When does the PhysicsWallah Limited IPO open and close?

The PhysicsWallah Limited IPO opens on 11 Nov and closes on 13 Nov.

Where can I check the live subscription status of the PhysicsWallah Limited IPO?

You can track the real-time subscription numbers using the links below: https://www.iposcanner.ai/ipo/physicswallah-ipo?tab=subscription

What is the issue size of the PhysicsWallah Limited IPO?

The size of PhysicsWallah Limited IPO is Total 31,92,66,054 shares(aggregating up to ₹3480 crore) : #Fresh Issue : 28,44,03,669 shares(aggregating up to ₹3100 crore) + #OFS : 3,48,62,385 shares(aggregating up to ₹380 crore).

What is the price band of the PhysicsWallah Limited IPO?

The PhysicsWallah Limited IPO price band is set between ₹103-109 per equity share.

What is the minimum investment for the PhysicsWallah Limited IPO?

The minimum investment for the PhysicsWallah Limited IPO is ₹14933.

What is the allotment date of the PhysicsWallah Limited IPO?

The share allotment date of PhysicsWallah Limited IPO is 14 Nov.

What is the PhysicsWallah Limited IPO listing date?

The PhysicsWallah Limited IPO will be listed on 18 Nov.

How to check PhysicsWallah Limited IPO allotment status online?

Follow the steps to check the PhysicsWallah Limited IPO allotment status online here: https://www.iposcanner.ai/ipo/physicswallah-ipo?tab=allotment

Who is the registrar for the PhysicsWallah Limited IPO?

The registrar for the PhysicsWallah Limited IPO is MUFG Intime India Pvt Ltd. You can check your allotment status on their official website.

PhysicsWallah Limited

Open Date

11 Nov 2025

Close Date

13 Nov 2025

listed

Min Investment

₹14933

Lot Size

137 Shares

Issue Size

₹3480 Cr

Price Range

₹103 - ₹109

Listing Date

Nov 18, 2025

IPO Doc

RHP PDF

About PhysicsWallah Limited

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PhysicsWallah Limited is an Indian education technology start-up founded by Alakh Pandey in 2016 in the form of a YouTube channel dedicated to physics education. The firm was officially incorporated as PhysicsWallah Private Limited on June 6, 2020. It offers both online and offline education solutions to students in class 6 to class 12 and students preparing for competitive exams like JEE, NEET, and UPSC.Major Offerings:Online Courses– Video lectures, live interactive sessions, and doubt-clearing sessions for JEE, NEET, UPSC, and board exams.Offline Learning– More than 100 offline coaching centers spread throughout India, in addition to hybrid learning models.Study Material– Books, notes, and test series for assisting exam preparation.Mobile App & Website– Digital platforms providing affordable and accessible education.Key Numbers:4.13 million Unique Transacting users (Online) and 0.33 million students enrolled for offline centers.Average collection per user: 3,930.55 as of June 30, 2025Multiple courses across 13 education categories303 total offline centers as of June 30, 20256,267 Faculty members as of June 30, 202518,028 employees as of June 30, 20254382 books published

Checklist Quality Analysis

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹7(+6.42%)GMP

6.42%Prediction Listing Gain

PhysicsWallah Limited IPO - Issue Objectives

₹1,208.7 crore funds fit-outs, leases, and IT infrastructure. ₹75.16 crore will be invested in the subsidiaries: Xylem Learning and Utkarsh Classes & Edutech. The company intends to use ₹710.00 crore towards marketing activities. ₹26.5 crore will boost the company's stake in Utkarsh Classes & Edutech. Part of the IPO proceeds will be used for general corporate purposes and unidentified

Capital expenditure

38.99%

Investment in subsidiaries

2.42%

Marketing activities

22.9%

Acquisition of additional stake

0.85%

General corporate purposes

34.84%

Capital expenditure

₹1,208.7 crore funds fit-outs, leases, and IT infrastructure.

38.99%

Investment in subsidiaries

₹75.16 crore will be invested in the subsidiaries: Xylem Learning and Utkarsh Classes & Edutech.

2.42%

Marketing activities

The company intends to use ₹710.00 crore towards marketing activities.

22.90%

Acquisition of additional stake

₹26.5 crore will boost the company's stake in Utkarsh Classes & Edutech.

0.85%

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and unidentified

34.84%

IPO Subscription Status

Retails

1.06x

QIB

1.11x

NII

0.46x

Financials of PhysicsWallah Limited

In Cr.

Revenue: ₹905.41

Total Income

EBITDA

Total Profit

Negative Value

Key Performance Indicator	30-Jun-25 (In Cr.)	31-Mar-25 (In Cr.)	31-Mar-24 (In Cr.)	31-Mar-23 (In Cr.)
Revenue	905.41	3,039.09	2,015.35	772.54
EBITDA	-21.22	193.20	-829.35	13.86
Expenses
Profit After Tax	-127.01	-243.26	-1,131.13	-84.08
Assets	5,075.67	4,156.38	2,480.74	2,082.18
Net Worth	1,867.92	1,945.37	-861.79	62.29
Reserves	787.92	467.06	-1,254.74	-187.65
Borrowing	1.55	0.33	1,687.40	956.15

PhysicsWallah Limited - Promoter(s)

Alakh Pandey

Prateek Boob

Pre Issue Share Holding

81.64%

Post Issue Share Holding

72.30%

About Strength & Risks

Strengths5Risks4

Why this IPO looks interesting

Key positives investors may want to consider before applying.

