PhysicsWallah IPO: Check IPO Date, Live Subscription and Key Details
Physics Wallah (PW) is one of India’s leading education companies, offering affordable and high-quality courses for competitive exams (JEE, NEET, UPSC, GATE) and skill development. The company operates a hybrid learning model combining online platforms (website, app, and YouTube channels with nearly 99 million subscribers) with tech-enabled offline/hybrid centers (303 centers as of June 30, 2025). PW is among the top five education companies in India by revenue and is the largest in terms of student community. The company has successfully diversified its offerings and uses a proprietary technology stack to enhance student learning experiences.
Price Range
₹103.0 - ₹109.0
Issue Size
₹3,480 Crore
Lot Size
137 shares
IPO Type
Mainboard
GMP
₹14(+12.84%)
Est. Listing Price
₹123
Invisible
-
Invisible
-
Key Metrics
Check Live GMP
Face Value
₹1
EPS
-1.76
P/E Ratio
-62.06
RoNW
-12.5%
ROE
0%
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Timeline
IPO Opens
11 Nov
IPO Closes
13 Nov
Allotment
14 Nov
Listing
18 Nov
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 11 November 2025 | Subscription starts |
| IPO Close Date | 13 November 2025 | Subscription ends |
| Allotment Date | 14 November 2025 | Allotment |
| Listing Date | 18 November 2025 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,933 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,94,129 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,09,062 |
SHNI (Max)Below ₹10,00,000 | 66 | ₹9,85,578 |
BHNIAbove ₹10,00,000 | 67 | ₹10,00,511 |
IPO Objectives
- 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.
Strengths
- The company has the largest student community and a highly trusted brand among retail investors, driven by the founder's personal brand and a freemium model.
- It has a high growth trajectory, with revenue growing at a significant CAGR of 97% between FY23 and FY25.
- The Hybrid Model (online and 303 offline centers) balances digital reach with crucial offline engagement.
- The affordable pricing of its flagship courses enhances accessibility and drives strong market penetration.
- The proprietary technology-stack, featuring AI tools like 'AI Guru' and 'AI Grader', provides personalized and efficient learning experiences.
- The business has achieved a significant reduction in net losses (from ₹1,131 Cr to ₹243 Cr), indicating improving operational efficiency and a clearer path to profitability.
Weaknesses
- The company has a History of Net Losses and is not yet profitable, meaning the IPO valuation relies heavily on uncertain future growth and profitability targets.
- There is high expenditure on Marketing (₹710 crore earmarked), suggesting a heavy reliance on high customer acquisition costs to maintain growth.
- The business faces Reliance on Founder risk due to the heavy dependence on Alakh Pandey's personal brand for student trust and marketing.
- It faces Intense Competition from both established EdTech platforms and traditional coaching institutes, especially as it rapidly expands its physical presence.
- The aggressive expansion plan for new offline centers requires significant capital expenditure and lease payments, carrying substantial execution and operational risk.
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Financial Performance
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 5,075.67 | 4,156.38 | 2,480.74 | 2,082.18 |
| Revenue (₹ Cr.) | 905.41 | 3,039.09 | 2,015.35 | 772.54 |
| PAT (₹ Cr.) | -127.01 | -243.26 | -1,131.13 | -84.08 |
| Net Worth (₹ Cr.) | 1,867.92 | 1,945.37 | -861.79 | 62.29 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0x | 0x | 2.86x |
| NII | 0.03x | 0.06x | 0.51x |
| S-HNI | 0.05x | 0.11x | 0.37x |
| B-HNI | 0.01x | 0.03x | 0.58x |
| RII | 0.36x | 0.63x | 1.14x |
| EMP | 1.18x | 1.89x | 3.71x |
| Total | 0.08x | 0.14x | 1.92x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 9,55,38,505 | 27,35,75,848 | 2,981.98 |
| NII | 4,77,83,848 | 2,44,24,223 | 266.22 |
| Small NII | 1,59,27,949 | 58,56,613 | 63.84 |
| Big NII | 3,18,55,898 | 1,85,67,610 | 202.39 |
| RII | 3,18,55,898 | 3,63,72,678 | 396.46 |
| EMP | 7,07,071 | 26,26,701 | 28.63 |
| Total | 17,58,85,322 | 33,69,99,450 | 3,673.29 |
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Company Details
- PhysicsWallah Ltd.
- B 8, Block B, Industrial Area, Sector 62, Noida, Uttar Pradesh-201309
- +91 9289926531
- investorsrelation@pw.live
- https://www.pw.live/
Registrar Details
- MUFG Intime India Pvt.Ltd.
- +91-22-4918 6270
- physicswallah.ipo@in.mpms.mufg.com
- https://linkintime.co.in/Initial_Offer/public-issues.html