Physicswallah IPO

Physicswallah IPO

Educational Institutions
upcoming
₹14,111Min. investment
  1. Pre-apply
    TBA
  2. Bid start
    11 Nov
  3. Bid end
    13 Nov
  4. Allotment
    14 Nov
  5. Release of funds
    17 Nov
  6. Demat transfer
    17 Nov
  7. Listing
    18 Nov

About Physicswallah Limited

SectorEducational Institutions
Price range₹103 – ₹109
IPO type
Regular
Lot size137 shares
Issue size₹3,480Cr
Red Herring Prospectus
Read
Market Cap
₹31,526CrHigher than sector avg
RevenueApr 2024 - Mar 2025
₹2,886.6CrHigher than sector avg
Growth rate3Y CAGR
96.93%

Physicswallah Limited IPO Overview

PhysicsWallah Limited IPO date

PhysicsWallah Limited IPO will open for subscription on November 11, 2025, and the closing date for the IPO is November 13, 2025. After this, investors are expected to be updated about the allotment status on November 14, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on November 17, 2025. The shares will be listed on the NSE and the BSE on Tuesday, November 18, 2025.

PhysicsWallah Limited IPO price band

The IPO includes a fresh issue and an offer for sale. The IPO price band has been set between ₹103 to ₹109 per share. Interested investors can choose a price within this band to apply for the IPO. The IPO is a book-building issue, comprising a fresh issue of ₹3,100.00 crore and an offer for sale of ₹380.00 crore.

PhysicsWallah IPO listing price will be determined on November 18, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

PhysicsWallah Limited IPO lot size

PhysicsWallah Limited IPO details have been declared. The minimum lot size for an application is 137 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹3,480 crore.

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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹2,886.6Cr
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₹52.68Cr
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PAT
Higher PAT means strong profitability and efficient cost management
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-₹243.25Cr
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-₹5.12Cr
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Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹31,526Cr
This sector
₹392.04Cr
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Objectives

Capital expenditure
38.99%
General corporate purposes
34.84%
Marketing activities
22.90%
Investment in subsidiaries
2.42%
Acquisition of additional stake
0.85%

Strength and Weakness

Strong and rapidly expanding student base

The company had 4.46 million paid users in FY25, growing at an impressive CAGR of 59.19% between FY23–FY25. For Q1FY26 alone, paid users increased to 2.43 million, up from 1.87 million in the same period last year. The company’s student-first approach and affordable pricing have successfully converted its digital community into paying users, strengthening long-term monetisation visibility.

Affordable pricing with strong brand affinity

Its one-year JEE course costs only ₹4,500, NEET course ₹4,800, and UPSC course ₹18,000, compared to ₹63,000–₹110,000 charged by top competitors. This affordability, combined with strong brand trust, has positioned “Physics Wallah” as India’s most searched and widely recognised edtech brand in FY25, with 98.8 million YouTube subscribers across 207 channels and 22.85 billion cumulative views.

Diversified multi-channel presence

PW has evolved from a single-subject platform to a diversified edtech ecosystem offering 13 education categories as of June 30, 2025, up from six in FY23. Its multi-channel delivery includes online, offline, and hybrid modes. The company operated 303 offline centres as of June 2025, growing at a CAGR of 165.29% over FY23–FY25, supported by strategic acquisitions like Utkarsh Classes (for government exams) and Xylem (for South India expansion).

AI-backed learning technology

Its 548-member technology team has developed an ‘LMS’ Tech stack and launched AI tools like AI Guru, answering 2.82 million student queries per month, Smart Doubt Engine for instant in-class query resolution, and AI Grader, which evaluated 304,202 written responses from August 2024 to June 2025.

Quality content and faculty excellence

The company’s academic strength stems from its 6,267-member faculty team and a vast content library comprising 4,382 books and 8.66 million question banks as of June 2025. Continuous training, data-driven content updates, and AI-assisted learning tools, like ‘NCERT Pitara’, ensure consistent pedagogy quality. Average engagement time per student has increased to 107 minutes per day as of June 2025, reflecting high classroom participation and learning stickiness.

