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PhysicsWallah IPO : Price, GMP, Analysis, And Details
Table of Contents
- PhysicsWallah IPO - Company Analysis
- PhysicsWallah IPO Details
- Company Financial
- The Objective of The Issue
- Listed Peers of PhysicsWallah Ltd.
- IPO's Strengths
- IPO Weaknesses
- PhysicsWallah IPO GMP
- PhysicsWallah Limited IPO Summary
- PhysicsWallah IPO Allotment Status
- Promoters And Management of PhysicsWallah Ltd.
- Dividend Policy
- Conclusion
PhysicsWallah IPO - Company Analysis
PhysicsWallah IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 3,480 Cr by PhysicsWallah Ltd., founded by Alakh Pandey and Prateek Maheshwari and is India’s foremost edtech and online learning platform that provides cost-effective preparation for tests, online courses, and digital learning.
The company’s PW Vidyapeeth brand provides organised online courses and live training alongside hybrid coaching that is offline and augmented. With over 100 million users, PhysicsWallah provides learning to students from the school level to competitive tests like NEET, JEE, UPSC, and GATE.
The IPO is an important milestone for the company as it grows into K–12, skilling, and hybrid education formats
PhysicsWallah IPO Details
The PhysicsWallah Ltd IPO open date is from Nov 11 to Nov 13, with IPO allotment on Nov 14, refund initiation on Nov 17, 2025.
The Rs. 3,480 Cr mainline IPO comprises a combination of fresh issue of 28.44 crore shares (Rs. 3100 Cr) and an offer for sale of 3.49 crore shares (Rs. 380 Cr)
The PhysicsWallah IPO listing date might be on Tuesday, 18 November 2025, and it will be listed at the BSE and NSE. The PhysicsWallah IPO price band is Rs. 103 to Rs. 109 for each Share.
|
Events |
Date |
|
IPO Opening Date |
November 11, 2025 |
|
IPO Closing Date |
November 13, 2025 |
|
IPO Allotment Date |
November 14, 2025 (Tentative) |
|
Refund Initiation |
November 17, 2025 (Tentative) |
|
Tentative IPO Listing Date |
November 18, 2025 |
Industry Outlook
If you want to apply for the IPO, click to open a Demat Account
Company Financial
(Amount in Cr)
|
Period Ended |
31 Mar 2025 |
31 Mar 2024 |
31 Mar 2023 |
|
Assets |
4,156.38 |
2,480.74 |
2,082.18 |
|
Total Income |
3,039.09 |
2,015.35 |
772.54 |
|
Profit After Tax |
-243.26 |
-1,131.13 |
-84.08 |
|
EBITDA |
193.20 |
-829.35 |
13.86 |
|
Net Worth |
1,945.37 |
-861.79 |
62.29 |
|
Reserves & Surplus |
467.06 |
-1,254.74 |
-187.65 |
|
Total Borrowing |
0.33 |
1,687.40 |
956.15 |
Cash Flows
The cash flows for various activities are shown below:
(Amount in Mn)
|
Net Cash Flow In Multiple Activities |
FY25 |
FY24 |
FY23 |
|
Net Cash Flow Operating Activities |
5,068.97 |
2,120.28 |
2,700.03 |
|
Net Cash Flow Investing Activities |
(15,132.18) |
(429.25) |
(10,755.20) |
|
Net Cash Flow Financing Activities |
10,067.60 |
(1,646.54) |
8,476.04 |
The Objective of The Issue
-
The capital expense for the company's new offline and hybrid centers. ~ Rs. 460.55 Cr.
-
Spending on lease payments for the company's identified offline and hybrid facilities is currently in operation. ~ Rs. 548.31 Cr.
-
Capital expenditure for Xylem's new offline centers' fit-outs. ~ Rs. 31.65 Cr.
-
Lease payments for the hostels and offline centers that Xylem currently has are recognized. ~ Rs. 15.52 Cr.
-
Investment in Utkarsh Classes & Edutech Private Limited, our subsidiary, to cover lease payments for Utkarsh Classes' currently designated offline locations. ~ Rs. 33.70 Cr.
-
Server and cloud-related infrastructure expenses total. ~ Rs. 200.11 Cr.
-
Spending on marketing campaigns. ~ Rs. 710 Cr.
-
Purchasing more shares in Utkarsh Classes & Edutech Private Limited, its subsidiary. ~ Rs. 26.50 Cr.
