PhysicsWallah Limited Link 
Allotment
The PhysicsWallah IPO is a book-built issue aimed at raising approximately ₹3,480 crore. The issue comprises a fresh issue of 28.44 crore shares worth ₹3,100 crore and an offer for sale of 3.49 crore shares worth ₹380 crore.
The IPO will open for subscription on November 11, 2025, and close on November 13, 2025. The allotment is expected on November 14, 2025, and the shares are proposed to be listed on the BSE and NSE on November 18, 2025.
The price band for the IPO is fixed between ₹103 and ₹109 per share. Investors can apply for a minimum of one lot consisting of 137 shares, which requires an investment of ₹14,933 at the upper price band. For small non-institutional investors (sNII), the minimum application is 14 lots (1,918 shares) worth ₹2,09,062, while big non-institutional investors (bNII) must apply for a minimum of 67 lots (9,179 shares) worth ₹10,00,511.
The IPO allocation is structured with 75% reserved for QIBs, 15% for HNIs, and 10% for retail investors. Kotak Mahindra Capital Co. Ltd. is the book-running lead manager, and MUFG Intime India Pvt. Ltd. is the registrar to the issue.
From a financial standpoint, PhysicsWallah has shown significant growth. The company reported a revenue of ₹3,039.09 crore in FY2025, up from ₹2,015.35 crore in FY2024. The company’s net loss reduced to ₹243.26 crore in FY2025 from ₹1,131.13 crore in FY2024, reflecting improved operational efficiency and scale.
Given its market position in the edtech sector and improving financial performance, the PhysicsWallah IPO appears suitable for long-term investors. The IPO is also expected to be a landmark event for India’s edtech industry, potentially encouraging other startups to explore capital market opportunities.
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Open
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HIgh - Low
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Total Traded Value
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52 Weeks High
₹109
52 Weeks Low
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Updates On
Nov 5, 2025
IPO. Open
Nov 11, 2026
IPO. Close
Nov 13, 2026
IPO. Price
₹109.00
IPO Market price
₹31,526.73 Cr
IPO Details
| IPO Date | 18 Nov |
| IPO Listing Date | 18 Nov |
| IPO Face Value | ₹1.00 per share |
| IPO Price Range | ₹109.00 |
| IPO Issue Size | 31,93,30,921 shares |
| IPO Sale Type | Fresh Capital-cum-Offer for Sale |
| Employee Discount | ₹10.00 |
| IPO Issue Type | Bookbuilding IPO |
| IPO Listing | BSE, NSE Platform |
| Share Holding Pre Issue | 2,60,79,56,938 shares |
IPO Timeline
| IPO Open Date | 11 Nov |
| IPO Close Date | 13 Nov |
| IPO Allotment (Tentative) | 14 Nov |
| Refunds | 17 Nov |
| Credit to Demat Account | 17 Nov |
| IPO Listing Date | 18 Nov |
IPO Reservation
| Category | Offer |
|---|---|
| QIB Shares Offered | 10,11,55,340 |
| NII (HNI) Shares Offered | 5,05,77,669 |
| Retail Shares Offered | 3,37,18,446 |
IPO Lot Size
Investors can bid for a minimum of 137 shares, with additional shares in multiples of 137.
| Application | Lots | Share | 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 Limited is one of India’s fastest-growing edtech companies, offering test preparation courses for competitive examinations such as JEE, NEET, UPSC, and upskilling courses in data science, analytics, banking, finance, software development, and more. Founded in 2016 by Alakh Pandey as a YouTube channel focused on physics, the company was formally incorporated as PhysicsWallah Private Limited in 2020. Today, it has become a trusted learning partner for millions of students across India.
The company operates through online, offline, and hybrid formats, reaching 98% of India’s pin codes. More than 10 million students have enrolled in paid courses via the PW App, while over 36 million learners access free educational content across 80 YouTube channels in eight Indian languages. PhysicsWallah also runs over 303 offline centers (Vidyapeeth centres) across 100+ cities, covering 28 exam categories, including school-level courses for grades 6 to 12. As of July 15, 2025, the company has 13.7 million YouTube subscribers.
Key Numbers (as of June 30, 2025) :
* 4.13 million unique online transacting users
* 0.33 million offline center enrollments
* Average collection per user: ₹3,930.55
* 6,267 faculty members
* 18,028 employees
* 4,382 books published
* Multiple courses across 13 education categories
Competitive Strengths :
4.46 million paid users in FY2025, growing at a CAGR of 59.19% from FY2023 to FY2025
* Extensive presence across multiple education categories with courses offered through online, offline, and hybrid channels
* Proprietary technology stack enhancing students’ learning experience
* Specialized faculty, quality content, and structured curriculum
* Experienced management team led by visionary founders
Financial Performance :
PhysicsWallah has demonstrated rapid growth in revenue and scale. Operating revenue surged by 160% to ₹1,940 crore in FY2024, though losses also increased to ₹1,131 crore from ₹84 crore in the previous year.
Investor Backing and Valuation :
The company is supported by prominent investors such as Westbridge Capital, Lightspeed Venture Partners, GSV Ventures, and Hornbill Capital. In 2023, PhysicsWallah raised $210 million, valuing the company at $2.8 billion.
Company Financials (Consolidated)
| Assets | 5,075.67 | 4,156.38 | 2,480.74 |
| Total Income | 905.41 | 3,039.09 | 2,015.35 |
| Profit After Tax | -127.01 | -243.26 | -1,131.13 |
| EBITDA | -21.22 | 193.2 | -829.35 |
| NET Worth | 1,867.92 | 1,945.37 | -861.79 |
| Reserves and Surplus | 787.92 | 467.06 | -1,254.74 |
| Total Borrowing | 1.55 | 0.33 | 1,687.40 |
Key Performance Indicator (KPI)
| ROE | - |
| ROCE | - |
| Debt/Equity | - |
| RoNW | -12.50% |
| PAT Margin | -8.43% |
| EBITDA Margin | 6.69% |
| Price to Book Value | 14.1 |
IPO Objects of the Issue
| S.No. | Objects of the ipo Resources Detail | IPO Amount |
|---|---|---|
| 1 | Funding capital expenditure requirements for the purchase of equipment/machineries | - |
| 2 | To meet out the expenses of Working Capital Requirement | - |
| 3 | To meet out the General Corporate Purposes; | 941.15 |
| 4 | Offer for Sale (OFS) | - |
Contact Details
PhysicsWallah Ltd.
B 8, Block B,
Industrial Area, Sector 62,
Noida, Uttar Pradesh 201309
Noida, Uttar Pradesh, 201309
Phone: +91 9289926531
Email: investorsrelation@pw.live
Website: https://www.pw.live/
Detail Registrar
IPO Registrar
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: physicswallah.ipo@in.mpms.mufg.com
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
The PhysicsWallah IPO opened on November 11, 2025, closed on November 13, 2025, with allotment finalized on November 14 and listing on BSE and NSE on November 18, 2025.
The IPO was priced at ₹109 per share. Retail investors were required to apply for a minimum of one lot of 137 shares, amounting to an investment of ₹14,933.
The IPO aimed to raise approximately ₹3,480 crore, comprising a fresh issue of ₹3,100 crore and an offer for sale of ₹380 crore equity shares.
PhysicsWallah reported revenue growth to ₹3,039.09 crore in FY2025, while net losses narrowed significantly to ₹243.26 crore, indicating improving operational efficiency and scale.
With strong brand recognition, rapid user growth, expanding offline presence, and improving financials, the IPO appeared suitable for long-term investors willing to accept higher sector-related risks.
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