IPO

PhysicsWallah Limited IPO

Mainboard

E-Learning

Listed On: Nov 18, 2025 at ₹ 145.0(NSE)

₹ 14933 /137 Shares

Check Allotment

11 Nov, 2025

Open Date

13 Nov, 2025

Close Date

14 Nov, 2025

Allotment Date

18 Nov, 2025

Listing Date
Price Summary

Last Closing

132.40 (21.47%)

52 Week High

161.99

52 Week Low

121.22

Last Update

24-Dec-2025 3:30 PM
PhysicsWallah Limited IPO Live Subscription Details
View Subscription Details
QIB 2.86x
Retail 1.12x
NIIs 0.51x
BHNI 0.58x
SHNI 0.37x
Retail 1.12x
EMP 3.71x
Total 1.91x
Last updated: 13 Nov 2025, 06:57 PM
PhysicsWallah Limited IPO Issue Details
  • Issue Price ₹103-109 per equity share
  • Face Value ₹1 Per Equity Share
  • Total Issue Size 31,92,66,054 shares(aggregating up to ₹3480 crore)
  • Fresh Share 28,44,03,669 shares(aggregating up to ₹3100 crore)
  • Offer For Sale 3,48,62,385 shares(aggregating up to ₹380 crore)
  • Listing at BSE, NSE
  • List Price 145.0(NSE)
  • Listing Date 2025-11-18
  • Lead Manager Kotak Mahindra Capital
    J.P. Morgan
    Goldman Sachs
    Axis Capital
  • Registrar MUFG Intime India Pvt Ltd
Market 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 Retail Investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Retail (min) 1 137 ₹14,933
Retail(max) 13 1,781 ₹1,94,129
SHNI(min) 14 1,918 ₹2,09,062
SHNI(max) 66 9,042 ₹9,85,578
BHNI(min) 67 9,179 ₹10,00,511
PhysicsWallah Limited IPO Reservation

PhysicsWallah Limited IPO offers total 319266055 shares. Out of which 95538505 (29.92%) allocated to QIB, 47783848 (14.97%) allocated to NII,31855898 (9.98%) allocated to RII, 707071 (0.22%) allocated to employees and 143380733 (44.91%) allocated to Anchor investors.

Investor Category Shares Offered Maximum Allottees
Anchor Investor Shares Offered 143380733 (44.91%)
QIB Shares Offered 95538505 (29.92%)
NII (HNI) Shares Offered 47783848 (14.97%)
bNII > ₹10L 31855898 (10%)
sNII < ₹10L 15927949 (5%)
Retail Shares Offered 31855898 (9.98%)
Employee Shares Offered 707071 (0.22%)
Total Shares Offered 319266055 (100%)
PhysicsWallah Limited IPO Documents
DRHP
RHP
ANCHOR
PhysicsWallah Limited IPO Details


PhysicsWallah Limited IPO is a book-built issue of ₹3480 crores, The total issue size is ₹3480 crores. The IPO of PhysicsWallah Limited is priced at ₹103-109 per equity share, which has a face value of ₹1 Per Equity Share each, IPO bidding starts from Nov 11, 2025 and ends on Nov 13, 2025. The allotment for PhysicsWallah Limited IPO will be finalized on Nov 14, 2025. PhysicsWallah Limited IPO will be listed on BSE, NSE, with a tentative listing date fixed as Nov 18, 2025. The company shall list its equity shares on the BSE, NSE. MUFG Intime India Pvt Ltd is the registrar of the issue.

Retail investors can bid for a minimum of 137 shares, extendable to 14,933. S-HNIs will be able to bid for 1,918 shares at ₹2,09,062, while B-HNIs can also apply for a bid of 9,179 shares at ₹10,00,511. The book-running lead manager for the IPO is/are Kotak Mahindra Capital, J.P. Morgan, Goldman Sachs, Axis Capital.

The total issue ₹3480 crore, comprising a fresh issue of 28,44,03,669 shares ₹3100 crore and having Offer for Sale (OFS) of 3,48,62,385 shares to mop up ₹380 crore.

The PhysicsWallah Limited IPO sets its price band at 103-109 for each share. A single application for PhysicsWallah Limited IPO must contain at least 137 shares. Sentiment investors need to invest a minimum of 137 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,933 In order to participate in the sNII, investors must purchase at least 14 lots of 1,918 shares for ₹2,09,062, while the bNII requires 67 lots of 9,179 shares for an investment of ₹10,00,511.

