PhysicsWallah Ltd. IPO is a book-built issue of ₹3,480 Cr, comprising a combination of fresh issue of 28,44,03,669 shares, worth ₹3,100 Cr, and an offer-for-sale of 3,48,62,385 shares, worth ₹720 Cr, aggregating to ₹3,820 Cr, at a face value of ₹1 per share. The IPO subscription period will open on 11 November 2025 and close on 13 November 2025.
The PhysicsWallah Ltd. IPO allotment is scheduled for 14 November 2025. The IPO will be listed on 14 November 2025, on BSE and NSE.
The price band for PhysicsWallah Ltd. IPO is set at ₹103.00 to ₹109.00 per share. The IPO lot size is 137 shares, requiring a minimum investment of ₹14,933 at the upper price band for retail investors. The minimum investment for HNIs is ₹32,09,062, with a lot size of 14 lots with 1,918 shares.
PhysicsWallah Ltd. IPO Details
Check the details, including PhysicsWallah Ltd. IPO Share price, face value, issue dates, offer-for-sale, fresh issue and more about PhysicsWallah Ltd. IPO details in India:
| IPO Open Date | 11 November 2025 |
| Close Date | 13 November 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹103.00 to ₹109.00 per share |
| Issue Price | Undisclosed |
| IPO Lot Size | 137 shares |
| Sale Type | Fresh Issue & Offer-for-sale |
| Offer for Sale | ₹720 Cr |
| Fresh Issue | ₹3,100 Cr |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 31,92,66,054 shares(aggregating up to ₹3,480.00 Cr) |
| Reserved for Market Maker | Undisclosed |
| Net Offered to Public | Undisclosed |
| Minimum Investment(₹) | ₹14,933 |
| Retail Discount | NA |
| Employee Discount | ₹10 |
PhysicsWallah Ltd. IPO Timeline
Check out the PhysicsWallah Ltd. IPO timeline:
| IPO Open Date | 11 November 2025 |
| IPO Closing Date | 13 November 2025 |
| Tentative Allotment | 14 November 2025 |
| Initiation of Refunds | 17 November 2025 |
| Credit of Shares to demat | 17 November 2025 |
| Tentative Listing Date | 18 November 2025 |
| Cut-off Time for UPI Mandate Confirmation | 5 PM on 13 November 2025 |
PhysicsWallah Ltd. IPO Grey Market Premium (GMP Today)
The PhysicsWallah Ltd. IPO GMP today stands at ₹7. A rising IPO Grey Market Premium (GMP) shows a favourable sentiment among the investors and the market prior to the listing.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 6 November 2025 | ₹7 | ₹116 (6.42%) | ₹959 | – |
| 5 November 2025 | ₹9 | ₹9 (0.00%) | ₹0 | – |
The GMP values reflect real-time market fluctuations in IPO demand, influenced by subscription levels and overall market sentiment.
What is the percentage of PhysicsWallah Ltd. IPO GMP?
The GMP for PhysicsWallah Ltd. IPO is standing at ₹7 as of 6 November 2025, and the GMP percentage is 6.42%. The estimated listing price is ₹116, which is above the price band.
PhysicsWallah Ltd. IPO Reservation
The table below shows the PhysicsWallah Ltd. IPO reservations for different investors categories.
| Category | % of Shares Offered | Shares offered |
| QIBs | Not less than 75% | – |
| Retail Investors | Not more than 10% | – |
| NII (HNI) | Not more than 15% | – |
| Total Shares Offered | 100% | – |
PhysicsWallah Ltd. Key Performance Indicator
Analyse the KPIs and qualitative factors of PhysicsWallah Ltd., including EBITDA, RoNW, and PAT margin over the past three years.
| KPIs | 2025 | 2024 | 2023 |
| ROE (%) | – | – | – |
| ROCE (%) | – | – | – |
| Debt to Equity Ratio (in times) | 1.68 | (3.12) | (42.50) |
| RoNW (%) | (12.50) | – | (134.98) |
| PAT Margin (%) | (8.43) | (58.28) | (11.30) |
| EBITDA Margin (%) | 6.69 | (42.73) | 1.86 |
| Price to Book Value | – | – | – |
PhysicsWallah Ltd. Financials
| Aspect | 2024 (₹ Cr) | 2023 (₹ Cr) | 2022 (₹ Cr) |
| Revenue | 3,039.08 | 2,015.35 | 772.54 |
| Total Asset | 4,156.38 | 2,480.74 | 2,082.18 |
| Loss | (243.26) | (1,131.13) | (84.08) |
PhysicsWallah Ltd. IPO Lot Size
Here’s a breakdown of the PhysicsWallah Ltd. IPO lot size and minimum investment requirements based on the investor categories:
| Application | Lot Size | Shares | Amount(in ₹) |
| Retail Investors (Minimum) | 1 | 137 | 14,933 |
| Retail Investors (Maximum) | 13 | 1,781 | 1,94,129 |
| S-HNI (Minimum) | 14 | 1,918 | 2,09,062 |
| S-HNI (Maximum) | 66 | 9,042 | 9,85,578 |
| B-HNI (Minimum) | 67 | 9,179 | 10,00,511 |
PhysicsWallah Ltd. Promoter Holding
The pre-issue and post-issue holdings of the company’s promoters, Alakh Pandey and Prateek Boob, are stated under:
| Pre-Issue Promoter Holding | 81.64% |
| Post-Issue Promoter Holding | – |
PhysicsWallah Ltd. IPO Anchor Investors Details
This table shows the details of the anchor investors reservation and funds.
