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PhysicsWallah IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
PhysicsWallah Limited (“PW”) is one of India’s fastest-growing education technology companies, offering online, offline, and hybrid learning solutions for competitive and board exam preparation. The company earns revenue mainly from teaching/coaching services, sale of books and tablets, hostel and transport income, and advertising on its digital platforms. Its learning ecosystem caters to JEE, NEET, UPSC, and K-12 students through platforms like PW App, PW Vidyapeeth, and PW Pathshala
PhysicsWallah,an Book Built Issue, amounting to ₹ 3480.00 Crore, consisting an fresh issue of 28.44crore shares aggregating to ₹ 3100.00 crores and offer for sale of 3.49 crore shares aggregating to ₹ 380.00 crores. The subscription period for the PhysicsWallah IPO opens on November 11, 2025, and closes on November 13, 2025. The allotment is expected to be finalized on or about Friday, November 14, 2025, and the shares will be listed on the BSE & NSE with a tentative listing date set on or about Tuesday, November 18 2025.
The Share Price Band of PhysicsWallah IPO is set at ₹ 103 to ₹109 per equity share. The Market Capitalisation of the PhysicsWallah at IPO price of ₹109 per equity share will be ₹
31526.73 Crores. The lot size of the IPO is 137 shares. Retail investors are required to invest a minimum of ₹
14,933 (
137 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is
14 lots (
1,918 shares), amounting to ₹
209,062.
Kotak Mahindra Capital Company Limited,J.P. Morgan India Private Limited,Goldman Sachs (India) Securities Private Limited,and Axis Capital Limited are the book running lead manager of the PhysicsWallah while MUFG Intime India Pvt.Ltd. is the registrar for the issue.
PhysicsWallah Limited IPO GMP Today
The Grey Market Premium of PhysicsWallah IPO is expected to be ₹ 0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
PhysicsWallah Limited IPO Live Subscription Status Today: Real-Time Update
As of 06:30 PM on 13 November, 2025, the PhysicsWallah IPO live subscription status shows that the IPO subscribed 1.02 times on its Final Day of subscription period. Check the PhysicsWallah Solution IPO Live Subscription Status Today at BSE & NSE
PhysicsWallah Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
PhysicsWallah IPO allotment date is 14 November, 2025, Friday. PhysicsWallah IPO Allotment will be out on 14 November, 2025, Friday and will be live on Registrar Website from the allotment date.
Check MUFG Intime India Pvt.Ltd. IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select PhysicsWallah IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of PhysicsWallah Limited IPO
PhysicsWallah to utilise the Net Proceeds towards the following objects:
1. ₹ 4605.51 Million is required for Capital expenditure for fit-outs of new offline and hybrid centers of our Company
2. ₹ 5483.08 Million is required for Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company
3. 471.68 Million is required for Investment in our Subsidiary, Xylem Learning Private Limited for expenditure towards:
4. ₹ 316.48 Million is required for capital expenditure for fit-outs of new offline centers of Xylem (“New Xylem Centers”)
5. ₹ 155.20 Million is required forlease payments for Xylem’s existing identified offline centers and hostels
6. ₹ 280.02 Million is required for Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers
7. ₹ 2001.06 Million is required for Expenditure towards server and cloud related infrastructure costs
8. ₹ 7100.00 Million is required for Expenditure towards marketing initiatives
9. ₹ 265.00 Million is required for Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited
Refer to PhysicsWallah Limited RHP for more details about the Company.