Read More
PhysicsWallah Limited IPO Subscription Analysis And Details
Retail
1.12x
QIB
2.86x
NII
0.51x
bNII
0.58x
sNII
0.37x
Total
1.91x
As on QIB NII
bNII   sNII 		Retail Total
Shares Offered / Reserved 9,55,38,505 4,77,83,848
3,18,55,898    1,59,27,949 		3,18,55,898 17,58,85,322
Day 1 11-11-25 05:00 PM
0.00 x 0.03
0.01 x   0.05 x 		0.35 x 0.07 x
Day 2 12-11-25 05:00 PM
0.00 x 0.06
0.03 x   0.11 x 		0.62 x 0.14 x
Day 3 13-11-25 05:00 PM
2.86 x 0.51
0.58 x   0.37 x 		1.12 x 1.91 x
Total No of Applications
2,08,918
Subscription on the basis of Applications
Retail:0.85x BHNI:0.07x SHNI:0.30x
PhysicsWallah Limited Valuations
EPS Pre IPO ₹-0.93/-
EPS Post IPO ₹-1.76/-
P/E Pre IPO -116.86
P/E Post IPO -62.06
RoNW -12.50%
PAT Margin -8.43%
Price to Book Value 14.10
Market Cap. 31526.73 Cr.
PhysicsWallah Limited Company Financials
In Crs.
In Cr.
30-Jun-25 31-Mar-25 31-Mar-24 31-Mar-23
Assets 5,075.67 4,156.38 2,480.74 2,082.18
Revenue 905.41 3,039.09 2,015.35 772.54
Profit After Tax -127.01 -243.26 -1,131.13 -84.08
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
About PhysicsWallah Limited Company

PhysicsWallah Limited is an Indian education technology start-up founded by Alakh Pandey in 2016 in the form of a YouTube channel dedicated to physics education. The firm was officially incorporated as PhysicsWallah Private Limited on June 6, 2020. It offers both online and offline education solutions to students in class 6 to class 12 and students preparing for competitive exams like JEE, NEET, and UPSC.

Major Offerings:
Online Courses– Video lectures, live interactive sessions, and doubt-clearing sessions for JEE, NEET, UPSC, and board exams.
Offline Learning– More than 100 offline coaching centers spread throughout India, in addition to hybrid learning models.
Study Material– Books, notes, and test series for assisting exam preparation.
Mobile App & Website– Digital platforms providing affordable and accessible education.

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

Read More
PhysicsWallah Limited - Promoter(s)

Alakh Pandey

Prateek Boob

Pre Issue Share Holding : 81.64%

Post Issue Share Holding : 72.30%

PhysicsWallah Limited IPO - Issue Objectives
1

Capital expenditure for fit-outs of new offline and hybrid centers of our Company – ₹460.55 Cr

2

Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company – ₹548.31 Cr

3

Capital expenditure for fit-outs of new offline centers of Xylem – ₹31.65 Cr

4

Lease payments for Xylem’s existing identified offline centers and hostels – ₹15.52 Cr

5

Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers – ₹33.70 Cr

6

Expenditure towards server and cloud related infrastructure costs – ₹200.11 Cr

7

Expenditure towards marketing initiatives – ₹710.00 Cr

8

Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited – ₹26.50 Cr

9

Funding inorganic growth through unidentified acquisitions and general corporate purposes

PhysicsWallah Limited IPO - Anchor Investors

PhysicsWallah raises Rs 1,563 crore via anchor book.

The marquee global investors who participated in the anchor book were Goldman Sachs, Smallcap World Fund, Franklin Templeton, FundPartner Solutions, Fidelity Funds, TIMF Holdings, Pinebridge Global Funds, and Eastspring Investments.

Other domestic institutional investors such as ICICI Prudential MF, Kotak Mahindra AMC, Nippon Life India, 360 ONE, Aditya Birla Sun Life AMC, Motilal Oswal AMC, Tata MF, Invesco India, Edelweiss, Canara Robeco MF, PGIM India, IIFL Asset Management, Axis Max Life Insurance and Bharti Axa Life Insurance also showed strong interest in the edtech company by investing in the anchor book.

Strength
Omnichannel presence means a strong combination of online, offline, and hybrid learning modes for wide market coverage, adapting to different student needs.
Large User Base, Strong Brand Trust: More than 13.7 million YouTube subscribers and 4.46 million paid users signify strong brand recognition and organic reach across India.
Proprietary and Scalable Technology Stack: This involves in-house platforms and delivery systems that enhance learning experience, reduce external dependency, and allow cost-efficient scaling.
Weakness
Continuous Losses and Negative Net Worth: The company has been continuously reporting losses: ₹2,432.58 million in FY25, ₹11,311.30 million in FY24, and ₹840.75 million in FY23. Prolonged losses may hurt liquidity and investor confidence.
Dependence on Student and Faculty Retention: Business performance is dependent upon continued student enrolments and faculty retention; any decline may harm growth and revenue.
High Competition and Expensive Offline Expansion: The company remains in strong competition with large EdTech players, and the continuous capital and lease costs of building new centers weigh on the company financially.
Contact Details

PhysicsWallah Limited

B 8, Block B, Industrial Area, Sector 62,, Noida, Uttar Pradesh 201309

+91 9289926531

investorsrelation@pw.live

https://www.pw.live/

Registrar Contact Details

MUFG Intime India Private Limited (Link Intime)

+91-22-4918 6270

physicswallah.ipo@in.mpms.mufg.com

https://in.mpms.mufg.com/Initial_Offer/public-issues.html