Physicswallah IPO Description – Established in 2014, PhysicsWallah (PW) is one of India’s top five education companies by revenue and the largest in terms of student community. As of 30 June 2025, PW operated 303 offline centers and 207 YouTube channels with a combined 9.88 crore subscribers, growing at a CAGR of 41.8% between Fiscals 2023 and 2025. Founded by Alakh Pandey and Prateek Boob, PW delivers education through online, offline, and hybrid models, offering flexibility across 13 education categories.
In Fiscal 2025, the company recorded 44.6 crore paid users and 41.3 crore unique transacting users online. Its affordable pricing — with JEE and NEET one-year batches priced between INR 2,199 – INR 4,800, compared to INR 63,000 – INR 80,000 charged by competitors — has reinforced its accessibility-driven brand.
PW employs 6,267 faculty and has produced 4,382 books and 0.87 crore question banks. Leveraging AI-powered tools like “AI Guru” and “AI Grader,” enhances student learning and assessment efficiency. Its residential brand, Xylem, operated 216 hostels in FY25. PW Foundation extends educational access to underprivileged students through initiatives like “Utthan.”
Promoters of Physicswallah – Alakh Pandey and Prateek Boob
Table of Contents
Physicswallah IPO Details
| Physicswallah IPO Dates | 11 – 13 November 2025 |
| Physicswallah Issue Price | INR 103 – 109 per share Employee Discount – INR 10 per share |
| Fresh issue | INR 3,100 crore |
| Offer For Sale | INR 380 crore |
| Total IPO size | INR 3,480 crore |
| Minimum bid (lot size) | 137 shares (INR 14,933) |
| Face Value | INR 1 per share |
| Retail Allocation | 10% |
| Listing On | BSE, NSE |
Physicswallah Financial Performance
| FY 2023 | FY 2024 | FY 2025 | Q1 FY 2026 | |
| Revenue | 744.32 | 1,940.71 | 2,886.64 | 847.09 |
| Expenses | 861.99 | 3,279.26 | 3,264.85 | 1,057.48 |
| Net income | (84.08) | (1,131.13) | (243.26) | (127.01) |
| Margin (%) | (11.30) | (58.28) | (8.43) | (14.99) |
Physicswallah Offer News
- PhysicsWallah’s Online Users Fuel Over 57% of INR 2,886 Cr Revenue
- Physicswallah RHP
- Physicswallah DRHP
- ASBA IPO Forms
- Live IPO Subscription Status
- IPO Allotment Status
Physicswallah Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 (Pre-Issue) | FY 2025 (Post-Issue) | |
| EPS | (0.38) | (4.79) | (0.86) | (0.75) |
| PE Ratio | – | – | – | – |
| FY 2023 | FY 2024 | FY 2025 | |
| RONW (%) | (134.98) | – | (12.50) |
| NAV | 0.29 | (3.97) | 7.73 |
| EBITDA (%) | 1.86 | (42.73) | 6.69 |
| Debt/Equity | 1.15 | 2.07 | 0.38 |
Physicswallah IPO GMP Today (Daily Trend)
| Date | Day-wise IPO GMP | Subject to Sauda |
| 17 November 2025 | 8 | – |
| 15 November 2025 | 5 | 250 |
| 14 November 2025 | 2 | 150 |
| 13 November 2025 | 2 | 150 |
| 12 November 2025 | 2 | 150 |
| 11 November 2025 | 4 | 400 |
| 10 November 2025 | 4 | 500 |
| 8 November 2025 | 6 | 700 |
| 7 November 2025 | 6 | 700 |
| 6 November 2025 | 10 | – |
Physicswallah Offer Objectives
The company proposes to utilize the Net Proceeds from the Issue towards the following objects:
- Capital expenditure for fit-outs of new offline and hybrid centers of the company – INR 460.55 crore
- Expenditure towards lease payments of existing identified offline and hybrid centers operated by the company – INR 548.31 crore
- Investment in subsidiary, Xylem Learning Private, for expenditure towards: – INR 47.17 crore
(i) Capital expenditure for fit-outs of new offline centers of Xylem – INR 31.65 crore
(ii) Lease payments for Xylem’s existing identified offline centers and hostels – INR 15.52 crore - Investment in the subsidiary, Utkarsh Classes & Edutech, for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers – INR 28 crore
- Expenditure towards server and cloud-related infrastructure costs – INR 200.11 crore
- Expenditure towards marketing initiatives – INR 710 crore
- Acquisition of additional shareholding in the subsidiary, Utkarsh Classes & Edutech – INR 26.5 crore
- Funding inorganic growth through unidentified acquisitions and general corporate purposes
Physicswallah IPO Subscription – Live Updates
| Category | QIB | NII | Retail | Emp | Total |
|---|---|---|---|---|---|
| Shares Offered | 10,11,55,340 | 5,05,77,669 | 3,37,18,446 | 7,52,688 | 18,62,04,143 |
| 13 Nov 2025 | 2.70 | 0.48 | 1.06 | 3.49 | 1.81 |
| 12 Nov 2025 | 0.00 | 0.06 | 0.58 | 1.77 | 0.13 |
| 11 Nov 2025 | 0.00 | 0.03 | 0.36 | 1.21 | 0.08 |
14,33,80,733 shares allotted to anchor investors are not included in these calculations.