PhysicsWallah Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|---|---|---|---|
| November 11, 2025 | N/A | N/A | ₹0(0.0%) | 13 November 2025; 11:41 AM |
PhysicsWallah IPO Details
| Market Capitalization | 31526.73 Cr. |
| IPO Date | November 11, 2025 to November 13, 2025 |
| Listing Date | November 18, 2025 |
| Face Value | ₹ 1 |
| Price Band | ₹103 to ₹109 per share |
| Issue Price | ₹109 per share |
| Employee Discount | NA |
| Lot Size | 137 Equity Shares |
| Total Issue Size | 31,92,66,055 Equity Shares (aggregating to ₹ 3480.00 Cr) |
| Fresh Issue | 284,403,670 Equity Shares (aggregating to ₹ 3100.00 Cr) |
| Offer for Sale | 3,48,62,385 Equity Shares (aggregating to ₹ 380.00 Cr) |
| Issue Type | Book Built Issue |
| Listing At | BSE & NSE |
| Share holding pre issue | 2,60,79,56,938 |
| Share holding post issue | 2,89,23,60,608 |
| Rating | Avoid |
PhysicsWallah IPO Anchor Investors Details
| Bid Date | November 10, 2025 |
| Shares Offered | 14,33,80,733 |
| Anchor Portion Size (In Cr.) | 1,562.85 |
| Anchor lock-in period end date for 50% shares (30 Days) | December 14, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | February 12, 2026 |
PhysicsWallah IPO Timeline (Tentative Schedule)
| IPO Open Date | Tue, Nov 11, 2025 |
| IPO Close Date | Thu, Nov 13, 2025 |
| Basis of Allotment | Fri, Nov 14, 2025 |
| Initiation of Refunds | Mon, Nov 17, 2025 |
| Credit of Shares to Demat | Mon, Nov 17, 2025 |
| Listing Date | Tue, Nov 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Nov 13, 2025 |
PhysicsWallah IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 239,449,541 | Not less than 75% of the Net Offer |
| Non-Institutional Investor Portion | 47,889,908 | Not more than 15% of the Net Issue |
| Retail Shares Offered | 31,926,606 | Not more than 10% of the Net Offer |
PhysicsWallah IPO Promoter Holding
| Share Holding Pre Issue | 80.62% |
| Share Holding Post Issue | 71.48% |
PhysicsWallah IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 137 | ₹14,933 |
| Retail (Max) | 13 | 1,781 | ₹194,129 |
| S-HNI (Min) | 14 | 1,918 | ₹209,062 |
| S-HNI (Max) | 66 | 9,042 | ₹985,578 |
| B-HNI (Min) | 67 | 9,179 | ₹1,000,511 |
PhysicsWallah IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 10,11,55,340 | 16,19,16,875 | 1.60x | 13 November 2025; 06:15 PM |
| Non Institutional Investors(NIIS) | 5,05,77,669 | 1,11,45,635 | 0.22x | 13 November 2025; 06:16 PM |
| Retail Individual Investors (RIIs) | 3,37,18,446 | 1,57,44,040 | 0.47x | 13 November 2025; 06:16 PM |
| Total | 18,62,04,143 | 18,95,79,230 | 1.02x | 13 November 2025; 06:16 PM |
About PhysicsWallah Limited
PhysicsWallah Limited (“PW”) is one of India’s fastest-growing education technology companies, offering online, offline, and hybrid learning solutions for competitive and board exam preparation. The company earns revenue mainly from teaching/coaching services, sale of books and tablets, hostel and transport income, and advertising on its digital platforms. Its learning ecosystem caters to JEE, NEET, UPSC, and K-12 students through platforms like PW App, PW Vidyapeeth, and PW Pathshala
Key Clients & FacilitiesPW serves over 2 crore registered students and thousands of B2B clients, including schools and educational institutions purchasing its study materials. The company operates major learning centers—Vidyapeeth (for large classrooms) and Pathshala (two-teacher hybrid centers)—in cities like Kota, Delhi, Lucknow, and Pune. These facilities are equipped with digital boards, AI tools, and broadcasting systems to integrate physical and online education efficiently
Product Portfolio & Order Book
PW offers courses across entrance exams (JEE, NEET, UPSC, GATE, MBA, CA) and school-level education. It also sells internally developed books and merchandise. Its AI-based tool AI Guru personalizes learning and improves student retention. Between FY23 and FY25, PW’s operating revenue grew at a CAGR of 96.9%, showing strong execution and high visibility in its learning subscription “order book” across both online and offline segments
Mergers, Capex & Expansion Plans
