Physics Wallah IPO Overview
PhysicsWallah (PW), one of India’s fastest-growing edtech companies, is gearing up for its much-awaited IPO. PhysicsWallah started as a YouTube channel and grew into a huge platform offering online and offline coaching for tough exams like JEE and NEET students. It has become one of the most trusted platforms among students.
The IPO will allow investors to be part of a company that has grown rapidly since its humble YouTube beginnings. PhysicsWallah’s IPO is expected to attract massive attention due to its brand value, profitability, and potential to expand into new verticals.
Physics Wallah IPO Details
| Particulars | Details |
|---|---|
| IPO Opening Date | November 11, 2025 |
| IPO Closing Date | November 13, 2025 |
| Listing Date | November 18, 2025 |
| Face Value | ₹1 per equity share |
| Price Band | ₹103 to ₹109 per equity share |
| Lot Size | 137 shares |
| Total Issue Size | ₹3,480 Crore |
| Fresh Issue | ₹3,100 crore |
| Offer for Sale | ₹380 crore |
| Listing Exchange | NSE, BSE |
| Lead Book Managers | Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs (India) Securities Private Limited, Axis Capital. |
Issue Structure and Objectives
The money that PW is raising is divided into two main parts:
Fresh Issue (₹3,100 crore)
This money goes directly to the company. PW will use it for:
- Expansion: Setting up new physical (offline) coaching centres, which they call ‘Vidyapeeth’ and ‘Pathshala’.
- Real Estate: Paying for the lease (rent) of the existing centres.
- Technology: Investing in better servers and cloud infrastructure for their online platform.
- Growth: Funding new acquisitions and other general business needs.
Offer for Sale (OFS) (₹380 crore)
This money goes to the founders (Alakh Pandey and Prateek Boob), who are selling a small part of their own shares. The company itself does not get this money.
Image Credit: The Economic Times
Financials
Here’s a simple look at how Physics Wallah has been performing financially:
| Year | Revenue | Net Profit/ Loss |
|---|---|---|
| FY2025 | ₹2,887 crore | (₹243 crore) |
| FY2024 | ₹1,941 crore | (₹1,131 crore) |
| FY2023 | ₹1,438 crore | (₹81 crore) |
- PW has shown huge growth in its revenue (the money it earns) over the last few years, growing by about 97% every year between FY23 and FY25.
- The company has been making losses as it invests heavily in expanding its offline centres and acquiring other smaller companies. However, the losses in FY25 were much lower than in the previous year.
- About half of its revenue now comes from online courses and the other half comes from its new, rapidly expanding offline centres.
Why Investors Are Excited About Physicswallah IPO
- Physicswallah is a well-known brand in India’s fast-growing education industry.
- The company is expanding quickly and has a large number of students.
- It offers affordable courses and uses technology for teaching, which attracts many students who wants to learn.
- Investors hope the company’s financial performance will improve and create long-term value.
Physics Wallah IPO GMP (Grey Market Premium)
The latest GMP (Grey Market Premium) for the Physicswallah IPO is at ₹3 as of November 11, 2025. This means people in the market are ready to pay ₹3 extra per share over the IPO price before the shares are officially listed.
GMP gives an idea about market interest but is not a guarantee of listing price. It is an unofficial indicator. GMP might increase or decrease based on multiple factors so keep looking and then take a decision.
What GMP means?
- Grey Market Premium (GMP) is a type of unofficial indicator of investors sentiment about an IPO, before it is listed on the stock exchange.
- It tells the premium (or discount) at which the shares of the company are trading in the grey market.
- A high GMP suggests that investors expect the stock to list at a price significantly higher than the IPO price band.
Image Credit: startuppedia
How to Apply for Physics Wallah IPO
- Apply through your broker (like Zerodha, Upstox, etc.) or with net banking using ASBA.
- Choose the number of lots you want (137 shares per lot).
- Enter your UPI ID or use your bank account for payment.
- Submit your application before 5 PM on November 13, 2025.
- Allotment status can be checked on the registrar’s website after November 14, 2025
Risk involved
Investing in an IPO is not without risk. Here are some risks to consider for the Physics Wallah IPO:
- Competition: The ed-tech and coaching market is highly competitive. PW faces tough competition from big online players (like Unacademy) and established offline coaching institutes (like Aakash and Allen).
- Reliance on Founders: The company’s brand and success are closely linked to its famous founder, Alakh Pandey. If he decides to step back, it could impact the brand value of the company.
- High Valuation & Losses: The price of the IPO is considered high by some experts, especially because the company is still reporting losses. The company needs to become profitable soon to justify this price. This is a situation like Lenskart IPO. Lenskart also had this issue so be careful.
- Offline Expansion Risk: Rapidly opening many new offline centres is expensive and involves risks related to finding the right faculty, managing operations, and ensuring students enrol.
Key IPO Terms Explained
- IPO (Initial Public Offering): The process of a privately held company offering its shares to the public for the first time.
- Red Herring Prospectus (RHP): The draft legal document filed with SEBI that contains all the financial details, risks, and plans of the company going public.
- Price Band: The range within which investors can bid for IPO shares
- Lot Size: The minimum number of shares an investor must bid for (e.g., 37 shares).
- Cut-Off Price: The final price determined by the company after the bidding process. Retail investors usually bid at the cut-off price to maximize their chance of allotment.
- GMP (Grey Market Premium): The unofficial premium at which the stock trades in the informal market before listing.
- OFS (Offer For Sale): Sale by existing shareholders/promoters
- Fresh Issue: New shares issued by the company to raise capital
- Anchor Investors: Institutions who are allotted shares one day before the IPO opens
- QIB (Qualified Institutional Buyer): Large institutional investors like Mutual Funds, Foreign Institutional Investors (FIIs), etc.
- NII (Non-Institutional Investor): High Net-Worth Individuals (HNIs) and other non-retail investors.
- RII (Retail Individual Investor): Individual investors applying for shares worth up to ₹2,00,000.
Final Thoughts
The Physicswallah IPO is a big moment for the Indian education sector. The company has a powerful brand and a successful hybrid model that reaches millions of students. It offers a great opportunity for investors who believe in the long-term growth of quality, affordable education in India.
However, the IPO is priced at a high valuation, and the company is not yet consistently profitable, so make sure before making any decision. Investors should analyse thoroughly before making any investment.
Read More: Lenskart IPO Launch — Key Details, GMP, and How to Apply