PhysicsWallah IPO : All you Need to know
PhysicsWallah IPO Details
The PhysicsWallah IPO will open on 11 Nov 2025- 13 Nov 2025. The Total issue size of IPO is ₹3,480.00 cr. which includes a Fresh Issue and OFS (Offer for sale).
- IPO Price Band: ₹103-₹109 Per Share
- Lot Size: 137 shares
- Minimum Investment (Retail): ₹14,111 – ₹14,933/-
- Allotment Date: 14 Nov 2025
- Listing Date: 18 Nov 2025 on NSE and BSE
| Details | Information |
| IPO Open Date | 11 Nov 2025 |
| IPO Close Date | 13 Nov 2025 |
| Price Band | ₹103-₹109 Per Share |
| Lot Size | 137 shares |
| Minimum Investment | ₹14,111 – ₹14,933/- |
| Issue Size | ₹3,480 cr. |
| Allotment Date | 14 Nov 2025 |
| Listing Date | 18 Nov 2025 on NSE and BSE |
| PhysicsWallah IPO GMP | ₹4-5 (4%) |
PhysicsWallah IPO GMP
As per market reports, the PhysicsWallah IPO GMP is trading around ₹4 above issue price. This shows some positive demand before listing, but GMP can change quickly.
PhysicsWallah IPO Issue Size
The PhysicsWallah Ltd. IPO will open for subscription on 11 November 2025 to 13 November 2025. The Company wiill planning to raise ₹3,480 cr through this public issue.
- Fresh Issue: ₹3,100 cr (28,44,03,669 shares) funds raised here will go directly into the company for expansion, debt repayment, and working capital needs.
- Offer For Sale: ₹380 cr. (3,48,62,385 shares ) existing shareholders will sell part of their stake, but the proceeds will not go to the company.
PhysicsWallah IPO Issue Objective
- Capital expenditure for fit-outs of new offline and hybrid centers of our Company – ₹460.55 Cr
- Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company – ₹548.31 Cr
- Capital expenditure for fit-outs of new offline centers of Xylem – ₹31.65 Cr
- Lease payments for Xylem’s existing identified offline centers and hostels – ₹15.52 Cr
- Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers – ₹33.70 Cr
- Expenditure towards server and cloud related infrastructure costs – ₹200.11 Cr
- Expenditure towards marketing initiatives – ₹710.00 Cr
- Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited – ₹26.50 Cr
- Funding inorganic growth through unidentified acquisitions and general corporate purposes
PhysicsWallah IPO Lot Size
Investors can apply for the IPO in lots. The PhysicsWallah IPO Lot Size is fixed at 137 shares per lot.
Below is the table showing lot size details for Retail Investors and **HNIs (High Net Worth Individuals):
| Application | Lots | Shares | 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 Ltd. IPO Prospectus
PhysicsWallah Ltd. IPO Reservation
The IPO shares are divided among different investor categories. Here is the PhysicsWallah IPO reservation (quota) details:
| Investor Category | Reservation % |
| QIB (Qualified Institutional Buyers) | 75% of the issue |
| NII / HNI (Non-Institutional Investors) | 15% of the issue |
| Retail Investors | 10% of the issue |
How to Apply for PhysicsWallah Ltd. IPO
Applying for the PhysicsWallah IPO is simple. You can apply through your demat account, net banking (ASBA), or brokerage app like Zerodha, Upstox, Groww, Angel One, ICICI Direct, etc.
Step-by-Step Guide
- Login to Your Demat Account
- Open your broker app (like Zerodha, Groww, Upstox) or net banking (like HDFC, ICICI, SBI).
- Go to IPO Section
- Look for the “IPO” tab or “Current Issues” option.
- Select
- Click on PhysicsWallah Ltd. IPO Apply option.
- Choose Your Category & Lot Size
- Retail Investor: Minimum 1 lot = 137 shares.
- HNI (sHNI/bHNI): Higher multiples (check the PhysicsWallah IPO lot size table above).
- Enter Bid Price
- You can bid at the cut-off price (safest option) or enter a price within the band ₹103 – ₹109
- Confirm & Submit
- Enter your UPI ID (if using UPI) and approve the mandate on your UPI app.
- For ASBA (net banking), the amount will be a blocked in your bank account.
- IPO closes on 13 November 2025.
- Allotment date: 14 November 2025.
- Check status on MUFG intime Portal.
PhysicsWallah Ltd. Promotors Holding
- Alakh Pandey
- Prateek Boob
| Description | Percentage (%) |
| Promoter Holding Pre-Issue | 81.64% |
| Promoter Holding Post-Issue | 72.30% |
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Key Performance Indicators for PhysicsWallah Ltd. IPO
| KPI | Value |
| Return on Capital Employed (ROCE) | |
| EBITDA Margin | 6.69% |
| Price to Earning (P/E) Pre IPO | -116.86 |
| Return on Net Worth (RoNW) | -12.50% |
| PAT Margin (%) | -8.43% |
| Return On Equity (ROE) | |
| Debt/Equity | |
| Price to Book Value (P/BV) | 14.10 |
PhysicsWallah Ltd. IPO Registrar and Lead Managers
PhysicsWallah IPO Lead Managers.
- Kotak Mahindra Capital
J.P. Morgan
Goldman Sachs
Axis Capital
PhysicsWallah IPO Registrar
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email:physicswallah.ipo@in.mpms.mufg.com
Website: MUFG intime Portal.
PhysicsWallah Ltd. Financial (in Crs)
| 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 |
| Revenue | 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 and Surplus | 787.92 | 467.06 | -1,254.74 | -187.65 |
| Total Borrowing | 1.55 | 0.33 | 1,687.40 | 956.15 |
About PhysicsWallah Ltd.
- PhysicsWallah (PW) is an Indian ed-tech company headquartered in Noida, Uttar Pradesh.
- It started as a YouTube channel in 2016 by Alakh Pandey, aimed at teaching physics for JEE/NEET and other school exams.
- In 2020, co-founder Prateek Maheshwari joined in and the company scaled into a full-fledged ed-tech platform offering online classes, test preparation, study material and offline centres.
- It operates across multiple segments: school (classes 6-12), JEE/NEET/competitive exams, and also provides offline and hybrid teaching formats.
2. Business Model & Offerings
- PhysicsWallah offers live online classes, recorded video lectures, doubt-clearing sessions, practice tests, sample papers and study material.
- It also has offline/hybrid learning centres (‘Vidyapeeth’ etc), thereby bridging online and physical classroom approaches.
- The target audience includes students preparing for JEE, NEET, board exams, and other competitive exams in India.
- PW emphasises affordability and accessibility — making high-quality education available to students from diverse backgrounds.
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