PhysicsWallah IPO Details – this IPO will open from 11 November to 13 November 2025 with an issue price of ₹103–₹109 per share. Here is the full IPO review including company profile, issue size, lot size, objectives, financials, and important dates.
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IN THIS ARTICLE
About PhysicsWallah (PW) Company
PhysicsWallah started as an online education platform by Alakh Pandey and Prateek Boob. The company provides affordable education for students preparing for JEE, NEET, UPSC, and other competitive exams. Over the years, PhysicsWallah has moved from online teaching to offline coaching centres and hybrid learning models. With a strong brand name among students and a large user base, the company is now coming up with its Initial Public Offering (IPO) to expand its business.
PhysicsWallah IPO Details
PhysicsWallah IPO will open on 11 November 2025 and will close on 13 November 2025. The price band is fixed between ₹103 to ₹109 per share, and investors can apply for a minimum lot of 137 shares.
IPO Overview Table
| Detail | Information |
|---|---|
| IPO Open Date | 11 November 2025 |
| IPO Close Date | 13 November 2025 |
| Price Band | ₹103 – ₹109 per share |
| Face Value | ₹1 per share |
| Lot Size | 137 Shares |
| Total Issue Size | 31,92,66,054 shares (₹3,480 Cr) |
| Fresh Issue | 28,44,03,669 shares (₹3,100 Cr) |
| Offer for Sale (OFS) | 3,48,62,385 shares (₹380 Cr) |
| Listing On | BSE, NSE |
| Issue Type | Book Built Issue IPO |
| Employee Discount | ₹10 per share |
| Promoters | Alakh Pandey and Prateek Boob |
Short Note:
This IPO includes both fresh shares and offer for sale. The fresh issue amount will be used for business expansion, offline centres, marketing and technology improvements.
IPO Timeline
| Event | Date |
|---|---|
| IPO Open | 11 November 2025 |
| IPO Close | 13 November 2025 |
| Allotment Date | 14 November 2025 |
| Refunds Initiation | 17 November 2025 |
| Shares in Demat | 17 November 2025 |
| Listing Date | 18 November 2025 |
| UPI Mandate Cut-off | 13 November 2025 (5 PM) |
Short Note:
Investors will know their allotment status on 14 November. Shares will be credited to Demat accounts by 17 November, and trading will start from 18 November 2025.
Minimum and Maximum Investment
| Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail Min | 1 | 137 | ₹14,933 |
| Retail Max | 13 | 1,781 | ₹1,94,129 |
| S-HNI Min | 14 | 1,918 | ₹2,09,062 |
| S-HNI Max | 66 | 9,042 | ₹9,85,578 |
| B-HNI Min | 67 | 9,179 | ₹10,00,511 |
Short Note:
Retail investors can start with one lot costing ₹14,933. High-net investors need to apply for more than 13 lots.
Objects of the Issue (Use of IPO Money)
| S.No | Purpose | Amount (₹ Crore) |
|---|---|---|
| 1 | New offline & hybrid centres setup | 460.55 |
| 2 | Lease payments for existing centres | 548.31 |
| 3 | New centres for Xylem (subsidiary) | 31.65 |
| 4 | Lease for Xylem hostels & centres | 15.52 |
| 5 | Investment in Utkarsh Classes | 33.70 |
| 6 | Server and cloud infrastructure | 200.11 |
| 7 | Marketing and branding | 710.00 |
| 8 | Additional stake in Utkarsh Classes | 26.50 |
| 9 | Inorganic growth and general use | Remaining amount |
Short Note:
Most of the money will be used to open more offline centres, improve technology, and increase marketing for brand growth.
Financial Performance (Restated Consolidated)
| Period | 30 Jun 2025 | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Assets | ₹5,075.67 Cr | ₹4,156.38 Cr | ₹2,480.74 Cr | ₹2,082.18 Cr |
| Total Income | ₹905.41 Cr | ₹3,039.09 Cr | ₹2,015.35 Cr | ₹772.54 Cr |
| PAT (Profit After Tax) | -₹127.01 Cr | -₹243.26 Cr | -₹1,131.13 Cr | -₹84.08 Cr |
| EBITDA | -₹21.22 Cr | ₹193.20 Cr | -₹829.35 Cr | ₹13.86 Cr |
| Total Borrowing | ₹1.55 Cr | ₹0.33 Cr | ₹1,687.40 Cr | ₹956.15 Cr |
Short Note:
Company income has increased every year. Losses have also been reduced compared to previous years, showing improvement in financial health.
Promoter Shareholding
| Shareholder Category | Pre IPO |
|---|---|
| Promoter Holding | 81.64% |
Short Note:
After IPO, promoter holding will reduce but they will still maintain control of the company.
Conclusion
PhysicsWallah IPO is one of the most awaited IPOs in the ed-tech sector. With strong brand value among students, growing offline presence and improved financial performance, the company aims to expand at a large scale. Investors looking for growth in education technology and hybrid learning may consider this IPO for long-term investment.
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