-
General corporate purposes and unidentified inorganic acquisitions.
Click to check the IPO application status.
Listed Peers of PhysicsWallah Ltd.
No listed peer of a similar size is engaged in the same lines of business as mentioned in the RHP.
Valuation
|
KPI |
Values |
|
RoNW |
-12.50% |
|
PAT Margin |
-8.43% |
|
EBITDA Margin |
6.69% |
|
PB Value |
14.10 |
Explore the Pine Labs IPO
IPO's Strengths
-
With more than 50 offline centers, 2.5 million paid students, and more than 100 million app downloads, there is a significant level of user engagement.
-
Creating digital material, conducting skilling programs, offering online courses, and offering in-person coaching.
-
Learning modules driven by AI and personalized learning analytics.
-
27% annual growth and improved operational profitability.
IPO Weaknesses
-
Tough competition against Byju’s, Unacademy, and other government-promoted competitors.
-
Brand reliance on owner Alakh Pandey.
-
Growing scrutiny in edtech and with data protection.
-
Even with improving margins, FY25 will still show small losses.
PhysicsWallah IPO GMP
PhysicsWallah IPO GMP today is Rs. 9 as of 06 Nov 2025, while writing this information.
PhysicsWallah Limited IPO Summary
|
IPO Opening & Closing Date |
Nov 11, 2025 to Nov 13, 2025 |
|
Face Value |
Rs. 1 per Share |
|
Issue Price |
Rs. 103 to Rs. 109 |
|
Lot Size |
137 Shares |
|
Issue Size |
31,92,66,054 Shares (Rs. 3,480 Cr) |
|
Offer for Sale |
3,48,62,385 Shares (Rs. 380 Cr) |
|
Fresh Issue |
28,44,03,669 Shares (Rs. 3100 Cr) |
|
Listing At |
BSE, NSE |
|
Issue Type |
Book Built Issue IPO |
|
Registrar |
MUFG Intime India Pvt. Ltd. |
PhysicsWallah IPO Lot Size
The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (137 Shares) amounting to Rs. 14933 and 13 Lots (1781 Shares) amounting to Rs. 194129, respectively, while for S-HNI investors, the minimum Lot is 14 (1918 Shares) amounting to Rs. 209062.
|
Minimum Lot Investment (Retail) |
1 Lot |
|
Maximum Lot Investment (Retail) |
13 Lots |
|
SHNI (Minimum) |
14 Lots |
|
SHNI (Maximum) |
66 Lots |
|
BHNI (Minimum) |
67 Lots |
PhysicsWallah IPO Reservation
|
Institutional Share Portion |
75% |
|
Retail Investors' Share Portion |
10% |
|
Non-Institutional Shares Portion |
15% |
PhysicsWallah IPO Allotment Status
To check the PhysicsWallah IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.
Using BSE Website - BSE IPO allotment status
Promoters And Management of PhysicsWallah Ltd.
-
Alakh Pandey.
-
Prateek Boob.
PhysicsWallah IPO Lead Managers
-
Kotak Mahindra Capital Co. Ltd.
-
JP Morgan India Pvt. Ltd.
-
Goldman Sachs Securities Pvt. Ltd.
-
Axis Capital Ltd.
Dividend Policy
The company has not paid a dividend in the past three financial years.
Conclusion
The PhysicsWallah IPO marks a critical turning point in India's rapidly growing edtech sector. With over 100 million students, a developing hybrid learning infrastructure, and a strong brand presence, the organization is well-positioned for long-term growth. However, investors should be mindful of its competitors and short-term profitability problems. All things considered, the IPO presents a bright prospect for anyone looking to learn about India's education and digital learning growth story.
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DISCLAIMER: This is NOT any buy or sell recommendation. No investment or trading advice is given. Before making investment decisions, always get advice from your qualified financial advisor.
Author
Frequently Asked Questions
On Nov 18, 2025, this IPO can be listed.
If you have applied for the PhysicsWallah IPO but have not been allotted the Shares by the Registrar and are now looking for “ what to do if the IPO refund is not received ”, then we have covered the blog, which explains the steps to get your IPO refund. Click the link to explore.
You can apply for the PhysicsWallah IPO using your bank account through ASBA. Additionally, you can also apply through your stock brokers like Zerodha, Upstox, PhysicsWallah, etc.
Nov 14, 2025.
Rs. 103 to Rs. 109.
PhysicsWallah IPO opening date is 11 November 2025.
