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05 Mar, 2026
PhysicsWallah IPO
PhysicsWallah IPO is a book-build issue of ₹3,480 crores, which is a mix of a fresh issue of ₹3,100 crores and an offer for sale of ₹380 crores. The IPO price band for PhysicsWallah shares is set between ₹103 and ₹109 per share and the lot size for an application is 137 shares, with the minimum amount of investment required by an individual investor being ₹14,933 (137 shares). The IPO will be listed on BSE and NSE, with a tentative listing date fixed as November 18, 2025. The IPO will open for subscription on November 11, 2025 and close on November 13, 2025, while the IPO is expected to be finalised on November 14, 2025.
Company Background
PhysicsWallah Ltd. was established in 2020, with its headquarters in Noida, UP, India. This is an edtech company that began as a YouTube channel in 2016 and now it has become a major player in online and offline education for JEE, NEET, and UPSC-type competitive exams. The company offers services like online courses with video lectures, live lessons, and doubt clearing with more than 300 offerings and hybrid learning centres across India and the Middle East. PhysicsWallah provides study material, books, and test series to offer a clear learning experience on digital platforms via its app and website.
Operations And Product Range
Facility And Production
PhysicsWallah Ltd. operates a hybrid model integrating digital and physical infrastructure. The core facilities of this company are digital, like its mobile app, website, and over 80 YouTube channels. As of 2025, PW operates 198 physical centres across 109 cities in India. PhysicsWallah’s production focuses on creating and delivering educational content and services such as study material, upskilling programs, and developing technologies.
Brands And Market Presence
The company’s flagship brand, originating from YouTube channels for JEE and NEET preparation, also encompasses its online apps and physical centres. PW has become a popular brand across India for its unique skill of teaching and guiding students through professional upskilling and skill development courses. The market presence of PW is remarkable — it operates 207 YouTube channels with a combined 98.8 million subscribers as of June 2025. Its digital reach extends to over 98% of India’s pin codes.
Revenue Channels
- • Revenue generation from online platforms like websites and YouTube.
- • Revenue from books and study notes.
- • Income generation from services like hostels and transportation.
- • Coaching services as one of the main sources of income.
Management And Shareholding
Promoters And Shareholding
The promoters and founders of PhysicsWallah collectively hold a sustainable majority in the company’s shares, which is around 81–83%. Individual holdings, such as those of Alakh Pandey and other founders, account for approximately 40.35% of the company’s shares. In 2025, the IPO of PhysicsWallah mentions that promoter holding is expected to decrease to around 72.3% as part of the OFS to raise capital for further growth and expansion of the company.
Board Members
The board members of PhysicsWallah Ltd. include its co-founder Alakh Pandey (CEO of the company) and Prateek Maheshwari, along with independent directors. They work with the vision of PhysicsWallah — to democratize education at scale in India and ensure that everyone gets access to quality education without additional cost. That dream began with the CEO and now drives the entire PhysicsWallah team.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
PhysicsWallah IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
PhysicsWallah IPO Details
| Detail | Description |
|---|---|
| IPO Date | November 11, 2025 to November 13, 2025 |
| Listing Date | [.] |
| Face Value | ₹1 per share |
| Issue 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(Ex Market Maker) | 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) |
| Net Offered to Public | ₹10.00 |
| Issue Type | Bookbuilding 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 Timeline
| Detail | Description |
|---|---|
| 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 |
| Tentative Listing Date | Tue, Nov 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Nov 13, 2025 |
PhysicsWallah IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 137 | ₹14,933 |
| Individual investors (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 Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 81.64% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • Presence across a large number of education categories in India
- • A specialised teacher for each subject provides better clarification for students
- • Experienced management for the team led and the company’s core management.
- • Multiple platforms are used to enhance students' learning by providing multiple resources.
PhysicsWallah IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Jun 2025 | 5,075.67 | 905.41 | -127.01 | 1,867.92 | - | 1.55 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 4,156.38 | 3,039.09 | -243.26 | 1,945.37 | - | 0.33 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 2,480.74 | 2,015.35 | -1,131.13 | -861.79 | - | 1,687.40 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 2,082.18 | 772.54 | -84.08 | 62.29 | - | 956.15 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | -12.50% |
| PAT Margin | -8.43% |
| EBITDA Margin | -8.43% |
| Price to Book Value | 14.10 |
| Market Capitalization | 31526.73 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | -0.93 | -1.76 |
| P/E (x) | -116.86 | -62.06 |
Objectives of PhysicsWallah IPO
- • Capital expenditure for new offline centres of the company.
- • Investment in the subsidiary company, Utkarsh Classes & Edutech Pvt. Ltd.
- • Marketing expansion and infrastructure development for better learning comfort for students.
- • General corporate expenses.
Conclusion
PhysicsWallah IPO offers an opportunity to invest in a rapidly growing edtech company that operates in over 109 cities and connects with over 36 million students, including more than 10 million paid users on the PhysicsWallah app. The IPO proceeds will be used for the company’s expansion into new cities and to strengthen its subsidiary businesses. PhysicsWallah continues to be a leading player in India’s education revolution, bridging accessibility, affordability, and quality for learners nationwide.
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Read More IPO ReviewsFrequently Asked Questions (FAQs)
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What are the PhysicsWallah IPO dates and price band?
The IPO price band of PhysicsWallah is set between ₹103 and ₹109 per share and the IPO will open from Nov 11, 2025.
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What exactly does PhysicsWallah Ltd. do?
PhysicsWallah Ltd. is an Edtech firm that provides learning from class 6 to 12 and prepares students for competitive exams like UPSC, JEE and NEET.
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How much is the PhysicsWallah IPO size and Issue type?
This is a bookbuilding IPO with an issue size of 31.92 crore shares.
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What is the lot size of the PhysicsWallah IPO?
The lot size of the IPO is 137 shares.
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How will the PhysicsWallah IPO proceeds be used?
The IPO proceeds will be used for the expansion and growth of the company as well as the set-up of its subsidiary company.
