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Physicswallah IPO
1.80xsubscribed

Physicswallah IPO

Educational Institutions
listed
₹14,111Min. investment

Physicswallah Limited IPO Details

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 IPO Subscription Status

Date
QIB
NII
Retail
Total
11-Nov-25
0.0 times (X)
0.02 times (X)
0.34 times (X)
0.07 times (X)
12-Nov-25
0.0X
0.05X
0.6X
0.13X
13-Nov-25
1.11X
0.46X
1.06X
1.8X

As on 11-Nov-25, 5:30 PM

Physicswallah IPO Timeline

  1. Pre-apply
    7 Nov 2025
  2. Bid start
    11 Nov 2025
  3. Bid end
    13 Nov 2025
  4. Allotment
    14 Nov 2025
  5. Release of funds
    17 Nov 2025
  6. Demat transfer
    17 Nov 2025
  7. Listing
    18 Nov 2025

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.

Physicswallah Limited IPO Analysis

IPO REVIEW

Physicswallah IPO | Analysis Video

Should you apply?

Watch our analysts break down the Physicswallah Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

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Revenue growth
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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.

Objectives of Physicswallah Limited IPO

Capital expenditure
38.99%
₹1,208.7 crore funds fit-outs, leases, and IT infrastructure.
General corporate purposes
34.84%
Part of the IPO proceeds will be used for general corporate purposes and unidentified
Marketing activities
22.90%
The company intends to use ₹710.00 crore towards marketing activities.
Investment in subsidiaries
2.42%
₹75.16 crore will be invested in the subsidiaries: Xylem Learning and Utkarsh Classes & Edutech.
Acquisition of additional stake
0.85%
₹26.5 crore will boost the company's stake in Utkarsh Classes & Edutech.

Compare

CompanyRevenue*3Y growthPATMarket cap
This IPO₹2,886.6Cr96.93%-₹243.25Cr₹31,526Cr
This sector (avg.)₹52.68Cr----₹5.12Cr₹392.04Cr
₹58.99Cr---₹7.06Cr₹2,207.31Cr
₹470.87Cr----₹251.65Cr₹1,979.46Cr
₹72.28Cr---₹25.56Cr₹416.48Cr

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Physicswallah IPO Contact Details

Company NamePhysicswallah Limited

How to apply for Physicswallah IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Physicswallah Limited IPO FAQs

Investors can apply for the Physicswallah IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Physicswallah IPO is 3480 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
Physicswallah IPO will be open between 2025-11-11 and 2025-11-13.
Physicswallah IPO allotment date is 2025-11-17. For Physicswallah IPO allotment status check, you can visit the website of the registrar of the IPO.
For Physicswallah IPO, the IPO registrar is MUFG Intime India Private Limited . You can check Physicswallah IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Physicswallah IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Physicswallah IPO lot size is 137 and minimum order quantity is 137.
Physicswallah IPO has set the price band for its IPO at 109 per equity share with a face value of 1.