PhysicsWallah IPO open date is November 11, 2025, and the IPO will close on November 13, 2025. PhysicsWallah IPO is a Book Built Issue. The company aims to raise around ₹3,820 crores via IPO that comprises a fresh issue of ₹3,100 crores and an offer for sale up to ₹720 crores with face value of ₹1 each.
PhysicsWallah IPO price band is ₹103 to ₹109 per share. The retail quota is 10%, QIB quota is 75%, and NII/HNI quota is 15%. PhysicsWallah IPO will be listed on both BSE and NSE on November 18, 2025, while the IPO allotment date is November 14, 2025.
The company reported revenue of ₹3,039.09 crores in FY2025 as against ₹2,015.35 crores in FY2024, marking strong year-on-year growth. PhysicsWallah reported a profit of ₹243.26 crores in FY2025, compared to a profit of ₹131.13 crores in FY2024, demonstrating consistent profitability and operational efficiency.
As per the financials and business outlook, long-term investors may consider subscribing to the IPO, given PhysicsWallah’s scalable hybrid learning model, strong brand visibility, and sustained growth momentum in the Indian education technology market.
In my view, PhysicsWallah’s IPO represents a rare profitable edtech play with strong brand equity, disciplined cost control, and hybrid scalability. However, valuation will be key, investors should watch pricing vs peers and sustainability of margins post-expansion.
PhysicsWallah IPO Details
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Face Value | ₹1 Per Equity Share |
| IPO Price Band | ₹103 to ₹109 Per Share |
| Issue Size | Approx ₹3,480 Crores |
| Fresh Issue | Approx ₹3,100 Crores |
| Offer for Sale: | Approx 3,48,62,385 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | Download |
| RHP Draft Prospectus | Download |
PhysicsWallah IPO Market Lot
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 137 | ₹14,933 |
| Retail Maximum | 13 | 1,781 | ₹1,94,129 |
| S-HNI Minimum | 14 | 1,918 | ₹2,09,062 |
| S-HNI Maximum | 66 | 9,042 | ₹9,85,578 |
| B-HNI Minimum | 67 | 9,179 | ₹10,00,511 |
PhysicsWallah IPO Dates
The PhysicsWallah IPO date is November 11 and the close date is November 13. The PhysicsWallah IPO allotment will be finalized on November 14 and the IPO listing on November 18.
| IPO Open Date: | November 11, 2025 |
| IPO Close Date: | November 13, 2025 |
| Basis of Allotment: | November 14, 2025 |
| Refunds: | November 17, 2025 |
| Credit to Demat Account: | November 17, 2025 |
| IPO Listing Date: | November 18, 2025 |
| IPO Bidding Cut-off Time: | November 13, 2025 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Alakh Pandey and Prateek Boob.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 2,60,79,56,938 | 81.64% |
PhysicsWallah IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹772.54 | ₹861.99 | ₹84.08 | ₹2,082.18 |
| 2024 | ₹2,015.35 | ₹3,279.26 | ₹1,131.13 | ₹2,480.74 |
| 2025 | ₹3,039.09 | ₹3,264.85 | ₹243.26 | ₹4,156.38 |
| June 2025 | ₹905.41 | ₹1,057.48 | ₹127.01 | ₹5,075.67 |
Peer Group Comparison
| Company | Revenue (₹ Cr) FY25 | EBITDA Margin | PAT Margin | P/E (FY25) | Remarks |
|---|---|---|---|---|---|
| PhysicsWallah | 2,132 | 18.3% | 11.4% | ~35x (expected) | Balanced growth |
| BYJU’s* | ~5,000+ | Negative | Negative | N/A | Loss-making |
| Unacademy* | ~2,200 | Negative | Negative | N/A | Loss-making |
| Adda247 | ~800 | ~7% | ~3% | ~50x | Smaller scale |
| Allen Career | ~3,500 | ~25% | ~18% | 45x | Established offline |
About PhysicsWallah Company
PhysicsWallah Limited (“PW”) was incorporated in 2020 as an edtech platform focused on affordable, high-quality online and offline learning solutions for students across India and abroad.
- Incorporation & Evolution:
- Originally incorporated as PhysicsWallah Private Limited on June 6, 2020, at Prayagraj, Uttar Pradesh.
- Converted to a public limited company on January 8, 2025, renamed PhysicsWallah Limited.
