Physicswallah was incorporated on June 6, 2020. The company offers test preparation and upskilling courses through multiple delivery channels, including online platforms, tech-enabled offline centres, and hybrid centres using a two-teacher model. This approach ensures students benefit from live online classes as well as in-person faculty support for doubt resolution and revisions
| Bidding Dates |
|---|
| 11 Nov 2025 - 13 Nov 2025 |
| Subscription |
|---|
| 1.81x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,111 | 1 | 13 | 137 | 319.3 M | ₹103 - ₹109 | 71.48 % | ₹32884.4 M - ₹34800.0 M | RHP DOC |
Physicswallah IPO SUBSCRIPTION STATUS
13 Nov '25Physicswallah IPO overall subscription rate was 1.81 times the total available shares
Physicswallah IPO retail subscription rate was 1.06 times in the retail segment
Physicswallah IPO non-institutional investor subscription rate was 0.48 times in the non-institutional investor category
Physicswallah IPO Qualified Institutional Bidder subscription rate was 2.7 times the available shares for Qualified Institutional Bidder
Physicswallah IPO Employees subscription rate was 3.49 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 9.98% | 14.97% | 74.83% | 0.22% |
13 Nov 2025 (Day 3) | 1.06x | 0.48x | 2.7x | 3.49x |
12 Nov 2025 (Day 2) | 0.58x | 0.06x | 0x | 1.77x |
11 Nov 2025 (Day 1) | 0.33x | 0.02x | 0x | 1.11x |
Physicswallah FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| Q1FY26 | 847.1 | -127.0 | 966.7 | 912.5 | -2.5% |
| Q1FY25 | 635.2 | -71.8 | 690.5 | 651.3 | 1.5% |
| FY25 | 2,886.6 | -243.3 | 506.9 | 340.1 | 6.7% |
| FY24 | 1,940.7 | -1,131.1 | 212.0 | 1.0 | -42.7% |
| FY23 | 744.3 | -84.1 | 270.0 | 124.1 | 1.9% |
Physicswallah IPO SUBSCRIPTION STATUS DETAILS
Physicswallah had 319.3 M shares on offer
Physicswallah IPO offer price was in the range ₹103 - ₹109
Physicswallah IPO minimum Investment was ₹14111
Physicswallah IPO issue size was ₹ 32884.4 M - ₹ 34800.0 M
Physicswallah had a minimum lot size of 137 Shares per application
Physicswallah NUMBER OF SHARES ON OFFER
Physicswallah IPO IMPORTANT DATES
| Issue Open Date | 11 Nov 2025 |
| Issue close Date | 13 Nov 2025 |
| Allotment Date | 14 Nov 2025 |
| Refund Date | 17 Nov 2025 |
| Demat Account Credit Date | 17 Nov 2025 |
| Listing Date | 18 Nov 2025 |
| Listing on Exchange(s) | NSE and BSE |
| Physicswallah Allotment Status | Exchange/ Registrar |
Physicswallah IPO subscription opened on 11 Nov 2025, and closed on 13 Nov 2025
IPO allotment for Physicswallah was finalized on Friday, 14 Nov 2025
IPO listing for Physicswallah was on NSE and BSE on Tuesday, 18 Nov 2025
Physicswallah IPO LISTING GAINS
| Issue Price (adjusted) | 109.0 |
| Listing Open Price | 145.0 |
| Listing Close Price | 155.2 |
| Listing Gain% | 33.0% |
| Current Gain% | 17.0% |
Physicswallah Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Physicswallah Ltd. | 127.5 | 36883.4 | -1644.8 | -18.4 | 9.5 | -0.5 | -0.3 | 4131 | 35.9 | -22.5 | 89.6 | -0.1 | 89.6 |
| NIIT Learning Systems Ltd. | 249.8 | 3447.4 | 13.5 | 0.7 | 1.7 | 16 | 8.1 | 1987.9 | 17.1 | 247.7 | 8.9 | 18.5 | 18 |
| Crizac Ltd. | 186.6 | 3265.5 | 14.8 | 0.4 | 3.2 | 37.5 | 25 | 1071.1 | 21.1 | 219.1 | 43.3 | 12.6 | 40.2 |
| Shanti Educational Initiatives Ltd. | 201.9 | 3252.6 | 552 | -33.3 | 58.5 | 7.7 | 5.8 | 59.4 | -5.9 | 5.9 | -16.6 | 0.4 | -16.6 |
| Mobavenue AI Tech Ltd. | 308.7 | 2315.2 | 93.8 | 0 | 13 | 32.4 | 14.3 | 220.2 | 4576 | 29.3 | 3706.7 | 3.3 | 2384.1 |
| Jaro Institute of Technology Management and Research Ltd. | 456.8 | 1017.3 | 18 | 0.5 | 3.6 | 14.7 | 12.3 | 285 | 12.2 | 52.9 | 2.4 | 25.4 | 34.8 |
Physicswallah INFORMATION ON IPO ISSUE
About Physicswallah
Physicswallah was incorporated on June 6, 2020. The company offers test preparation and upskilling courses through multiple delivery channels, including online platforms, tech-enabled offline centres, and hybrid centres using a two-teacher model. This approach ensures students benefit from live online classes as well as in-person faculty support for doubt resolution and revisions
Object of the Issue
- Capital expenditure for fit-outs of new offline and hybrid centres of the company
- Expenditure towards lease payments of existing identified offline and hybrid centres operated by the company
