In November 2025, India’s primary markets will see one of the most closely watched tech/consumer-internet listings — PhysicsWallah Limited (PW). Starting as a YouTube-led edtech brand, PW has grown into a multi-format education platform with online courses, hybrid centres, test-prep, upskilling, and regional language offerings. With a large fresh issue component, the IPO is clearly fund-raise-led to fuel offline expansion, infra, and acquisitions.
Here is a structured look at PhysicsWallah IPO:
About PhysicsWallah Ltd.
Founded by Alakh Pandey and Prateek Boob, PhysicsWallah is an edtech company offering:
- Test prep for JEE, NEET, UPSC and other govt exams
- Professional/upskilling courses (data science, analytics, finance, coding)
- Delivery through apps, website, YouTube, and tech-enabled offline/hybrid centres
Scale (as of June 30, 2025):
- 13.7 million YouTube subscribers
- 4.13 million unique transacting users online
- 0.33 million students in offline centres
- 303 offline/hybrid centres
- 6,267 faculty members
- 18,028 employees
- 4,382 books published
- Active across 13 education categories
PW is among the top 5 edtech companies in India by revenue and has successfully blended content, technology, and low-cost delivery.
Competitive strengths:
- Rapid growth in paid users (CAGR ~59% from FY23 to FY25)
- Multi-channel presence (online + app + offline)
- Strong founder-led brand and high recall
- Proprietary tech stack for learning delivery
- Ability to scale regional and tier-2/3 offerings
PhysicsWallah IPO Details
| IPO Date | November 11, 2025, to November 13, 2025 |
| 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 | 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 | 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 |
| Book Running Lead Manager | Kotak Mahindra Capital Co. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
Important IPO Timeline
| Event | Date |
| IPO Open Date | Tue, Nov 11, 2025 |
| IPO Close Date | Thu, Nov 13, 2025 |
| Allotment (Tentative) | Fri, Nov 14, 2025 |
| Initiation of Refunds | Mon, Nov 17, 2025 |
| Credit of Shares to Demat | Mon, Nov 17, 2025 |
| Listing Date (Tentative) | Tue, Nov 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Nov 13, 2025 |
PhysicsWallah IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not less than 75% of Net Offer |
| NII | Not more than 15% of Net Offer |
| Retail (RII) | Not more than 10% of Net Offer |
PhysicsWallah IPO Lot Size
| Application | Lots | Shares | Amount (at ₹109) |
| 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 Promoter Holding
| Pre-Issue | Post-Issue | |
| Promoter Holding | 81.64% | – |
Promoters: Alakh Pandey and Prateek Boob
PhysicsWallah Ltd. Financials
Restated Consolidated Financials (₹ in crore):
| 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 & Surplus | 787.92 | 467.06 | -1,254.74 | -187.65 |
| Total Borrowing | 1.55 | 0.33 | 1,687.40 | 956.15 |
Key Performance Indicators (KPI)
| KPI | Values |
| Market Capitalisation | ₹31,526.73 Cr |
| RoNW | -12.50% |
| PAT Margin | -8.43% |
| EBITDA Margin | 6.69% |
| Price to Book | 14.10 |
| KPI | Pre-IPO | Post-IPO |
| EPS (₹) | -0.93 | -1.76 |
| P/E (x) | -116.86 | -62.06 |
Objects of the Issue
The company plans to utilise the net proceeds from the fresh issue for aggressive expansion, especially offline/hybrid, infra, and marketing.
| S.No. | Objects of the Issue | Expected Amount (₹ Cr) |
| 1 | Capex for fit-outs of new offline & hybrid centres | 460.55 |
| 2 | Lease payments of existing identified offline & hybrid centres | 548.31 |
| 3 | Capex for fit-outs of new offline centres of Xylem | 31.65 |
| 4 | Lease payments for Xylem’s existing centres & hostels | 15.52 |
| 5 | Investment in subsidiary (Utkarsh Classes) for lease payments | 33.70 |
| 6 | Server & cloud infra costs | 200.11 |
| 7 | Marketing initiatives | 710.00 |
| 8 | Acquisition of additional shareholding in Utkarsh Classes | 26.50 |
| 9 | Funding inorganic growth & general corporate purposes | Balance |
PhysicsWallah Ltd.: Industry Outlook
- Edtech 2.0 in India is moving to phygital (online + offline). PW is already there with 303 centres.
- Demand for affordable test prep in tier-2/3 cities is strong; PW’s brand was built on affordability.
- Consolidation in edtech means players with positive unit economics + strong brand + multichannel will likely gain share.
- Government exams, medical and engineering entrance, and upskilling continue to be large, recurring markets.
- However, the sector is highly competitive and marketing-intensive, which is why a large portion of the IPO is earmarked for marketing and centre expansion.
PhysicsWallah IPO: Peer Comparison
PhysicsWallah IPO can be compared with peers like Byju’s (Think & Learn Pvt. Ltd.), UpGrad Education Pvt. Ltd., Vedantu Innovations Pvt. Ltd., Unacademy (Sorting Hat Technologies Pvt. Ltd.), and Eruditus Learning Solutions Pvt. Ltd. Reviewing these companies helps investors gauge PhysicsWallah’s position within India’s rapidly evolving edtech and test-preparation sector, understand its hybrid model advantage, and make informed investment decisions based on scalability, profitability, and long-term growth potential.
Conclusion
PhysicsWallah IPO looks promising as this is a large consumer-tech/edtech platform coming to market with:
- strong revenue growth,
- massive user base,
- but still loss-making at the PAT level,
- and a big capex / opex requirement for offline scaling.
For investors, this becomes a growth story rather than a pure valuation/dividend play. Those comfortable with platform businesses, education sector tailwinds, and a medium-to-long holding view may consider it; conservative investors should note the negative PAT, high marketing outlay, and premium market-cap-to-profit levels.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