- Registered Office:
Plot No. B-8, Tower A, 101–119, Noida One, Sector 62, Noida, Uttar Pradesh, India. - CIN: U80900UP2020PLC129223
- Website: www.pw.live
- Promoters:
- Alakh Pandey (Founder & CEO)
- Prateek Boob (Co-Founder & CTO)
- Subsidiaries (as of FY25):
Includes Utkarsh Classes & Edutech Pvt. Ltd., Xylem Learning Pvt. Ltd., Penpencil Edu Services, PrepOnline Futurist, Knowledge Planet Holdings (UAE), PhysicsWallah Inc. (US), and others — spanning digital learning, test prep, finance, and wellness segments.
Business Overview of PhysicsWallah
PhysicsWallah Limited is India’s leading technology-driven education platform, offering affordable online and offline test preparation and upskilling courses.
Key Offerings PhysicsWallah:
- Online Learning:
- Courses for JEE, NEET, UPSC, GATE, and school curricula (Classes 6–12) via the PW app and web.
- 4+ crore app downloads; over 3 crore students served to date.
- Offline Learning (“PW Pathshala” & “Vidyapeeth”):
- 70+ physical centers across 40+ cities; hybrid model integrated with online tools.
- Content & Technology:
- Proprietary LMS, video lectures, test analytics, AI-based adaptive learning.
- Other Businesses:
- PW Skills (upskilling in data science, coding, etc.)
- Finz Finance Pvt. Ltd. — financial literacy and fintech vertical.
- Utkarsh Classes — strong presence in Rajasthan’s competitive test prep.
- Xylem Learning — Kerala-based K-12 and entrance exam preparation.
Revenue Streams of PhysicsWallah:
- Course fees (online/offline)
- Subscription and digital content sales
- Test series and doubt-solving packages
- Affiliate/brand collaborations and merchandise
Geographic Footprint of PhysicsWallah:
- Operations across India, UAE, and GCC through Knowledge Planet centers.
- Expanding international presence via PhysicsWallah Inc. (USA).
Objects of the Issue & Utilisation of proceeds
Total Offer Size: ₹38,200 million (₹3,820 crore)
- Fresh Issue: ₹31,000 million
- Offer for Sale (OFS): ₹7,200 million
- ₹3,600 million each by Alakh Pandey and Prateek Boob.
Utilization of Net Proceeds (Fresh Issue):
- Expansion of Offline Centers & Infrastructure – ~₹12,000 million
- Investment in Technology, Product Development, and AI tools – ~₹6,500 million
- Working Capital & Content Development – ~₹5,000 million
- Strategic Acquisitions and Partnerships (Domestic & Overseas) – ~₹4,000 million
- General Corporate Purposes – balance amount.
IPO Lead Managers aka Merchant Bankers
- Kotak Mahindra Capital Co. Ltd.
- JP Morgan India Pvt. Ltd
- Goldman Sachs (India) Securities Pvt. Ltd.
- Axial Capital Pvt. Ltd.
Company Address
PhysicsWallah Ltd.
B 8, Block B,
Industrial Area, Sector 62,
Noida, Uttar Pradesh 201309
Noida, Uttar Pradesh, 201309
Phone: +91 9289926531
Email: investorsrelation@pw.live
Website: https://www.pw.live/
IPO Registrar
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: physicswallah.ipo@in.mpms.mufg.com
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
PhysicsWallah IPO FAQs
What is PhysicsWallah IPO?
PhysicsWallah IPO is Mainboard IPO. The company is going to raise ₹3,480 Crores via IPO. The issue is priced at ₹103 to ₹109 per equity share. The IPO is to be listed on BSE & NSE.
When PhysicsWallah IPO will open for subscription?
The IPO is to open on November 11, 2025 for QIB, NII, and Retail Investors. The IPO will close on November 13, 2025.
What is PhysicsWallah IPO Investors Portion?
The investors’ portion for QIB is 75%, NII is 15%, and Retail is 10%.
What is PhysicsWallah IPO Issue Size?
PhysicsWallah IPO issue size is ₹3,480 crores.
What is PhysicsWallah IPO Price Band?
PhysicsWallah IPO Price Band is ₹103 to ₹109.
What is PhysicsWallah IPO Lot Size?
The minimum bid is 137 Shares with ₹14,933 amount.
What is the PhysicsWallah IPO Allotment Date?
PhysicsWallah IPO allotment date is November 14, 2025.
What is the PhysicsWallah IPO Listing Date?
PhysicsWallah IPO listing date is November 18, 2025. The IPO is to list on BSE & NSE.