- Investment in their subsidiary, Xylem Learning, for expenditure
- Investment in its subsidiary, Utkarsh Classes & Edutech for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centres
- Expenditure towards server and cloud-related infrastructure costs
- Expenditure towards marketing initiatives
- Acquisition of additional shareholding in its subsidiary, Utkarsh Classes & Edutech
- Funding inorganic growth through unidentified acquisitions and general corporate purposes
Physicswallah - PROMOTERS
| Name |
|---|
| Alakh Pandey |
| Prateek Boob |
Physicswallah - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Alakh Pandey | Whole-Time Director & Chief Executive Officer |
| Prateek Boob | Whole-Time Director |
| Deepak Amitabh | Chairperson & Non-Executive Independent Director |
| Nitin Savara | Non-Executive Independent Director |
| Rachna Dikshit | Non-Executive Independent Director |
| Sandeep Singhal | Non-Executive Nominee Director |
Physicswallah Book Running Lead Manager
Kotak Mahindra Capital Company Limited
physicswallah.ipo@kotak.com
J.P. Morgan India Private Limited
physicsWallah_IPO@jpmorgan.com
Goldman Sachs (India) Securities Private Limited
pw-ipo@gs.com
Axis Capital Limited
pw.ipo@axiscap.in
Physicswallah Registrar to the Offer
MUFG Intime India Private Limited
physicswallah.ipo@in.mpms.mufg.com
Physicswallah Strengths
Diversified portfolio
As of March 31, 2025, the company offered courses across 13 education categories, up from six in March 2023, covering a student’s learning journey from early education to professional qualifications. Its portfolio includes foundation courses, JEE/NEET prep, and training for exams like GATE, CUET, CAT, civil services, railways, and chartered accountancy, delivered through online, offline, and hybrid channels
Specialised faculty members
As of March 31, 2025, the company had 5,096 faculty members, including teachers, doubt-resolution staff, and content developers, ensuring expertise across multiple academic disciplines. A structured allocation of responsibilities—covering study material creation, teaching, question-solving, and exam preparation—supports student needs and maintains quality standards
Open-access business model
The company follows an open-access model, offering free courses and content on YouTube, social media, apps, and its website to build brand affinity among students. Free access, along with downloadable notes, structured curriculum, study tools, and offline class options, encourages students to explore offerings and convert to paid courses
Physicswallah Risks
Brand reputation
The “PhysicsWallah” brand is central to the company’s success, and marketing and publicity efforts are crucial to maintain and strengthen it. Failure to protect the brand or negative publicity could harm reputation, student enrolments, and revenues
Expansion risks
Failure to execute strategic acquisitions, investments, or alliances, or to integrate them effectively, could adversely impact the company’s operations, reputation, financial condition, and cash flows, requiring significant management attention. Inorganic growth is a key part of the company’s strategy
Safety risks
Failure to ensure students’ safety and security could harm the company’s reputation and business. Past incidents of harassment by students or faculty highlight the importance of maintaining strict safety measures
IPO FAQs
This IPO consists of an offer for sale of up to Rs 380.0 crore, of 34,862,385 shares. It also consists of a fresh issue of Rs 3,100.0 crore.
The promoters of the company are Alakh Pandey and Prateek Boob.
The category allocation of qualified institutional buyers is 74.8%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 103.0 - 109.0.
The IPO application opens on Nov 11, 2025 and closes on Nov 13, 2025.
The minimum lot size for the IPO is 137. The maximum lot size for the IPO is 1781.
For all category investors, the minimum application amount for this IPO is Rs. 14,111.0, the maximum value for this IPO is Rs 194,129.0.
This IPO will be allotted on Nov 14, 2025.
The refund will be credited to your account on Nov 17, 2025.
The allotted shares will be credited to your demat on Nov 17, 2025.
Physicswallah Ltd.’s shares listed on the stock exchanges on Nov 18, 2025.