Strong and rapidly expanding student base

The company had 4.46 million paid users in FY25, growing at an impressive CAGR of 59.19% between FY23–FY25. For Q1FY26 alone, paid users increased to 2.43 million, up from 1.87 million in the same period last year. The company’s student-first approach and affordable pricing have successfully converted its digital community into paying users, strengthening long-term monetisation visibility.

Affordable pricing with strong brand affinity

Its one-year JEE course costs only ₹4,500, NEET course ₹4,800, and UPSC course ₹18,000, compared to ₹63,000–₹110,000 charged by top competitors. This affordability, combined with strong brand trust, has positioned “Physics Wallah” as India’s most searched and widely recognised edtech brand in FY25, with 98.8 million YouTube subscribers across 207 channels and 22.85 billion cumulative views.

Diversified multi-channel presence

PW has evolved from a single-subject platform to a diversified edtech ecosystem offering 13 education categories as of June 30, 2025, up from six in FY23. Its multi-channel delivery includes online, offline, and hybrid modes. The company operated 303 offline centres as of June 2025, growing at a CAGR of 165.29% over FY23–FY25, supported by strategic acquisitions like Utkarsh Classes (for government exams) and Xylem (for South India expansion).

AI-backed learning technology

Its 548-member technology team has developed an ‘LMS’ Tech stack and launched AI tools like AI Guru, answering 2.82 million student queries per month, Smart Doubt Engine for instant in-class query resolution, and AI Grader, which evaluated 304,202 written responses from August 2024 to June 2025.

Quality content and faculty excellence

The company’s academic strength stems from its 6,267-member faculty team and a vast content library comprising 4,382 books and 8.66 million question banks as of June 2025. Continuous training, data-driven content updates, and AI-assisted learning tools, like ‘NCERT Pitara’, ensure consistent pedagogy quality. Average engagement time per student has increased to 107 minutes per day as of June 2025, reflecting high classroom participation and learning stickiness.

What investors should watch closely

Risk factors and possible pressure points around the offer.

Net loss and negative net worth

The company posted a restated loss of ₹127.01 crore for the three months ended June 30, 2025, and ₹243.26 crore in FY25. As of March 31, 2024, PW also had a negative net worth of ₹861.79 crore and negative EBITDA during FY24 and Q1FY26. The losses are primarily attributed to higher employee benefit expenses, ESOP-related costs, professional fees to faculty, and advertising outlays. If the company fails to achieve the necessary level of efficiency, it could impact the business.

Regional concentration in offline revenues

A significant portion of offline revenue is concentrated in key cities such as Delhi NCR (10.53%), Patna (8.21%), and Calicut (5.82%) as of Q1FY26. Any local disruptions, regional competition, or student migration trends could disproportionately impact revenue. Notably, student enrolments in Kota fell from 27,158 in FY23 to 11,540 in FY25, reflecting sensitivity to local demand fluctuations.

Dependence on certain categories

Number of Unique Transacting Users (Online Channel) is concentrated in four core education categories-NEET (26.64%), JEE (15.63%), Other Government Examinations (12.33%), and Foundation Courses (17.61%), as of the three months ended June 30, 2025. Any decline in student enrolments or reduced interest in these categories could adversely impact revenue visibility and operational performance.

Dependence on brand and exposure to reputational risks

The “PhysicsWallah” brand is central to the company’s growth strategy and student acquisition. The company incurred ₹117.85 crore on advertisement and publicity as of June 2025, accounting for 13.91% of operating revenue. Any inability to maintain brand consistency, student trust, or service quality could materially impact enrolments and financial performance. The company has also faced instances of negative media coverage and social media criticism, which, if not managed effectively, could harm its public image.

Contact Details

PhysicsWallah Limited

B 8, Block B, Industrial Area, Sector 62,, Noida, Uttar Pradesh 201309

+919289926531

[email protected]

https://www.pw.live/

Registrar Contact Details

MUFG Intime India Pvt Ltd

+91-22-4918 6270

[email protected]

https://in.mpms.mufg.com/Initial_Offer/public-issues.html

PhysicsWallah Limited IPO - FAQs

PhysicsWallah Limited IPO is a Mainboard IPO. The issue is priced at ₹103-109 per equity share. The minimum order quantity is 137 Shares. The IPO opens on 11 Nov, and closes on 13 Nov. MUFG Intime India Pvt Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

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PhysicsWallah Limited

About PhysicsWallah Limited

Checklist Quality Analysis

PhysicsWallah Limited IPO - Issue Objectives

Capital expenditure

Investment in subsidiaries

Marketing activities

Acquisition of additional stake

General corporate purposes

IPO Subscription Status

Financials of PhysicsWallah Limited

PhysicsWallah Limited - Promoter(s)

About Strength & Risks

Why this IPO looks interesting

Strong and rapidly expanding student base

Affordable pricing with strong brand affinity

Diversified multi-channel presence

AI-backed learning technology

Quality content and faculty excellence

What investors should watch closely

Net loss and negative net worth

Regional concentration in offline revenues

Dependence on certain categories

Dependence on brand and exposure to reputational risks

Contact Details

Registrar Contact Details

PhysicsWallah Limited IPO - FAQs

What is PhysicsWallah Limited IPO?

When does the PhysicsWallah Limited IPO open and close?

Where can I check the live subscription status of the PhysicsWallah Limited IPO?

What is the issue size of the PhysicsWallah Limited IPO?

What is the price band of the PhysicsWallah Limited IPO?

What is the minimum investment for the PhysicsWallah Limited IPO?

What is the allotment date of the PhysicsWallah Limited IPO?

What is the PhysicsWallah Limited IPO listing date?

How to check PhysicsWallah Limited IPO allotment status online?

Who is the registrar for the PhysicsWallah Limited IPO?

Live IPOs