Bookbuilding IPO | ₹3,480 Cr | Listed at BSE, NSE | Tue, Nov 11, 2025 - Thu, Nov 13, 2025
PhysicsWallah IPO is a book build issue of ₹3,480.00 crores. The issue is a combination of fresh issue of 28.45 crore shares aggregating to ₹3,100.08 crores and offer for sale of 3.49 crore shares aggregating to ₹379.92 crores.
PhysicsWallah IPO bidding started from Nov 11, 2025 and ended on Nov 13, 2025. The allotment for PhysicsWallah IPO was finalized on Nov 14, 2025. The shares got listed on BSE, NSE on Nov 18, 2025.
PhysicsWallah IPO price band is set at ₹109 per share. The lot size for an application is 137. The minimum amount of investment required by an retail is ₹14,933 (137 shares) (based on upper price). The lot size investment for sNII is 14 lots (1,918 shares), amounting to ₹2,09,062, and for bNII, it is 67 lots (9,179 shares), amounting to ₹10,00,511.
The issue includes a reservation of up to 7,07,070 shares for employees offered at a discount of ₹10.00 to the issue price.
Kotak Mahindra Capital Co.Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to PhysicsWallah IPO RHP for detailed Information.
IPO Open
Tue, Nov 11, 2025
IPO Close
Thu, Nov 13, 2025
Issue Price
₹109 per share
Market Cap (Pre-IPO)
₹31,526.73 Cr
| IPO Date | 11 to 13 Nov, 2025 |
| Listed on | Tue, Nov 18, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹103 to ₹109 |
| Issue Price | ₹109 per share |
| Lot Size | 137 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹10.00 |
| Total Issue Size | 31,93,30,921 shares (agg. up to ₹3,480 Cr) |
| Fresh Issue | 28,44,68,537 shares (agg. up to ₹3,100 Cr) |
| Offer for Sale | 3,48,62,384 shares of ₹1 (agg. up to ₹380 Cr) |
| Share Holding Pre Issue | 2,60,79,56,938 shares |
| Share Holding Post Issue | 2,89,24,25,475 shares |
| BSE Script Code / NSE Symbol | 544609 / PWL |
| ISIN | INE0LP301011 |
PhysicsWallah IPO offers total 31,93,30,921 shares. Out of which 23,89,67,889 (74.83%) allocated to QIB, 9,55,87,156 (29.93%) allocated to QIB (Ex- Anchor), 4,77,93,577 (14.97%) allocated to NII 3,18,62,385 (9.98%) allocated to RII and 14,33,80,733 (44.90%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 23,89,67,889 (74.83%) | NA |
| − Anchor Investor Shares Offered | 14,33,80,733 (44.90%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 9,55,87,156 (29.93%) | NA |
| NII (HNI) Shares Offered | 4,77,93,577 (14.97%) | NA |
| − bNII > ₹10L | 3,18,62,385 (9.98%) | 16,612 |
| − sNII < ₹10L | 1,59,31,192 (4.99%) | 8,306 |
| Retail Shares Offered | 3,18,62,385 (9.98%) | 2,32,572 |
| Employee Shares Offered | 7,07,070 (0.22%) | NA |
| Total Shares Offered | 31,93,30,921 (100.00%) |
Investors can bid for a minimum of 137 shares and in multiples thereof.
| 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 |
PhysicsWallah IPO raises ₹1,562.85 crore from anchor investors. PhysicsWallah IPO Anchor bid date is November 10, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Mon, Nov 10, 2025 |
| Shares Offered | 14,33,80,733 |
| Anchor Portion (₹ Cr.) | 1,562.85 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sat, Dec 13, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Wed, Feb 11, 2026 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to Rs 5 Lakhs | Yes |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Physicswallah is an edtech company offering test preparation courses for various competitive examinations like JEE, NEET, UPSC, etc. and upskilling courses like Data science and analytics, banking and finance, software development, etc. It offers online services via social media channels, website and apps and also offers techenabled offline centers and hybrid centers. It is among the top 5 edtech companies in terms of revenues in India and has 13.7 million subscribers on YouTube as of July 15, 2025.
