Physics Wallah’s upcoming IPO has created quite a buzz as the education giant wants to raise ₹3,480 crore through its public issue. The company ranks among India’s top five education companies by revenue and has shown remarkable growth with its affordable business model that revolutionized the education sector.
The company’s digital community has grown impressively at a CAGR of 41.80% between FY23 and FY25. Physics Wallah’s IPO launch stands out because of its massive user base. The platform serves 4.46 million paid users in FY25, with a strong CAGR of 59.19% between FY23–FY25. The IPO price details show a price band of ₹103 to ₹109 per share, and investors need to buy a lot size of 137 shares. In this piece, you’ll learn everything needed to make an informed investment decision about this predicted blockbuster IPO.
Physics Wallah IPO Details
PhysicsWallah’s mainboard IPO features a book-built issue of ₹3,480 crore. Investors have shown great interest in this public offering because of its smart pricing and detailed structure.
Issue size and price band
The IPO combines a fresh issue of 28.44 crore equity shares worth ₹3,100 crore and an offer for sale (OFS) of 3.49 crore equity shares worth ₹380 crore. This structure creates a balance between new capital generation and existing shareholders’ partial exits.
The company’s price band ranges from ₹103 to ₹109 per share. This pricing makes the edtech company’s valuation attractive to investors while securing enough funds for expansion.
Lot size and minimum investment
Retail investors need to buy at least 137 shares. This means investing ₹14,933 at the upper price band. They can apply for up to 13 lots (1,781 shares), which comes to ₹1,94,129.
Small HNIs have the option to bid between 14 and 66 lots (9,042 shares). Their investment range falls between ₹2,09,062 and ₹9,85,578. Big HNIs must start with 67 lots (9,179 shares) at minimum, requiring ₹10,00,511.
Registrar and lead manager
MUFG Intime India Private Limited serves as the IPO’s registrar. Four major financial institutions handle the book-running lead management:
- Kotak Mahindra Capital Company Limited
- JP Morgan India Private Limited
- Goldman Sachs (India) Securities Private Limited
- Axis Capital Limited
Physics wallah ipo date and price
The subscription window runs for three days from November 11, 2025, to November 13, 2025. The basis of allotment will be ready by November 14, 2025.
Successful applicants will see shares in their demat accounts on November 17, 2025. Refunds will be processed the same day. Physics Wallah shares will start trading on BSE and NSE on November 18, 2025.
The company has allocated its issue across different investor categories: up to 75% for Qualified Institutional Buyers, at least 15% for Non-Institutional Investors, and a minimum of 10% for retail investors.
IPO Timeline and Key Dates
Investors looking to buy shares in Physics Wallah’s IPO need to pay attention to these key dates. The edtech giant has laid out a clear timeline that shows exactly when and how investors can take part in the public offering.
IPO opening and closing dates
Physics Wallah’s IPO will stay open for three days, starting November 11, 2025, and ending November 13, 2025. Investors must place their bids within this window. The UPI mandate deadline ends at 5 PM on November 13. This makes it vital for investors to submit their applications before time runs out.
Allotment and refund schedule
The company will finalize the basis of allotment on November 14, 2025. Unsuccessful applicants will get their refunds on November 17, 2025. The same day, successful bidders will see their shares appear in their demat accounts.
Listing date on NSE and BSE
Physics Wallah shares will make their market debut on November 18, 2025. The shares will start trading on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). This date marks the first day anyone can buy or sell these shares in the open market.
Physics wallah ipo launch date
The November 11, 2025 launch date stands as a milestone in the edtech sector. The complete schedule includes other dates investors should know:
- Mandate end date: November 28, 2025
- Lock-in period end date for anchor investors (50%): December 14, 2025
- Lock-in period end date for anchor investors (remaining portion): February 12, 2026
These dates might change based on regulatory approvals and market conditions. The company and its lead managers aim to stick to this timeline to help all stakeholders plan better for this major public offering
Financial Performance Overview
PhysicsWallah’s financial journey shows impressive growth as the company gets ready for its predicted IPO. The edtech platform has shown remarkable revenue growth and smart cost management, making it stand out in India’s competitive education sector.
Revenue and profit trends (FY23–FY25)
PhysicsWallah’s revenue soared from ₹744.32 crore in FY23 to ₹1,940.71 crore in FY24. The numbers climbed further to ₹2,886.64 crore in FY25. This growth represents a compound annual growth rate (CAGR) of nearly 97% during this period. The company’s path to profitability faced some hurdles. Losses grew from ₹84.07 crore in FY23 to ₹1,131.13 crore in FY24. However, PhysicsWallah bounced back and cut these losses by 78% to ₹243.25 crore in FY25.
The company now earns from multiple sources. Online courses brought in ₹1,404.0 crore in FY25, while offline centers added ₹1,351.9 crore. Both channels grew by about 46%. Product sales from books and student merchandise contributed another ₹259.2 crore.
EBITDA and asset growth
PhysicsWallah’s operational efficiency turned a corner in FY25. The company posted a positive EBITDA of ₹193.19 crore, up from negative ₹829.35 crore in FY24. This shift led to an EBITDA margin of 6.7%, a big jump from -42.7% in FY24. The company’s total assets grew from ₹2,082.18 crore in FY23 to ₹4,156.38 crore in FY25.
Current assets reached ₹2,237 crore by March 2025, with ₹175 crore in cash and bank balances. The company remains debt-free and holds over ₹2,000 crore in treasury.
