The PhysicsWallah IPO is a book-built issue with a total value of ₹3,480 crore. It includes 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 to be finalised 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 set between ₹103 and ₹109 per share. Investors can apply for a minimum of one lot consisting of 137 shares, requiring an investment of ₹14,933 at the upper price band.
For small non-institutional investors (sNII), the minimum application is 14 lots or 1,918 shares, amounting to ₹2,09,062, while for big non-institutional investors (bNII), the minimum is 67 lots or 9,179 shares, amounting to ₹10,00,511. Kotak Mahindra Capital Co. Ltd. is the book-running lead manager, and MUFG Intime India Pvt. Ltd. is the registrar to the issue.
The launch of Physics Wallah’s IPO is anticipated to be a landmark event for India’s edtech industry, potentially encouraging other startups to explore similar opportunities in the capital markets.
Industry Outlook
- India’s edtech market is on a high-growth trajectory, projected to reach US$ 10 billion by 2025 and further expand to US$ 29 billion by 2030. This rapid expansion reflects the increasing shift toward digital learning platforms, driven by affordability, convenience, and growing trust in online education solutions.
- With India’s internet user base expected to rise from 622 million in 2020 to 900 million by 2025, alongside deepening smartphone penetration, the edtech industry will see a much broader learner base. This digital accessibility ensures platforms like Physics Wallah Limited can reach students in smaller towns and rural areas.
- India’s education sector is forecasted to grow significantly from US$ 117 billion in 2020 to US$ 225 billion by 2025, reflecting rising investments in both traditional and online learning. This growing industry will create strong demand for affordable, quality-focused edtech solutions, boosting opportunities for platforms offering scalable learning models.
About PhysicsWallah Limited
Physics Wallah Limited is one of India’s fastest-growing edtech companies, transforming the way students learn and prepare for exams. Founded by Alakh Pandey in 2016 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 the country.
The company operates in online, offline, and hybrid formats, reaching 98% of India’s pin codes. More than 10 million students have enrolled in paid courses through the PW App, while over 36 million learners benefit from free educational content delivered across 80 YouTube channels in eight Indian languages. Its network spans 100+ cities with over 120 Vidyapeeth centres, offering support in 28 exam categories, including JEE, NEET, and school-level courses for grades 6 to 12.
PhysicsWallah has built a reputation for offering affordable, high-quality education, making it accessible to students from diverse backgrounds. The company’s popularity has grown rapidly, reflected in its financial performance. Operating revenue surged by 160% to ₹1,940 crore in FY24, although losses also increased to ₹1,131 crore compared to ₹84 crore in the previous year.
The firm is backed by leading investors such as Westbridge Capital, Lightspeed Venture Partners, GSV Ventures, and Hornbill Capital. In 2023, it raised $210 million, valuing the company at $2.8 billion. With its extensive reach and strong presence in both digital and physical education, Physics Wallah continues to shape India’s learning ecosystem.
How To Check the Allotment Status of PhysicsWallah IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the PhysicsWallah IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the PhysicsWallah IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of PhysicsWallah IPO
Registered office: Plot No. B-8, Tower A, 101-119, Noida One, Sector – 62, Gautam Buddha Nagar, Dadri, Noida 201 309, Uttar Pradesh, India
Phone: +91 9289926531
Website: investorsrelation@pw.live
PhysicsWallah IPO Lot Size
| 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 IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares | Not less than 75% of the Net Offer |
| Retail Shares | Not more than 10% of the Net Offer |
| NII Shares | Not more than 15% of the Net Offer |
PhysicsWallah IPO Promoter Holding
The company promoters are Alakh Pandey and Prateek Boob.
| Promoter Holding Pre Issue | 81.64% |
| Promoter Holding Post Issue | - |
Investor Category Reservations
| Application Category | Investment Limit | Bidding at Cut-off Price Allowed |
| Retail Individual Investors (RII) | Up to ₹2 lakh | Yes |
| Small Non-Institutional Investors (sNII) | Above ₹2 lakh and up to ₹10 lakh | No |
| Big Non-Institutional Investors (bNII) | Above ₹10 lakh up to the NII reservation portion | No |
| Employees | Up to ₹5 lakh | Yes |
| Employee + RII/NII | Employee: Up to ₹5 lakh (in some cases, employees may get a discount if investing up to ₹2 lakhs) If applying as RII: Up to ₹2 lakhs If applying as NII: sNII > ₹2 lakhs and ≤ ₹10 lakhs; bNII > ₹10 lakhs | Yes for Employee and RII/NII |
Key Performance Indicators for PhysicsWallah IPO
| KPI | Values |
| RoNW | -12.50% |
| PAT Margin | -8.43% |
| EBITDA Margin | 6.69% |
| Price to Book Value | 14.10 |
| Market Capitalisation | 31526.73 |
PhysicsWallah IPO Registrar and Lead Managers
PhysicsWallah IPO Lead Managers
- Kotak Mahindra Capital Co.Ltd.
Registrar for PhysicsWallah IPO
MUFG Intime India Pvt.Ltd.
- Contact Number: 912249186270
- Email Address: ipo@in.mpms.mufg.com
Financial Performance of PhysicsWallah Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
| Revenue from Operation (in ₹ million) | 28,866.43 | 19,407.10 | 7,443.18 |
| Profit/ (loss) for the year (in ₹ million) | (2,432.58) | (11,311.30) | (840.75) |
| Total Borrowing (in ₹ million) | 3.27 | 16,873.99 | 9,561.50 |
| Net Worth (in ₹ million) | 19,453.67 | (8,617.89) | 622.89 |
| Loss margin (%) | (8.43) | (58.28) | (11.30) |
| EBITDA (in ₹ million) | 1,931.95 | (8,293.46) | 138.58 |
Strengths and Opportunities of PhysicsWallah Limited
- PhysicsWallah had 4.46 million paid users in Fiscal 2025, growing 59.19% CAGR.
- Operates India’s largest online student community with 98.80 million YouTube subscribers.
- Offers courses across 13 education categories, up from six in Fiscal 2023.
- Maintains 207 active YouTube channels, growing subscribers at 41.80% CAGR.
- Supported by 5,096 faculty members ensuring quality teaching across multiple disciplines.
- Uses AI tools like AI Guru, Smart Doubt Engine, and AI Grader.
- Backed by 598 tech and product employees building a scalable learning platform.
- Targets India’s ₹15-16 trillion education market projected to grow 10% annually.
Risks and Threats of PhysicsWallah Limited
- PhysicsWallah incurred losses of ₹2,432.58m, ₹11,311.30m, and ₹840.75m in recent fiscals.
- Rising employee, faculty, and advertisement costs continue to impact profitability.
- High dependence on student enrolments poses a risk to revenue stability.
- Faculty attrition rate rose to 40.40% in Fiscal 2024 before easing later.
- Heavy reliance on founders for leadership may affect operations if discontinued.
- Frequent syllabus changes require costly and timely content updates.
- 45% of online users depend on NEET, JEE, and government exams.
- Expansion delays and undefined offline centre locations may strain financial plans.