Key Numbers:
Competitive strengths
PhysicsWallah Ltd.'s revenue increased by 51% and profit after tax (PAT) rose by 78% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 5,075.67 | 4,156.38 | 2,480.74 | 2,082.18 |
| Total Income | 905.41 | 3,039.09 | 2,015.35 | 772.54 |
| Profit After Tax | -127.01 | -243.26 | -1,131.13 | -84.08 |
| EBITDA | -21.22 | 193.20 | -829.35 | 13.86 |
| NET Worth | 1,867.92 | 1,945.37 | -861.79 | 62.29 |
| Reserves and Surplus | 787.92 | 467.06 | -1,254.74 | -187.65 |
| Total Borrowing | 1.55 | 0.33 | 1,687.40 | 956.15 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Capital expenditure for fit-outs of new offline and hybrid centers of our Company | 460.55 |
| 2 | Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company | 548.31 |
| 3 | Capital expenditure for fit-outs of new offline centers of Xylem | 31.65 |
| 4 | Lease payments for Xylem’s existing identified offline centers and hostels | 15.52 |
| 5 | Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers | 28.00 |
| 6 | Expenditure towards server and cloud related infrastructure costs | 200.11 |
| 7 | Expenditure towards marketing initiatives | 710.00 |
| 8 | Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited | 26.50 |
| 9 | Funding inorganic growth through unidentified acquisitions and general corporate purposes | 941.15 |
| KPI | Mar 31, 2025 |
|---|---|
| RoNW | -12.50% |
| PAT Margin | -8.43% |
| EBITDA Margin | 6.69% |
| Price to Book Value | 14.10 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | -0.93 | -ve |
| P/E (x) | -116.86 | -ve |
| Promoter Holding | 81.64% | 71.48% |
| Market Cap | ₹31,526.73 Cr. |
The PhysicsWallah IPO is subscribed 1.92 times on November 13, 2025 6:19:37 PM (Day 3). The public issue subscribed 1.14 times in the retail category, 2.86 times in the QIB category, and 0.51 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 2.86 | 9,55,38,505 | 27,35,75,848 |
| NII | 0.51 | 4,77,83,848 | 2,44,24,223 |
| bNII (bids above ₹10L) | 0.58 | 3,18,55,898 | 1,85,67,610 |
| sNII (bids below ₹10L) | 0.37 | 1,59,27,949 | 58,56,613 |
| Retail | 1.14 | 3,18,55,898 | 3,63,72,678 |
| Employee | 3.71 | 7,07,071 | 26,26,701 |
| Total | 1.92 | 17,58,85,322 | 33,69,99,450 |
Total Application : 2,03,927
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLMs fees and commissions (including underwriting commission, brokerage and selling commission) | 89.77 |
| 2 | Fees payable to the Registrar to the Offer | 0.04 |
| 3 | Selling commission/processing fee for SCSBs and Bankers to the Offer, fee payable to the Sponsor Bank for Bids made by RIIs using UPI, brokerage and selling commission and bidding charges for the Members of the Syndicate, Registered Brokers, RTAs and CDPs | 3.36 |
| 4 | Advertising and marketing expenses | 8.99 |
| 5 | Listing fees, SEBI filing fees, BSE and NSE processing fees, book building software fees and other regulatory expense | 9.21 |
| 6 | Printing and stationery expenses | 0.94 |
| 7 | Fees payable to the legal counsel | 16.76 |
| 8 | Fees payable to other parties to the Offer, including but not limited to statutory auditors, independent chartered accountant, industry expert, independent chartered architect, monitoring agency intellectual property consultant and information technology consultant | 18.04 |
| 9 | Miscellaneous | 8.07 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹109.00 | ₹109.00 |
| Open | ₹143.10 | ₹145.00 |
| Low | ₹138.50 | ₹137.35 |
| High | ₹162.05 | ₹161.99 |
| Last Trade | ₹155.20 | ₹155.24 |
Lead Manager Reports
PhysicsWallah IPO is a main-board IPO of 31,93,30,921 equity shares of the face value of ₹1 aggregating up to ₹3,480 Crores. The issue is priced at ₹109 per share. The minimum order quantity is 137.
The IPO opens on Tue, Nov 11, 2025, and closes on Thu, Nov 13, 2025.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in PhysicsWallah IPO using UPI as a payment gateway. Zerodha customers can apply in PhysicsWallah IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in PhysicsWallah IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The PhysicsWallah IPO opens on Tue, Nov 11, 2025 and closes on Thu, Nov 13, 2025.
PhysicsWallah IPO lot size is 137, and the minimum amount required for application is ₹14,933.
You can apply in PhysicsWallah IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for PhysicsWallah IPO will be done on Friday, November 14, 2025, and the allotted shares will be credited to your demat account by Mon, Nov 17, 2025. Check the PhysicsWallah IPO allotment status.
The PhysicsWallah IPO listing date is on Tue, Nov 18, 2025.
