PhysicsWallah, India’s biggest EdTech unicorn, is coming up with its IPO on November 11, 2025 (Tuesday). The company had a humble beginning with Alakh Pandey starting a YouTube channel called “Physics Wallah” in 2014, and then went on to achieve the unicorn status in 2022.
With a total issue of ₹3,480 crores, the company is aiming to raise ₹3,100 crores through fresh issue and ₹380 crores in offer for sale (OFS).
So, let’s find all the details of the PhysicsWallah IPO, including its dates, issue size, financials, and SWOT analysis.
PhysicsWallah IPO Dates
Here are the PhysicsWallah IPO date and details you need to know:
- Bidding Opening Date: November 11, 2025
- Bidding Closing Date: November 13, 2025
- Allotment Date: November 14, 2025
- Initiation of Refunds (in case of less or no allotment): November 17, 2025
- Shares Credited to Your Demat Account: November 17, 2025
- IPO Listing Date: November 18, 2025
- Listing on Exchange: BSE and NSE
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- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
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PhysicsWallah IPO Price Band, Lot Size, and Issue Size
PhysicsWallah IPO valuation, as denoted by the market capitalisation, stood at ₹31,526.73 crores. Here are the essential details:
- PhysicsWallah IPO Price Band: ₹103 to ₹109 per share
- Lot Size: 137 Shares
- Face Value: ₹1 per share
- Total Issue Size and Amount: 31.93 crore shares (aggregating up to ₹3,480 crores)
- Fresh Issue Size and Amount: 28.44 crore shares (aggregating up to ₹3,100 crores)
- Offer for Sale and Amount: 3.48 crore shares (aggregating up to ₹380 crores)
PhysicsWallah IPO: Issue Offer Details
The company is planning to use the IPO proceeds for the following purposes:
- Offer for Sale: The offer for sale component of ₹380 crores will directly go to the selling shareholders, i.e., Alakh Pandey and Prateek Boob.
- Fresh Issue Size: The fresh issue component of ₹3,100 crores will go towards the capital expenditure and other financial requirements.
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- ₹710 crores will be allocated towards marketing spends.
- ₹548 crores for lease payments of existing identified offline and hybrid centers.
- ₹461 crores for capital expenditure for fit-outs of new offline and hybrid centers.
- ₹200 crores for covering the server and cloud-related infrastructure costs.
- ₹47 crores to be invested in the Xylem Learning Private Limited (subsidiary) for capital expenditure for fit-outs of new Xylem Centers and lease payment of offline centres and hostels.
- ₹28 crores for lease payment of offline centres of Utkarsh Classes & Edutech Private Limited (subsidiary).
- ₹26 crores for buying additional stakes in the Utkarsh Classes & Edutech Private Limited (subsidiary).
- The remaining amount will be used for general corporate purposes and acquisition purposes.
PhysicsWallah IPO Reservations
PhysicsWallah IPO reservations to different investors are:
- For QIBs: Not less than 75% of the Net Offer
- For NIIs: Not more than 15% of the Net Offer
- For Retail Investors: Not more than 10% of the Net Offer
PhysicsWallah IPO Lot Size
PhysicsWallah IPO lot size is 137 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 137 | ₹14,933 |
| S-HNI (Min) | 14 | 1,918 | ₹2,09,062 |
| B-HNI (Min) | 67 | 9,179 | ₹10,00,511 |
PhysicsWallah IPO Details: Promoter Holding
Alakh Pandey and Prateek Boob are the promoters of PhysicsWallah Limited.
PhysicsWallah Limited: About the Company
Officially incorporated in 2020, Physics Wallah is an Indian ed-tech company that aims to make learning accessible through technology for everyone. It began in 2014 when Alakh Pandey started teaching physics for free on YouTube. His clear teaching style attracted many students, leading to the official start of this company, with Prateek Boob as a co-founder.
Over time, it has expanded into a leading learning platform for various competitive exams. This includes JEE and NEET courses, civil services, GATE, and government exams. It also runs programs to help students and professionals improve their skills in fields like data science, analytics, banking, finance, and software development.
It mainly operates across three formats: online platforms (including its website, apps, and social media), offline centers that offer live classes with technology, and hybrid models that combine both. As of March 2025, the company reported over 41.3 lakh unique online users and around 3.3 lakh offline enrollments across 198 centers.
The teaching staff includes more than 5,000 faculty members, and its library has over 3,500 published books with more than 80 lakhs questions in its database.
Not just an online approach, PhysicsWallah also offers AI tools. Examples include “AI Guru,” which helps students with academic inquiries, and “AI Grader,” which automatically evaluates written answers. As of November 2025, the company’s main YouTube channel, Physics Wallah – Alakh Pandey, had around 13.9 million subscribers.
