO Details
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Face Value | ā¹1 Per Equity Share |
| IPO Price Band | ā¹103 to ā¹109 Per Share |
| Issue Size | Approx ā¹3,480 Crores |
| Fresh Issue | Approx ā¹3,100 Crores |
| Offer for Sale: | Approx 3,48,62,385 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
PhysicsWallah IPO Review & Key Points
- Review: May Apply
- Capital Market Rating: 40
PhysicsWallah IPO Market Lot
The PhysicsWallah IPO minimum market lot is 137 shares with ā¹14,933 application amount. The retail investors can apply up-to 13 lots with 1,781 shares of ā¹1,94,129 amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 137 | ā¹14,933 |
| Retail Maximum | 13 | 1,781 | ā¹1,94,129 |
| S-HNI Minimum | 14 | 1,918 | ā¹2,09,062 |
| S-HNI Maximum | 66 | 9,042 | ā¹9,85,578 |
| B-HNI Minimum | 67 | 9,179 | ā¹10,00,511 |
IPO Reservation
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | 9,55,38,505 Shares | 75% |
| NII Shares Offered | 4,77,83,848 Shares | 15% |
| Retail Shares Offered | 3,18,55,898 Shares | 10% |
| Employee Shares Offered | 7,07,071 Shares | -% |
PhysicsWallah IPO Anchor Investors
| Anchor Bidding Date | November 10, 2025 |
| Anchor Investors List | |
| Shares Offered | 7,95,48,091 Shares |
| Anchor Size | 1562.85 Cr. |
| lock-in period end date 50% shares (30 Days) | December 14, 2025 |
| lock-in period end date 50% shares (90 Days) | February 12, 2026 |
PhysicsWallah IPO Dates
The PhysicsWallah IPO date is November 11 and the close date is November 13. The PhysicsWallah IPO allotment will be finalized on November 14 and the IPO listing on November 18.
| 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 Account: | November 17, 2025 |
| IPO Listing Date: | November 18, 2025 |
| IPO Bidding Cut-off Time: | November 13, 2025 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Alakh Pandey and Prateek Boob.
| 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% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores |
| Capital expenditure for fit-outs of new offline and hybrid centers of our Company | ā¹460.55 |
| Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company | ā¹548.31 |
| Capital expenditure for fit-outs of new offline centers of Xylem | ā¹31.65 |
| Lease payments for Xylemās existing identified offline centers and hostels | ā¹15.52 |
| Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classesā existing identified offline centers | ā¹33.70 |
| Expenditure towards server and cloud related infrastructure costs | ā¹200.11 |
| Expenditure towards marketing initiatives | ā¹710.00 |
| Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited | ā¹26.50 |
| Funding inorganic growth through unidentified acquisitions and general corporate purposes | ā¹- |
About PhysicsWallah IPO
Physicswallah is one of the leading companies that offers test preparation courses for competitive examinations like JEE, NEET, UPSC, as well as other upskilling courses. Their courses are delivered via multiple channels, such as 1) Online, which consists of their website, apps, and Social Media Channels, 2) Tech-enabled offline centers, where they conduct live classes, and 3) Hybrid Centers. Among the top 5 education companies, PhysicsWallah is the largest company in terms of revenue in India. It also has its own YouTube channel named āPhysics Wallah ā Alakh Pandey,ā with around 13.7 million subscribers as of July 15, 2025.
The companyās main focus is to build a student community by offering them high-quality education using engaging and tech-enabled teaching methods. Moreover, most of its learning materials and courses are available on YouTube channels, making it convenient and accessible for students. PhysicsWallah comprises 4.13 million online users and 0.33 million offline students. They run 198 offline centers with 5,096 teachers, 15,775 employees, and have published 3,582 books so far in FY25.
PhysicsWallah IPO Company Financial Report
Amount ā¹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ā¹772.54 | ā¹861.99 | ā¹84.08 | ā¹2,082.18 |
| 2024 | ā¹2,015.35 | ā¹3,279.26 | ā¹1,131.13 | ā¹2,480.74 |
| 2025 | ā¹3,039.09 | ā¹3,264.85 | ā¹243.26 | ā¹4,156.38 |
| June 2025 | ā¹905.41 | ā¹1,057.48 | ā¹127.01 | ā¹5,075.67 |
PhysicsWallah IPO Valuation – FY2025
Check PhysicsWallah IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | (12.50)% |
| ROCE: | -% |
| EBITDA Margin: | 6.69% |
| PAT Margin: | (8.43)% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ā¹(0.86) (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | (12.50%) |
| Net Asset Value (NAV): | ā¹7.73 |
Peer Group Comparison
- There are no listed peers of the Company.
IPO Lead Managers aka Merchant Bankers
- 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
Noida, Uttar Pradesh, 201309
Phone: +91 9289926531
Email: [email protected]
Website: https://www.pw.live/
IPO Registrar
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: [email protected]
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
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Note: The PhysicsWallah IPO price band and date are officially announced. The (PhysicsWallah IPO grey market premium) will be added to the IPO GMP page as it will start).
