PhysicsWallah IPO is a book build issue of ₹3,480.00 crores. The issue is a combination of fresh issue of 28.44 crore shares aggregating to ₹3,100.00 crores and offer for sale of 3.49 crore shares aggregating to ₹380.00 crores.
PhysicsWallah IPO opens for subscription on Nov 11, 2025 and closes on Nov 13, 2025. The allotment for the PhysicsWallah IPO is expected to be finalized on Nov 14, 2025. PhysicsWallah IPO will list on BSE, NSE with a tentative listing date fixed as Nov 18, 2025.
PhysicsWallah IPO price band is set at ₹103.00 to ₹109.00 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.
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 Date | November 11, 2025 to November 13, 2025 |
| Listing Date | [.] |
| Face Value | ₹1 per share |
| Issue Price Band | ₹103 to ₹109 per share |
| Lot Size | 137 Shares |
| 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 of ₹1 (aggregating up to ₹380.00 Cr) |
| Employee Discount | ₹10.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 2,60,79,56,938 shares |
| Share Holding Post Issue | 2,89,23,60,607 shares |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
| NII Shares Offered | Not more than 15% of the Net Offer |
| 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 IPO opens on November 11, 2025, and closes on November 13, 2025.
| IPO Open Date | Tue, Nov 11, 2025 |
| IPO Close Date | Thu, Nov 13, 2025 |
| Tentative Allotment | Fri, Nov 14, 2025 |
| Initiation of Refunds | Mon, Nov 17, 2025 |
| Credit of Shares to Demat | Mon, Nov 17, 2025 |
| Tentative Listing Date | Tue, Nov 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Nov 13, 2025 |
Investors can bid for a minimum of 137 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| 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 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
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 | ||||
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| RoNW | -12.50% |
| PAT Margin | -8.43% |
| EBITDA Margin | 6.69% |
| Price to Book Value | 14.10 |
| Market Capitalization | 31526.73 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | -0.93 | -1.76 |
| P/E (x) | -116.86 | -62.06 |
The Company PhysicsWallah IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 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 | 33.70 |
| 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 |
PhysicsWallah Ltd.
B 8, Block B,
Industrial Area, Sector 62,
Noida, Uttar Pradesh, 201309
Phone: +91 9289926531
Email: investorsrelation@pw.live
Website: https://www.pw.live/
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: physicswallah.ipo@in.mpms.mufg.com
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
PhysicsWallah IPO is a main-board IPO of 31,92,66,054 equity shares of the face value of ₹1 aggregating up to ₹3,480.00 Crores. The issue is priced at . The minimum order quantity is 137.
The IPO opens on November 11, 2025, and closes on November 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 November 11, 2025 and closes on November 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 Monday, November 17, 2025. Check the PhysicsWallah IPO allotment status.
The PhysicsWallah IPO listing date is not yet announced. The tentative date of PhysicsWallah IPO listing is Tuesday, November 18, 2025.
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