PW has strengthened its presence through acquisitions of Xylem Learning Pvt. Ltd. (₹965 million) and Utkarsh Classes & Edutech Pvt. Ltd., integrating regional and national operations. It continues investing in infrastructure, AI-backed platforms, and new residential campuses. Future capex includes expanding Vidyapeeth centers, developing international learning hubs (especially in UAE), and upgrading content production facilities
Employees, Exports & Bankers
PW employs over 15,000 faculty and staff across India and overseas. It has expanded to the Middle East via Knowledge Planet Holdings Ltd.. The company’s banking partners include major Indian and international banks providing vehicle, working capital, and credit facilities totaling ₹1,310 million
Management & Growth Vision
Led by Founder & CEO Alakh Pandey, PW’s management emphasizes affordable quality education and technology-driven expansion. The company plans to strengthen hybrid learning through AI integration and global reach. Funding for capex will come from IPO proceeds, internal accruals, and minimal debt financing (debt/equity ratio: 0.11%). The leadership targets sustainable 30–35% annual growth over the medium term and aims to become India’s largest education company by reach and profitability
Industry Overview
India’s education and edtech sector was valued at ₹700 billion (US$8.4 billion) in FY24, expected to grow at 16–18% CAGR till FY30, driven by online adoption and increasing exam aspirants. The global edtech market stood at US$142 billion in 2024, projected to reach US$288 billion by 2030, growing at 13% CAGR. Key Indian players include BYJU’S, Unacademy, Vedantu, and PW, which is among India’s top five education companies by revenue and one of the fastest-growing between FY22–FY24
Major Risk Factors
-
Student Enrolment Risk
Dependence on steady enrolment for competitive exams means any decline in demand or change in test patterns may affect revenue and growth stability. -
Regulatory and Policy Changes
Education and data protection policies are evolving; new government norms for online learning or pricing may impact business operations and margins. -
Competition Pressure
Fierce competition from major edtech platforms could lead to aggressive pricing, higher marketing spends, and lower margins. -
Technology and Cybersecurity Risk
Dependence on digital platforms exposes the company to potential cyber threats, data breaches, or technical downtime that can affect learning delivery. -
Integration Risk from Acquisitions
Merging entities like Xylem and Utkarsh poses challenges in culture, operations, and brand alignment that may delay expected synergies. -
Talent Retention Risk
PW relies on star faculty and content creators; attrition or brand migration may impact content quality and customer satisfaction. -
Macroeconomic and Geopolitical Risks
Economic slowdown or political instability in India or UAE could reduce discretionary spending on education, impacting sales and profitability
Strengths & Opportunities
-
Strong Brand Equity
PW’s credibility as a low-cost, high-quality educator builds immense trust among students and parents, driving organic growth and long-term retention. -
Scalable Hybrid Model
Combination of digital and physical learning ensures flexibility and reach, allowing PW to adapt quickly to student needs and regional markets. -
Technological Innovation
AI-backed products like AI Guru and smart classroom tools enhance learning personalization, user engagement, and academic outcomes. -
Financial Strength
A 96.9% CAGR in revenue with negligible debt provides a strong base for self-funded growth and efficient capital utilization. -
Strategic Acquisitions
Acquisitions of Xylem, Utkarsh, and iNeuron expand subject coverage and regional reach, strengthening market positioning and cross-selling potential. -
Expanding Global Footprint
Through Knowledge Planet in UAE and future international tie-ups, PW is well-positioned to enter high-demand overseas education markets. -
Growing Offline Network
Rapid expansion of Vidyapeeth and Pathshala centers increases direct student touchpoints and boosts hybrid education penetration in Tier-II and Tier-III cities.
