PhysicsWallah IPO Set to Open on November 11: Here are Key Risks You Should Know

PhysicsWallah Limited has announced its Initial Public Offering (IPO) through a book-built issue amounting to ₹3,480.00 crores. The offering comprises a fresh issue of 28.44 crore equity shares, aggregating to ₹3,100.00 crores, and an offer for sale (OFS) of 3.49 crore equity shares, totaling ₹380.00 crores.

PhysicsWallah IPO subscription window opens on November 11, 2025, and closes on November 13, 2025. The basis of allotment is expected to be finalised on November 14, 2025, with a tentative listing date set for November 18, 2025, on both the BSE and NSE. The price band for the issue has been fixed between ₹103.00 and ₹109.00 per share, with a lot size of 137 shares per application. The minimum investment required for retail investors stands at ₹14,933 (equivalent to 137 shares).

PhysicsWallah IPO: Key Risks You Should Know

• Consistent Losses and Negative Financial Indicators: The company has reported restated losses of ₹1,270.09 million, ₹718.12 million, ₹2,432.58 million, ₹11,311.30 million, and ₹840.75 million for the periods ended June 30, 2025. Continued financial underperformance could adversely affect the company’s financial stability.
• Dependence on Student Acquisition and Retention: The company’s growth relies heavily on its ability to attract and retain students. Any failure in doing so may negatively impact its revenue, brand reputation, and cash flow.
• Dependence on Key Leadership: The success of PhysicsWallah is significantly tied to the leadership and continued involvement of its founders and promoters, Mr. Alakh Pandey and Mr. Prateek Boob, as well as its management team. The loss or unavailability of these key individuals could disrupt operations and affect business performance.
• Content Relevance and Quality: The company’s competitive edge depends on the timely delivery of high-quality, updated educational content across multiple learning categories. Inability to maintain this standard could lead to decreased student engagement and enrollment.
• Geographical Concentration Risk: A substantial portion of offline revenue is generated from learning centres in Delhi NCR, Patna, Kota, Calicut, Lucknow, and Kolkata, making the company’s performance sensitive to regional market dynamics in these locations.

Also Read: Think Investments Injects ₹136 Crore into PhysicsWallah Ahead of IPO

About PhysicsWallah Limited

PhysicsWallah Ltd. is one of India’s leading edtech companies, specialising in test preparation for competitive exams such as JEE, NEET, UPSC, and various upskilling programs in data science, software development, banking, and finance. 

The company operates through a hybrid model, combining online education platforms (via its website, mobile apps, and social media channels) with tech-enabled offline and hybrid learning centers. As of July 15, 2025, PhysicsWallah ranks among the top five edtech firms in India by revenue and boasts a YouTube subscriber base of 13.7 million.

• Unique Transacting Users (Online): 4.13 million
• Offline Enrolled Students: 0.33 million
• Average Revenue per User (ARPU): ₹3,930.55
• Total Education Categories: 13
• Operational Offline Centers: 303
• Faculty Members: 6,267

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.