The Physics Wallah IPO marks a major moment for India’s education and technology sectors as one of the country’s most popular online learning platforms heads toward its market debut. Founded by Alakh Pandey, PhysicsWallah Ltd has grown from a YouTube channel into one of the top five education companies in India, known for its affordable test preparation courses, well-planned curriculum, and hybrid learning approach.
The IPO opens on November 11, 2025, and closes on November 13, 2025. The company proposes to raise ₹3,480 crore through a combination of fresh issue and offer for sale. The net proceeds will be used for expanding new offline and hybrid centers, technology development, marketing initiatives, capital expenditure, and lease payments.
PhysicsWallah, headquartered in Uttar Pradesh, has emerged as a trusted name among students preparing for competitive examinations such as JEE, NEET, UPSC Civil Services, GATE, and other government examinations. With millions of paid users and an expanding offline footprint, the PhysicsWallah IPO is expected to attract strong participation from retail investors and qualified institutional buyers alike.
Physics Wallah IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | Tue, Nov 11, 2025 |
| IPO Close Date | Thu, Nov 13, 2025 |
| Allotment Finalization | Fri, Nov 14, 2025 |
| Refunds Initiation | Mon, Nov 17, 2025 |
| Credit of Shares to Demat | Mon, Nov 17, 2025 |
| Tentative Listing Date | Tue, Nov 18, 2025 |
| UPI Mandate Cut-off Time | 5 PM on Thu, Nov 13, 2025 |
The listing date is tentatively set for November 18, 2025, on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Physics Wallah IPO Details
| IPO Particulars | Details |
|---|---|
| IPO Date | November 11, 2025 to November 13, 2025 |
| Face Value | ₹1 per equity share |
| Price Band | ₹103 to ₹109 per share |
| Lot Size | 137 shares |
| Issue Type | Book-Building IPO |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 31,92,66,054 shares (aggregating up to ₹3,480.00 Cr) |
| Fresh Issue | 28,44,03,669 shares (aggregating up to ₹3,100.00 Cr) |
| Offer for Sale | 3,48,62,385 shares (aggregating up to ₹380.00 Cr) |
| Employee Discount | ₹10 per share |
| Listing At | BSE, NSE |
| IPO Registrar | MUFG Intime India Pvt Ltd |
| Pre-Issue Shareholding | 2,60,79,56,938 shares |
| Post-Issue Shareholding | 2,89,23,60,607 shares |
The issue consists of a fresh issue to fund the company’s expansion plans and an offer for sale by existing shareholders. Retail investors can apply for a minimum of one lot consisting of 137 equity shares.
Physics Wallah IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | Tue, Nov 11, 2025 |
| IPO Close Date | Thu, Nov 13, 2025 |
| Allotment Finalization | Fri, Nov 14, 2025 |
| Refunds Initiation | Mon, Nov 17, 2025 |
| Credit of Shares to Demat | Mon, Nov 17, 2025 |
| Tentative Listing Date | Tue, Nov 18, 2025 |
| UPI Mandate Cut-off Time | 5 PM on Thu, Nov 13, 2025 |
The listing date is tentatively set for November 18, 2025, on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Company Overview: PhysicsWallah Ltd
PhysicsWallah Ltd is a technology-driven education company that offers a diverse range of online and offline learning solutions. Starting with its main YouTube channel “Physics Wallah – Alakh Pandey,” the company became a household name among students across India through its quality content, accessible pricing, and high exam success rates.
Over the years, the company has evolved into a full-fledged edtech platform offering live online classes, hybrid centers, and test preparation courses across major education categories. Its proprietary technology stack supports large-scale live streaming, analytics-driven progress tracking, and AI-based performance evaluation.
Subsidiaries and Expansion
PhysicsWallah has expanded strategically through key subsidiaries, strengthening its position in India’s education sector:
Utkarsh Classes Edutech Private Limited: Focuses on government examinations, civil services, and competitive test preparation.
Xylem Learning Private Limited: Operates in South India, providing courses for NEET, JEE, and other science examinations.
These subsidiaries enhance PhysicsWallah’s reach in offline and regional markets, offering new hybrid centers and tech-enabled classrooms for a broader student base.
Courses Offered and Educational Categories
PhysicsWallah offers test preparation courses for a wide range of educational categories, including:
Engineering entrance exams (JEE Main and Advanced)
Medical entrance exams (NEET)
Civil services and other government examinations
Graduate Aptitude Test in Engineering (GATE)
Data Science and professional upskilling courses
The company’s offerings combine online flexibility with offline engagement, leveraging its hybrid centers and mobile applications to create a seamless learning experience.
Technology and Cloud Infrastructure
The company invests heavily in server and cloud infrastructure to support millions of concurrent users. Its proprietary platforms ensure uninterrupted streaming for live online classes, efficient data storage, and secure student records.
The PhysicsWallah app and website host interactive features, live Q&A, personalized dashboards, and analytics-driven recommendations that enhance learning outcomes. These investments in technology development not only improve student experience but also strengthen operational scalability.