| Bid Date | 10 November 2025 |
| Shares Offered | – |
| Anchor Portion Size (In Cr.) | – |
| Anchor lock-in period end date for 50% shares (30 Days) | 14 December 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | 12 February 2026 |
PhysicsWallah Ltd. IPO Prospectus
For more information on the PhysicsWallah Ltd. IPO, find the official documents filed with SEBI below:
About PhysicsWallah Ltd.
| Founded in | 6 June 2020 |
| Whole Time Director & CEO | Alakh Pandey |
| Parent Organisation | – |
| Services Provided | Online and offline education and ed-tech services |
| Book running lead manager | Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, and Axis Capital Limited |
| Registrar of the issue | MUFG Intime India Private Limited |
Objectives of the PhysicsWallah Ltd. IPO
The following table represents the company’s utilisation plan of the net proceeds from the PhysicsWallah Ltd. IPO:
| Particulars | Amount (in ₹ lakh) |
| Capital expenditure for fit-outs of new centers | 4,605.51 |
| Lease expenses for existing offline and hybrid centers | 5,483.08 |
| Investment in Subsidiary, Xylem Learning Private Ltd. for expenditure towards: | 471.68 |
| Expenditure for fit-outs of new offline centers of Xylem | 316.48 |
| Lease expenses for centers and hostels | 155.20 |
| Investment made in Utkarsh Classes & Edutech Pvt. Ltd., the company’s subsidiary | 280.02 |
| Expenditure for server and cloud infrastructure | 2,001.06 |
| Expenditure for marketing initiatives | 7,100.00 |
| Acquisition of shareholding in Subsidiary, Utkarsh Classes & Edutech Pvt. Ltd. | 265.00 |
| Inorganic growth through unidentified acquisitions & general corporate purposes | – |
Strength Of PhysicsWallah Ltd.
- Strong Brand Equity and Student Community: The company is among India’s top 5 edtech companies by revenue and has one of the largest student communities.
- Hybrid Model Advantage: The company combines online, offline, and hybrid centers to ensure accessibility and quality learning across segments and geographies.
- High-Quality, Affordable Education: The company’s competitive pricing strategy compared to traditional coaching institutes helps to attract a wide student base while maintaining learning outcomes.
- Strong Tech and Content Ecosystem: The company’s in-house platforms and proprietary content allow scalable, data-driven improvements and cost control.
Risk of PhysicsWallah Ltd.
- Losses and Negative Performance: The company has incurred losses throughout the period from 2023 to 2025, which resulted in negative earnings and return ratios.
- Technology and Data Related Risks: Any situations, such as platform malfunctions, cybersecurity threats, or data leaks, could disrupt learning and reputation.
- Dependence on Leased Premises: The majority of the company’s offline centers are leased, and non-renewal or disputes may disrupt the company’s operations.
- Liquidity and Debt Management Risk: Even though the company’s borrowings are limited, the future financing needs could tighten liquidity if the profitability doesn’t improve.
PhysicsWallah Ltd. IPO Review
PhysicsWallah Limited’s IPO reflects the journey of an edtech brand that grew from YouTube lessons to a full-scale hybrid learning platform. The company stands out in India’s competitive education space with a strong brand equity, affordable pricing, and a loyal student base.
However, recurring losses, cybersecurity threats, and dependence on leased premises remain significant risks. While its growth prospects are evident, investors should weigh profitability before making long-term commitments
Other Recent IPO List
Check out the list of ongoing and upcoming IPOs in India, 2025:
| Tenneco Clean Air IPO | Lenskart Solutions IPO |
| Curis Lifesciences IPO | Studds Accessories Ltd. IPO |
| Pine Labs IPO | Safecure IPO |
| Finbud Financial Services IPO | Orkla India IPO |
PhysicsWallah Ltd. IPO FAQs
The PhysicsWallah Ltd. IPO is a book-built issue of ₹3,820 Cr, comprising a fresh issue of ₹3,100 Cr and an offer-for-sale of ₹720 Cr.
Investors may apply for the PhysicsWallah Ltd. IPO through their ASBA-enabled bank account or UPI through trading apps like Zerodha or Groww, during the subscription window.
The PhysicsWallah Ltd. IPO showcases a strong brand presence, a large student base, and an affordable pricing model. However, investors should note the company’s losses and dependence on the founder’s brand.
As of 6 November 2025, the PhysicsWallah Ltd. IPO GMP stands at ₹7, which indicates a 6.42% premium over the issue price, suggesting a mild positivity in the market sentiment before the listing.
The PhysicsWallah Ltd. IPO opens on 11 November 2025 and closes on 13 November 2025.
The PhysicsWallah Ltd. IPO lot size is 137 shares, requiring a minimum investment of ₹14,933 at the upper price band of ₹109 per share for retail investors.
The PhysicsWallah Ltd. IPO allotment date is 14 November 2025, and refunds/credits of shares to demat accounts will start from 17 November 2025.
The tentative listing date for PhysicsWallah Ltd. IPO on BSE and NSE is scheduled on 18 November 2025.
