The highly anticipated PhysicsWallah IPO is set to open for subscription on November 11, 2025. The ed-tech giant, known for revolutionizing competitive exam preparation in India, is launching a book-built issue to raise approximately ₹3,480 crores. The initial public offering comprises a fresh issue of ₹3,100 crores and an offer for sale (OFS) of up to 3.48 crore equity shares. The IPO will close on November 13, 2025.
This article provides a comprehensive overview of the PhysicsWallah IPO, including key dates, price band, financial performance, and a detailed review to help you make an informed investment decision.
PhysicsWallah IPO: Key Details at a Glance
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Price Band | ₹103 to ₹109 per share |
| Lot Size | 137 Shares |
| Issue Size | Approx. ₹3,480 Crores |
| Listing On | BSE, NSE |
| Allotment Date | November 14, 2025 |
| Listing Date | November 18, 2025 |
PhysicsWallah IPO Timeline
Investors should take note of the following important dates related to the IPO process.
| IPO Bidding Starts | November 11, 2025 |
| IPO Bidding Ends | November 13, 2025 |
| Basis of Allotment Finalization | November 14, 2025 |
| Initiation of Refunds | November 17, 2025 |
| Credit of Shares to Demat Account | November 17, 2025 |
| IPO Listing Date | November 18, 2025 |
PhysicsWallah IPO Lot Size and Investment Amount
The minimum application for retail investors is one lot, which consists of 137 shares.
| Application | Lots | Shares | Amount (at Cut-off Price ₹109) |
|---|---|---|---|
| Retail Minimum | 1 | 137 | ₹14,933 |
| Retail Maximum | 13 | 1,781 | ₹194,129 |
| S-HNI Minimum | 14 | 1,918 | ₹209,062 |
| B-HNI Minimum | 67 | 9,179 | ₹1,000,511 |
About PhysicsWallah (PW)
Founded by Alakh Pandey, PhysicsWallah has become one of India’s leading education technology companies, primarily focusing on test preparation for competitive exams like JEE, NEET, and UPSC. The company offers courses through multiple channels, including its popular mobile app, website, YouTube channels, and a growing network of tech-enabled offline and hybrid centers. With millions of students and subscribers, PW is renowned for its high-quality, affordable, and accessible educational content. As of FY25, the company operates 198 offline centers with a large team of teachers and employees.
Financial Performance of PhysicsWallah
The company has shown remarkable revenue growth over the past few years. However, it reported losses as it continues to invest heavily in expansion and technology.
| Period Ended | Revenue (in ₹ Crores) | Profit/Loss (in ₹ Crores) |
|---|---|---|
| 2023 | 772.54 | 84.08 |
| 2024 | 2,015.35 | -1,131.13 |
| 2025 | 3,039.09 | -243.26 |
Objects of the Issue
The net proceeds from the fresh issue will be primarily used for:
- Capital expenditure for setting up new offline and hybrid centers.
- Lease payments for existing and new centers.
- Investment in server and cloud infrastructure.
- Marketing and brand-building initiatives.
- Funding inorganic growth through acquisitions and other strategic purposes.
PhysicsWallah IPO Review: Should You Subscribe?
Strengths
- Strong Brand Recognition: PhysicsWallah is a household name among students preparing for competitive exams.
- Affordable and Accessible Model: The company’s core strategy of providing low-cost, high-quality education has created a massive and loyal student base.
- Hybrid Operational Model: A robust online presence combined with a rapidly expanding network of offline centers provides a diversified revenue stream.
- Experienced Promoters: The company is led by its visionary founders, Alakh Pandey and Prateek Boob.
Risks
- Intense Competition: The Indian ed-tech sector is highly competitive with both online and offline players.
- Recent Financial Losses: The company has been in a phase of aggressive expansion, leading to losses in recent financial years.
- Dependence on Key Personnel: The brand is strongly associated with its founder, Alakh Pandey, and any negative event could impact the business.
PhysicsWallah IPO GMP (Grey Market Premium)
The Grey Market Premium (GMP) is an unofficial indicator of the listing price expectation. The GMP for the PhysicsWallah IPO will be updated once trading begins in the grey market. For the latest updates, please check our live IPO GMP page.
How to Check PhysicsWallah IPO Allotment Status
The allotment for the PhysicsWallah IPO will be finalized on November 14, 2025. You can check your allotment status on the registrar’s website.
- IPO Registrar: Link Intime India Pvt. Ltd.
- Check Status on Registrar:Link Intime Website
- Check Status on Stock Exchanges:BSE and NSE
PhysicsWallah IPO FAQs
What is the PhysicsWallah IPO?
It is a mainboard IPO through which PhysicsWallah Ltd. aims to raise ₹3,480 crores. The shares will be listed on both the BSE and NSE.
When will the PhysicsWallah IPO open for subscription?
The IPO will be open for subscription from November 11, 2025, to November 13, 2025.
What is the price band and lot size for the PhysicsWallah IPO?
The price band is set at ₹103 to ₹109 per share. The minimum lot size is 137 shares, requiring a minimum investment of ₹14,933 for retail investors.
How can I apply for the PhysicsWallah IPO?
You can apply through your stockbroker using ASBA (Applications Supported by Blocked Amount) via your bank account or through UPI.
When is the allotment and listing date for the PhysicsWallah IPO?
The allotment date is November 14, 2025, and the shares are scheduled to be listed on November 18, 2025.
Related Articles
Disclaimer: This article is for informational purposes only and should not be considered as financial advice. Investors should consult with their financial advisors before making any investment decisions. All data is sourced from the company’s RHP/DRHP. Please visit the official SEBI website for regulatory information.