Marketing Initiatives and Brand Growth
PhysicsWallah’s marketing initiatives leverage social media channels, influencer partnerships, and educational content marketing. The brand’s widespread popularity stems from its authenticity and the strong connection between educators and learners.
The company’s main YouTube channel, along with localized channels, garners millions of views daily, offering free educational resources and building trust among students. With its hybrid learning model, PhysicsWallah combines online reach with offline credibility, expanding through identified offline and hybrid centers across India.
Company Plans and Use of IPO Proceeds
The company proposes to utilize the net proceeds from the IPO toward the following objectives:
Establishment of new offline and hybrid centers across Tier 1 and Tier 2 cities.
Expenditure towards lease payments for identified offline and hybrid centers.
Investment in server and cloud infrastructure to improve platform scalability and security.
Software development and proprietary technology stack upgrades to enhance user experience.
Marketing initiatives for brand promotion and student acquisition.
Inorganic growth through strategic acquisitions and partnerships, including potential investments in smaller edtech startups.
General corporate purposes, including strengthening working capital and operational flexibility.
By expanding new offline and hybrid centers, the company aims to provide tech-enabled learning experiences that bridge the gap between digital and physical education models.
Financial Information
| Period Ended | Jun 30, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 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 |
| Profit After Tax (PAT) | -₹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 |
| Net Worth | ₹1,867.92 Cr | ₹1,945.37 Cr | -₹861.79 Cr | ₹62.29 Cr |
| Total Borrowings | ₹1.55 Cr | ₹0.33 Cr | ₹1,687.40 Cr | ₹956.15 Cr |
Key Highlights:
Revenue increased by 51% between FY24 and FY25, supported by higher paid user enrollments and expanded course offerings.
Profitability improved significantly with losses narrowing, reflecting operational efficiency and improved cost control.
The company’s balance sheet shows a turnaround, with net worth returning to positive territory in FY25.
Focused investments in hybrid centers, content creation, and technology assets continue to drive growth.
Financial Performance and Growth
Despite near-term losses, PhysicsWallah’s revenue trajectory demonstrates strong growth momentum. The company continues to reinvest in technology, physical infrastructure, and brand building to capture India’s expanding education market.
Its experienced management team focuses on maintaining profitability through disciplined cost management, while also pursuing inorganic growth opportunities and additional shareholding in existing subsidiaries.
Fresh Issue and Offer for Sale
The IPO consists of a fresh issue worth ₹3,100 crore and an offer for sale of ₹380 crore. The offer for sale will allow early investors and promoters to partially divest their holdings while maintaining a controlling stake in the company.
Funds from the fresh issue will be allocated primarily toward capital expenditure, marketing, lease payments, and the development of new hybrid centers. The investment aligns with PhysicsWallah’s vision to reach more students through hybrid learning while maintaining affordability and accessibility.
PhysicsWallah IPO Allotment and Listing Details
| Event | Date |
|---|---|
| Allotment Finalization | Fri, Nov 14, 2025 |
| Refunds Initiation | Mon, Nov 17, 2025 |
| Credit of Shares to Demat | Mon, Nov 17, 2025 |
| Tentative Listing Date | Tue, Nov 18, 2025 |
The IPO allotment will be managed by MUFG Intime India Pvt Ltd. Investors can check their allotment status on the registrar’s official website using their PAN, demat account number, or application ID.
The listing will take place on both BSE and NSE, providing liquidity and visibility for retail investors.
IPO Listing Date and Market Expectations
The PhysicsWallah IPO listing date is expected to be November 18, 2025. Given the company’s strong brand recognition, scalable business model, and massive student community, analysts anticipate healthy subscription levels from both institutional and retail investors.
With the rapid digitalization of education and the rise of hybrid learning models, PhysicsWallah’s listing is likely to attract attention from investors tracking education companies and technology-driven platforms.
IPO Lot Size and Minimum Investment
Retail investors can apply for a minimum of one lot consisting of 137 equity shares.
| Application Type | Lots | Shares | Investment (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 137 | ₹14,933 |
| Retail (Max) | 13 | 1,781 | ₹1,94,129 |
| S-HNI (Min) | 14 | 1,918 | ₹2,09,062 |
| B-HNI (Min) | 68 | 9,316 | ₹10,15,444 |
Applications can be made via ASBA or UPI-enabled brokers. Investors must ensure sufficient funds are available in their linked bank account for the IPO application form to be processed successfully.
Conclusion
The PhysicsWallah IPO represents the next phase in India’s edtech evolution, where digital learning and offline engagement merge to create sustainable hybrid education models. With a focus on affordability, scalability, and quality content, PhysicsWallah Ltd continues to redefine how students prepare for competitive examinations.
Backed by subsidiaries like Utkarsh Classes Edutech Private Limited and Xylem Learning Private Limited, the company is expanding rapidly into offline markets while maintaining leadership in online learning.
For retail investors and education sector enthusiasts, the PhysicsWallah IPO offers a chance to invest in one of India’s fastest-growing education companies with a strong foundation in technology, content, and community-driven learning.
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