PhysicsWallah Limited Financial Information (Restated Consolidated)
Amount in (₹ in Million)
| Period Ended | June 30, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Reserve of Surplus | 3,939.62 | 4,717.16 | -12,524.77 | -1,886.39 |
| Total Assets | 50,756.74 | 41,563.81 | 24,807.40 | 20,821.76 |
| Total Borrowings | 15.46 | 3.27 | 16,873.99 | 9,561.51 |
| Fixed Assets | 3,137.20 | 2,860.93 | 2,775.05 | 1,746.50 |
| Cash | 359.11 | 537.09 | 532.70 | 488.21 |
| Cash flow from operating activities | 9,681.26 | 5,087.58 | 2,180.01 | 2,958.98 |
| Cash flows from investing activities | -9,256.72 | -15,132.18 | -429.25 | -10,755.20 |
| Cash flow from financing activities | -588.31 | 10,067.60 | 1,646.54 | 8,476.04 |
| Net Borrowing | -343.65 | -533.82 | 16,341.29 | 9,073.30 |
| Revenue | 9,054.11 | 30,390.89 | 20,153.48 | 7,725.44 |
| EBITDA | -212.21 | 1,931.95 | -8,293.46 | 138.58 |
| PAT | -1,270.09 | -2,432.58 | -11,311.30 | -840.75 |
| PAT Margin | -14.03% | -8.00% | -56.13% | -10.88% |
| EPS | -0.46 | -0.86 | -4.79 | -0.38 |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | -0.86 |
| EPS Post IPO (Rs.) | -0.84 |
| Adjusted 12M EPS Post IPO (Rs.) | -1.76 |
| P/E Pre IPO | -126.74 |
| P/E Post IPO | -129.60 |
| Adjusted 12M P/E Post IPO | -62.06 |
| ROE | NA |
| ROCE | -2.12% |
| P/BV | 14.10 |
| Debt/Equity | - |
| RoNW | -12.50% |
| EBITDA Margin | -2.51% |
| PAT Margin | -8.00% |
PhysicsWallah Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| PhysicsWallah Limited | -0.86 | -126.74 | NA | -2.12% | 14.10 | - | -12.50% |
PhysicsWallah Limited Contact Details
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/
PhysicsWallah IPO Registrar and Lead Manager(s)
MUFG Intime India Pvt.Ltd.
C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai 400 083, Maharashtra, India Telephone: +91 810 811 4949
E-mail: physicswallah.ipo@in.mpms.mufg.co m
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Kotak Mahindra Capital Company Limited
1 st Floor, 27 BKC, Plot No. C – 27 "G" Block, Bandra Kurla Complex Bandra (East) Mumbai 400 051 Maharashtra, India
Tel: +91 22 4336 0000
E-mail: physicswallah.ipo@kotak.com
Website: https://investmentbank.kotak.com
J.P. Morgan India Private Limited
J.P. Morgan Tower, Off CST Road Kalina, Santacruz East Mumbai 400 098, Maharashtra, India Telephone: +91 22 6157 3000
E-mail: physicsWallah_IPO@jpmorgan.com
Website: www.jpmipl.com
Goldman Sachs (India) Securities Private Limited
9 th and 10th Floor, Ascent-Worli Sudam Kalu Ahire Marg Worli, Mumbai 400 025 Maharashtra, India
Telephone: +91 22 6616 9000
Email: pw-ipo@gs.com
Website: www.goldmansachs.com
Axis Capital Limited
1 st Floor, Axis House Pandurang Budhkar Marg Worli, Mumbai 400 025 Maharashtra, India
Tel: +91 22 4325 2183
E-mail: pw.ipo@axiscap.in
Website: www.axiscapital.co.in
PhysicsWallah IPO Review
PhysicsWallah Limited (“PW”) is one of India’s fastest-growing education technology companies, offering online, offline, and hybrid learning solutions for competitive and board exam preparation. The company earns revenue mainly from teaching/coaching services, sale of books and tablets, hostel and transport income, and advertising on its digital platforms. Its learning ecosystem caters to JEE, NEET, UPSC, and K-12 students through platforms like PW App, PW Vidyapeeth, and PW Pathshala
The Company is led by Promoter, i.e., ALAKH PANDEY AND PRATEEK BOOB.
The Revenues from operations for the Period ended on June 30 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹
9,054.11 Million, ₹
30,390.89 Million, ₹
20,153.48 Million, and ₹
7,725.44 Million, The EBITDA for the Period ended on June 30, 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹
-212.21 Million, ₹
1,931.95 Million, ₹
-8,293.46 Million, and ₹
138.58 Million, The Profit after Tax for the Period ended on June 30, 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹
-1,270.09 Million, ₹
-2,432.58 Million, ₹
-11,311.30 Million, and ₹
-840.75 Million, respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹
-0.86 and post-issue EPS of ₹
-0.84 for FY25. The pre-issue P/E ratio is
-126.74x, while the post-issue P/E ratio is -
129.60x against the Industry P/E ratio is NA. The company's ROE for FY25 is NA and RoNW is -12.50%. The Annualised EPS is ₹ -1.76x and P/E is
-62.06x. These metrics suggest that the IPO is Fully priced.
The Grey Market Premium (GMP) of PhysicsWallah showing listing gains of 0 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the PhysicsWallah Limited IPO for Listing gain or Long Term Purposes.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
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