PhysicsWallah IPO Price: ₹103 to ₹109 per share
IPO Dates: 11th November 2025 – 13th November 2025
Company Overview
PhysicsWallah is a leading EdTech company offering test preparation courses for competitive exams such as JEE, NEET, UPSC, and upskilling programs in domains like Data Science & Analytics, Banking & Finance, and Software Development.
The company provides online learning through its apps, website, and social media channels, and also operates tech-enabled offline and hybrid learning centers across India.
As of July 15, 2025, PhysicsWallah ranks among the top 5 EdTech companies in India by revenue and boasts a massive 13.7 million YouTube subscribers.
Key Numbers (as of June 30, 2025)
- 4.13 million unique transacting online users
- 0.33 million students enrolled at offline centers
- ₹3,930.55 – Average collection per user
- Courses offered across 13 education categories
- 303 total offline centers
- 6,267 faculty members
- 18,028 total employees
- 4,382 books published
Competitive Strengths
- 4.46 million paid users in FY25, growing at a CAGR of 59.19% from FY23 to FY25
- Strong presence across multiple education categories and learning channels
- Proprietary technology stack enhancing student experience and engagement
- Highly qualified and specialized faculty, quality content, and structured curriculum
- Led by an experienced management team with visionary founders
Bidding Starts In
PhysicsWallah IPO Specifics:
| IPO Date | November 11, 2025 to November 13, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹103 to ₹109 per share |
| Lot Size | 137 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 31,92,66,054 shares (aggregating up to ₹3,480.00 Cr) |
| Fresh Issue | 28,44,03,669 shares (aggregating up to ₹3,100.00 Cr) |
| Offer for Sale | 3,48,62,385 shares of ₹1 (aggregating up to ₹380.00 Cr) |
| Employee Discount | ₹10.00 |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 2,60,79,56,938 shares |
| Share Holding Post Issue | 2,89,23,60,607 shares |
PhysicsWallah IPO Timetable (Important Dates)
| IPO Open Date | Tue, Nov 11, 2025 |
| IPO Close Date | Thu, Nov 13, 2025 |
| Tentative Allotment | Fri, Nov 14, 2025 |
| Initiation of Refunds | Mon, Nov 17, 2025 |
| Credit of Shares to Demat | Mon, Nov 17, 2025 |
| Listing Date | Tue, Nov 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Nov 13, 2025 |
PhysicsWallah IPO Lot Size
Bidders have the opportunity to bid for a minimum of 137 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 137 | ₹14,933 |
| Retail (Max) | 13 | 1,781 | ₹1,94,129 |
| S-HNI (Min) | 14 | 1,918 | ₹2,09,062 |
| S-HNI (Max) | 66 | 9,042 | ₹9,85,578 |
| B-HNI (Min) | 67 | 9,179 | ₹10,00,511 |
PhysicsWallah IPO Reservation
| QIB Shares Offered | Not less than 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
| NII (HNI) Shares Offered | Not more than 15% of the Net Offer |
PhysicsWallah IPO 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 |
Key Performance Indicator – PhysicsWallah IPO
| KPI | Values |
|---|---|
| RoNW | -12.50% |
| PAT Margin | -8.43% |
| EBITDA Margin | 6.69% |
| Price to Book Value | 14.10 |
| Market Capitalization | 31526.73 |
| P/E (x) | -116.86 |
| EPS (Rs) | -0.93 |
Objects of the Issue:
The company plans to utilize the Net Proceeds from the IPO for the following purposes:
- The company plans to use the IPO proceeds for capital expenditure on fit-outs of new offline and hybrid centers amounting to ₹460.55 crore.
- Around ₹548.31 crore will be used for lease payments of existing identified offline and hybrid centers.
- ₹31.65 crore is allocated for fit-outs of new offline centers under Xylem.
- ₹15.52 crore will go towards lease payments for Xylem’s existing identified offline centers and hostels.
- An investment of ₹33.70 crore will be made in Utkarsh Classes & Edutech Pvt. Ltd. for lease payments of its existing identified offline centers.
- ₹200.11 crore is earmarked for server and cloud infrastructure costs.
- ₹710.00 crore will be utilized for marketing initiatives.
- ₹26.50 crore will be spent on acquiring additional shareholding in Utkarsh Classes & Edutech Pvt. Ltd.
- Remaining proceeds will be used for inorganic growth opportunities through acquisitions and general corporate purposes.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
PhysicsWallah Limited IPO DRHP.
PhysicsWallah Limited IPO RHP
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