About Physicswallah Limited

PhysicsWallah Limited (“PW”) is one of India’s leading education technology companies, with a strong presence across both online and offline channels. The company addresses a wide range of education categories, including NEET, JEE, government examinations, and foundation courses. For the three months ended June 30, 2025 and FY25, the company had 2.10 million and 4.13 million unique transacting users in online channels and 0.33 million student enrollments in each year at offline centres.
The company is among the top five education companies in India by revenue, and holds the distinction of being the largest in terms of student community during FY22-FY24. As of July 15, 2025, its main YouTube channel, "Physics Wallah - Alakh Pandey," had about 13.7 million subscribers. As of June 30, 2025, its entire YouTube ecosystem included 206 channels and had 98.8 million subscribers. The company’s digital community has expanded at a CAGR of 41.80% between FY23 and FY25.
A few of the company’s paid test preparation courses, such as JEE, NEET and UPSC examinations, have the most affordable prices in India as of July 2025, ranging from ₹4,500 for JEE and ₹18,000 for UPSC, as compared to the top five players' pricing, ranging from ₹75,000 for JEE and ₹110,000 for UPSC. The company’s focus on a student-led approach has enabled it to create strong brand affinity with its daily active users, increasing from 0.93 million in FY23 to 2.70 million in FY25.
The company’s offline business accounted for 48.75% of total revenue as of June 2025 and 46.83% in FY25 compared to 37.77% in FY23, which reflects its increasing focus on physical expansion. It operates a network of 303 offline centres across India, supported by more than 6,200 faculty members and 5,000+ non-teaching staff. The platform has cultivated strong engagement metrics, with 4.46 million paid users in FY25 and a growing user base in Tier II and Tier III cities.
Around 26.64% of online transacting users are enrolled in NEET courses, followed by 15.63% in JEE, 12.33% in government examinations, and 17.61% in foundation programs as of June 2025. The majority of the company’s hybrid centres are operated by its franchisee partners, which also includes providing residential or hostel services to students. In FY25, the company operated 216 residential hostels, of which 192 were operated under the Xylem brand and 24 were operated for its Vidyapeeth students through third-party hostels.
It has launched multiple tools, such as “AI Guru” in January 2024, which is an AI-backed tool that provides personalised support to students, and has answered approximately 2.82 million questions per month for its JEE and NEET courses as of June 2025. Further, it has launched “Smart Doubt Engine” in May 2024, which is an AI tool through which students can raise questions during live classes, and “AI Grader” in August 2024, which has graded a total of 304,202 written responses across all business categories from August 1, 2024, to June 30, 2025.
It expanded its offline centres in Rajasthan and Uttar Pradesh by acquiring Utkarsh Classes in FY23, and Kerala by acquiring Xylem in FY24, and in the Middle East with the acquisition of Knowledge Planet in FY24.
India’s online education market is projected to grow at a CAGR of approximately 26% to reach ₹1,700-1,900 billion by FY30, driven by enhanced internet accessibility, increasing demand for flexible learning and adoption of hybrid models. Major players in India are progressively implementing hybrid models that combine online and offline channels. With a substantial offline presence in India, generating between ₹1,500 and ₹1,700 crore in revenue and 3–3.5 lakh paid offline enrollments, PhysicsWallah is well-positioned to capitalise on this trend.
The company is focusing on increasing student engagement, leading to enhanced brand recall, expanding its offerings across education categories and developing its multi-channel presence. Now, PhysicsWallah Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹3,100 crore and an offer for sale of ₹380 crore. The total issue size of the IPO is ₹3,480 crore. Its shares will be listed on the NSE and BSE.

Latest News on IPO

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PhysicsWallah IPO date: The ₹3,480 crore issue comprises a fresh issuance of shares totalling ₹3,100 crore and an offer for sale (OFS) of shares aggregating to ₹380 crore.

3 min read

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Edtech startup PhysicsWallah plans to raise $500 million in an IPO in the next 4-6 months, valuing the company at $5 billion, making it the first pure-play edtech company to debut on the stock exchange. PhysicsWallah has enlisted prominent investment banks to manage the IPO, aiming to nearly double its valuation in less.
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PhysicsWallah IPO: Founded in 2020, PhysicsWallah is looking to raise ₹3,820 crore through its initial public offering (IPO), comprising a fresh issue of equity shares worth ₹3,100 crore and an offer for sale (OFS) of shares aggregating up to ₹720 crore by promoters.

3 min read

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Physicswallah IPO ?

The issue size of the Physicswallah IPO is 3480 Cr.

What is 'pre-apply' for Physicswallah IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Physicswallah IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Opens on 11 Nov 2025