User base and monetization metrics
The platform’s paid users grew by 153.4%, jumping from 1.76 million in FY23 to 4.46 million in FY25. Student enrollment reached 45 lakh in FY25, up from 30 lakh the previous year. Online users hit 4.13 million unique transactions in FY25, while offline centers brought in 0.33 million students.
User engagement numbers tell a success story. Daily active users jumped from 0.93 million in FY23 to 2.70 million in FY25. Students spent more time on the platform too – from 93 minutes to 111 minutes daily. The average collection per online user (ACPU) hit ₹3,682.79 in FY25. Offline ARPU improved from ₹34,467 in FY23 to ₹40,405 in FY25.
Business Model, Strengths and Risks
The upcoming PhysicsWallah Ltd IPO offers a chance to review the company’s operational framework that reveals both impressive strengths and notable challenges. Alakh Pandey’s edtech platform has created a unique position in India’s competitive education world.
Multi-channel education delivery
PhysicsWallah runs through a three-pronged delivery model that combines online platforms, offline centers, and hybrid learning hubs. The company runs 303 offline centers nationwide with over 6,200 faculty members and 5,000+ non-teaching staff. The offline business generated 48.75% of total revenue as of June 2025, showing its growing physical presence.
Affordable pricing and brand trust
Affordability stands as PhysicsWallah’s competitive edge. Their JEE courses cost approximately ₹4,500 while competitors charge around ₹75,000. This pricing strategy has built a massive YouTube ecosystem with 206 channels and 98.8 million subscribers as of June 2025.
AI-powered learning tools
PhysicsWallah’s technology team of 548 members has developed several innovative AI tools:
- AI Guru: Answers 2.82 million student queries monthly
- Smart Doubt Engine: Provides instant in-class query resolution
- AI Grader: Evaluated over 304,202 written responses between August 2024-June 2025
Net losses and negative net worth
PhysicsWallah reported net losses of ₹225.76 crore in FY25 despite strong growth. The company had a negative net worth of ₹861.79 crore as of March 31, 2024. High operating costs caused these losses.
Regional revenue concentration
Geographical concentration poses a risk as much offline revenue comes from Delhi-NCR (10.53%), Patna (8.21%), and Calicut (5.82%) as of Q1FY26. Student enrollments in Kota dropped from 27,158 in FY23 to 11,540 in FY25.
Category dependency risks
NEET, JEE, and UPSC streams generate over half of PhysicsWallah’s revenue. Online transacting users cluster in four core categories: NEET (26.64%), JEE (15.63%), Government Examinations (12.33%), and Foundation Courses (17.61%) as of June 2025.
Conclusion
Physics Wallah faces a crucial moment with its upcoming ₹3,480 crore IPO. The company showed remarkable financial growth with revenue soaring at a 97% CAGR. It also cut losses by 78% in FY25. This impressive turnaround and positive EBITDA suggest a clear path to profitability.
Before the November IPO, investors should look at several key strengths. The company’s pricing model sets it apart from competitors by a lot – JEE courses cost ₹4,500 compared to ₹75,000 elsewhere. Physics Wallah’s strategy combines online platforms with 303 offline centers, which creates multiple revenue streams and strengthens its market position.
The numbers tell a compelling story. Paid users jumped from 1.76 million to 4.46 million between FY23 and FY25. Daily active users almost tripled to 2.7 million in the same period. These figures show Physics Wallah’s success in attracting students across various educational segments.
Yet investors need to weigh some risks carefully. Despite better financials, the company still reports net losses. Geographic revenue concentration remains a challenge. The heavy reliance on exam preparation streams like NEET, JEE, and UPSC makes it vulnerable to regulatory changes.
The share price band of ₹103-₹109 puts Physics Wallah’s valuation in a competitive spot within the edtech sector. With no debt and a ₹2,000+ crore treasury, the company has the resources to keep expanding.
This IPO marks a major milestone for India’s education technology sector. Physics Wallah’s trip from YouTube channel to major edtech platform shows how affordable, quality education can reach nationwide while building real business value. Investors will need to decide if the company’s growth path and vision are worth backing when subscriptions open on November 11, 2025.
FAQs
The Physics Wallah IPO aims to raise ₹3,480 crore, with a price band of ₹103-₹109 per share. The issue opens on November 11, 2025, and closes on November 13, 2025. The minimum lot size is 137 shares, requiring an investment of ₹14,933 at the upper price band.
Physics Wallah has shown impressive revenue growth, increasing from ₹744.32 crore in FY23 to ₹2,886.64 crore in FY25. The company turned EBITDA positive in FY25 with ₹193.19 crore, and successfully reduced its losses by 78% from FY24 to FY25.
Physics Wallah operates through a multi-channel approach, combining online platforms, offline centers, and hybrid learning hubs. Its key strengths include affordable pricing, a strong brand trust, and AI-powered learning tools. The company has 303 offline centers and over 6,200 faculty members.
Some risks include the company’s net losses and negative net worth, regional revenue concentration (particularly in Delhi-NCR, Patna, and Calicut), and category dependency on exam preparation streams like NEET, JEE, and UPSC.
Physics Wallah’s paid user base has expanded significantly, growing from 1.76 million in FY23 to 4.46 million in FY25. Daily active users increased from 0.93 million to 2.70 million in the same period, with average engagement time rising from 93 minutes to 111 minutes daily.
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