PhysicsWallah Ltd. is an edtech company offering test preparation and upskilling courses across competitive examinations like JEE, NEET, UPSC, and in domains such as data science, banking, and software development. It operates online via social media, website, apps, and offline/hybrid centers. As of July 2025, it has 13.7 million YouTube subscribers, 4.13 million unique online transacting users, 0.33 million offline center students, 303 offline centers, 6,267 faculty members, and 18,028 employees.
PhysicsWallah IPO
Mainboard book‑built issue (Fresh + Offer for Sale)
UPCOMING IPOPhysicsWallah Limited is launching a ₹3,480.00 crore mainboard IPO comprising a fresh issue of 28,44,03,669 shares aggregating to ₹3,100.00 crore and an offer for sale of 3,48,62,385 shares aggregating to ₹380.00 crore. The offer opens on November 11, 2025 and closes on November 13, 2025, with allotment expected on November 14 and a proposed listing on BSE and NSE on November 18, 2025. The price band is fixed at ₹103 to ₹109 per share; the minimum retail application is 1 lot of 137 shares (₹14,933 at upper band). Eligible employees have a reservation and are offered a discount of ₹10 per share.
| Face Value | ₹1 per share |
|---|---|
| Issue Price Band | ₹103 to ₹109 per share |
| Offer Structure | Fresh Issue + Offer for Sale |
| Total Shares | 31,92,66,054 shares (aggregating up to ₹3,480.00 crore) |
| Fresh Issue | 28,44,03,669 shares (aggregating up to ₹3,100.00 crore) |
| Offer for Sale | 3,48,62,385 shares (aggregating up to ₹380.00 crore) |
| Employee Discount | ₹10 per share |
| Issue Type | Book‑building IPO |
| Listing | BSE, NSE |
| Shareholding (Pre / Post) | 2,60,79,56,938 / 2,89,23,60,607 shares |
| Lead Manager | Kotak Mahindra Capital Co. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Investor Category | Reservation |
|---|---|
| QIB | Not less than 75% of the Net Offer |
| NII (HNI) | Not more than 15% of the Net Offer |
| Retail (RII) | Not more than 10% of the Net Offer |
| Application Category | Maximum Bidding Limits | Bidding at Cut‑off Price Allowed |
|---|---|---|
| Only RII | Up to ₹2 Lakhs | Yes |
| Only sNII | ₹2 Lakhs to ₹10 Lakhs | No |
| Only bNII | ₹10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to ₹5 Lakhs | Yes |
| Employee + RII/NII | Employee limit up to ₹5 Lakhs; If applying as RII: up to ₹2 Lakhs; If applying as NII: sNII > ₹2 Lakhs up to ₹10 Lakhs and bNII > ₹10 Lakhs | Yes for Employee and RII/NII |
| IPO Open | Tue, Nov 11, 2025 |
|---|---|
| IPO Close | Thu, Nov 13, 2025 |
| Allotment (Tentative) | Fri, Nov 14, 2025 |
| Refunds Initiation | Mon, Nov 17, 2025 |
| Credit to Demat | Mon, Nov 17, 2025 |
| Listing (Tentative) | Tue, Nov 18, 2025 |
| UPI Mandate Cut‑off | 5 PM on Thu, Nov 13, 2025 |
| Application | 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 |
Amounts calculated at upper price band (₹109 per share).
PhysicsWallah is an edtech company that provides test preparation and upskilling courses across multiple competitive exams and professional domains. It delivers content via online platforms, apps, social media and operates tech‑enabled offline and hybrid centres. As of July 15, 2025, PhysicsWallah had 13.7 million YouTube subscribers and a wide distribution of online and offline learners.
Key Numbers
- 4.13 million unique transacting users (online) and 0.33 million students enrolled in offline centres.
- Average collection per user: ₹3,930.55 (as of Jun 30, 2025).
- 303 offline centres; 6,267 faculty; 18,028 employees (as of Jun 30, 2025).
- 4,382 books published; 4.46 million total paid users in FY2025.
Promoters
Alakh Pandey and Prateek Boob.
Promoter Holding
| Pre‑Issue | 81.64% |
|---|---|
| Post‑Issue | TBA |
Post‑issue holding will be updated once final equity dilution is calculated in the RHP.
FY2023 – FY2025 & Q1 FY2026 (₹ crore)
| Period Ended | Assets | Total Income | PAT | EBITDA | Net Worth | Reserves | Total Borrowings |
|---|---|---|---|---|---|---|---|
| 30 Jun 2025 | 5,075.67 | 905.41 | -127.01 | -21.22 | 1,867.92 | 787.92 | 1.55 |
| FY2025 (31 Mar 2025) | 4,156.38 | 3,039.09 | -243.26 | 193.20 | 1,945.37 | 467.06 | 0.33 |
| FY2024 (31 Mar 2024) | 2,480.74 | 2,015.35 | -1,131.13 | -829.35 | -861.79 | -1,254.74 | 1,687.40 |
| FY2023 (31 Mar 2023) | 2,082.18 | 772.54 | -84.08 | 13.86 | 62.29 | -187.65 | 956.15 |
Source: Company RHP/DRHP and credible IPO trackers. Revenue grew ~51% and PAT rose ~78% between FY2024 and FY2025 (restated consolidated).
Refer to the PhysicsWallah IPO RHP for full details. All figures are as per the RHP and credible IPO trackers; post‑issue shareholding and exact retail allotment numbers will be updated after allotment.
PhysicsWallah’s rapid growth across both online and offline platforms is impressive, and the upcoming IPO will definitely attract attention. It’ll be interesting to see how the market responds, especially once the price band is disclosed, given their large user base and the growing edtech sector.