Physicswallah IPO Allotment Status
Physicswallah IPO allotment status is now available on the MUFG Intime India website. Click on this link to get the allotment status.
Physicswallah IPO Dates & Listing Performance
| IPO Opening Date | 11 November 2025 |
| IPO Closing Date | 13 November 2025 |
| Finalization of Basis of Allotment | 14 November 2025 |
| Initiation of refunds | 17 November 2025 |
| Transfer of shares to demat accounts | 17 November 2025 |
| Physicswallah IPO Listing Date | 18 November 2025 |
| Opening Price on NSE | INR 145 per share (up 33.03%) |
| Closing Price on NSE | INR 155.24 per share (up 42.42%) |
Physicswallah IPO Reviews – Subscribe or Avoid?
Angel One –
Anand Rathi – Subscribe for long term
Aditya Birla Money – Subscribe
Antique Stock Broking –
Arihant Capital –
Ashika Research –
Asit C Mehta –
BP Wealth – Avoid
Capital Market – Neutral
Canara Bank Securities –
Choice Broking –
Dalal & Broacha –
Elite Wealth – Avoid
GCL Broking –
Kunvarji – Subscribe
GEPL Capital – Avoid
Hem Securities –
InCred – Subscribe
Lakshmishree – Subscribe for long term
Jainam Broking – Avoid
DR Choksey – Subscribe
Mehta Equities – Subscribe for long term
Marwadi Financial –
Motilal Oswal –
Nirmal Bang –
Reliance Securities –
SBI Securities – Neutral
Samco Securities – Avoid
SMIFS – Subscribe
Swastika Investmart – Avoid
Ventura Securities – Not rated
Physicswallah IPO Lead Manager
KOTAK MAHINDRA CAPITAL COMPANY LIMITED
1st Floor, 27 BKC, Plot No. C – 27 “G” Block, Bandra Kurla Complex
Bandra (East) Mumbai 400 051
Phone: +91 22 4336 0000
Email: [email protected]
Website: www.investmentbank.kotak.com
Physicswallah Offer Registrar
MUFG INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai 400 083
Phone: +91 810 811 4949
Email: [email protected]
Website: www.in.mpms.mufg.com
Physicswallah Contact Details
PHYSICSWALLAH LIMITED
Plot No. B-8, Tower A, 101-119, Noida One,
Sector – 62, Gautam Buddha Nagar, Dadri, Noida 201 309
Phone: +91 9289926531
Email: [email protected];
Website: www.pw.live
Physicswallah IPO FAQs
How many shares in the Physicswallah IPO are reserved for HNIs and retail investors?
The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%.
How to apply in the Physicswallah Public Offer?
The best way to apply for Physicswallah public offer is through Internet banking ASBA (know all about ASBA here). You can also apply online through your stockbroker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.
What is the Physicswallah IPO GMP today?
Physicswallah IPO GMP today is INR 8 per share.
What is the Physicswallah kostak rate today?
Physicswallah kostak rate today is INR NA per application.
What is Physicswallah’s Subject to Sauda rate today?
Physicswallah Subject to Sauda rate today is INR NA per application.