PhysicsWallah Limited: Financial Performance
Here are the key operating and financial metrics of PhysicsWallah Limited:
| Particulars (in ₹ Cr) | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue from operations | 2,886.64 | 1,940.71 | 49% |
| Loss for the year | -243.26 | -1,131.13 | -78% |
| EBITDA | 193.20 | -829.35 | 123% |
| EBITDA Margin | 6.69% | -42.73% | 49.42% |
| Total Employees (No.) | 15,775 | 12,956 | 2,819 |
| Total Faculty Members (No.) | 5,096 | 3,654 | 1,442 |
| Total Number of Paid Users (in lakhs) | 44.6 | 36.3 | 8.3 |
| Number of Unique Transacting Users (Online channel) (in lakhs) | 41.3 | 34 | 7.3 |
| Average Collection Per User (Online Channel) | 3,682.79 | 3,141.51 | 17% |
| Total Offline Centers (No.) | 198 | 126 | 72 |
| Number of Offline Student Enrollments (in lakhs) | 3.3 | 2.3 | 1.0 |
| Average Revenue Per User (Offline Channel) | 40,404.56 | 39,597.24 | 2% |
WHY SMC
- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
- Free Demat Account
- Revenue from operations: Physics Wallah’s operating revenue grew to ₹2,886.64 crores in FY25, up 49% from the previous financial year. This means that a higher number of students are registering for its courses across online and offline formats.
- Net Loss: The company reported a loss of ₹243.26 crores in FY25, improving significantly from the loss of ₹1,131.13 crores in FY24, signaling better operational control as it scales.
- EBITDA: EBITDA turned positive at ₹193.20 crores in FY25 compared to a negative ₹829.35 crores last year, highlighting increased efficiency in running its growing learning ecosystem.
- EBITDA Margin: The EBITDA margin turned positive to 6.69% from negative 42.73%, reflecting a healthier balance between revenue and operational costs.
- Total Employees: The team grew to 15,775 employees, showing the company’s commitment to building a strong support and teaching workforce for its expanding student base.
- Total Faculty Members: Faculty numbers increased to 5,096 in FY25, underlining the focus on quality teaching and subject expertise.
- Total Number of Paid Users: Paid users reached 44.6 lakh, indicating the platform’s popularity among students across India.
- Number of Unique Online Transacting Users: Active online learners rose to 41.3 lakh, showing that the online channel remains a central part of student engagement.
- Average Collection Per User for Online: ACPU for the online platform increased by 17% YoY to ₹3,682.79 in FY25, reflecting students’ continued trust in the platform.
- Total Offline Centers: Offline centers expanded to 198, making learning more accessible in different cities and towns.
- Number of Offline Student Enrollments: Offline enrollments grew to 3.3 lakh, as more students explored tech-enabled and hybrid classroom experiences.
- Average Revenue Per User for Offline: ARPU for offline platforms rose slightly by 2% YoY to ₹40,404.56 in FY25, showing consistent value being delivered in offline centers.
PhysicsWallah IPO GMP
PhysicsWallah IPO GMP is ₹4 as of November 10, 2025 (at 12:56). It is expected to list at a 3.67% gain at a price of ₹113. However, GMP is not a safe or assured criterion to bid for an IPO. It is important to do your own analysis before investing in any IPO.
PhysicsWallah IPO SWOT Analysis
Here is the detailed SWOT Analysis of PhysicsWallah IPO you should know before investing:
PhysicsWallah IPO: Strengths
- Strong Growth in Paid User Base: Physics Wallah recorded 44.6 lakh paid users, growing at an impressive CAGR of 59.2% between FY23 and FY25. In the quarter ended June 30, 2025, the platform had 24.3 lakh paid users, driven by its student community-led approach.
- Wide Presence Across Education Categories: The company offers courses across 13 education categories as of June 30, 2025, up from 6 categories in FY23, highlighting strong portfolio diversification across multiple learning segments and exam types.
- Robust Proprietary Technology Stack: It has a dedicated team of 548 technology and product professionals who support Physics Wallah’s proprietary learning management system (LMS).
- Open Access and Freemium Model Driving Engagement: Physics Wallah follows an open-access strategy, offering free classes and content across YouTube, social media, website, and apps.
- Strong Faculty Network and Quality Curriculum: As of June 30, 2025, the company had 6,267 faculty members, including teachers, doubt-solving experts, and content developers. The focus on specialized faculty, structured content, and result-oriented teaching drives credibility and learning outcomes.
- Dominant YouTube Community and Digital Reach: With 98.8 million YouTube subscribers as of June 2025, growing at a CAGR of 41.8% between FY23 and FY25, Physics Wallah has built one of India’s largest and most engaged online learning communities.
- Strong Position Among India’s Leading Edtech Players: Physics Wallah ranks among the top five education companies in India by revenue and is one of the fastest-growing players between FY23 and FY25. Its balanced online-offline business model and affordable pricing highlight its leadership in the evolving Indian Ed-tech industry.
PhysicsWallah IPO: Weaknesses
- Financial Losses: The company reported losses and negative net worth in past financial years. Sustained losses highlight challenges in managing expenses and achieving profitability amid rapid growth.
- High Dependence on Key Education Categories: Around 72% of Physics Wallah’s online transacting users are concentrated in four core categories: NEET, JEE, Government Exams, and Foundation Courses. Heavy reliance on these streams poses concentration risk if enrolments stagnate or decline.
- Geographic Concentration of Offline Revenue: A significant portion of offline revenue is derived from centers in select cities such as Delhi, Patna, Kota, Lucknow, and Kolkata. Limited geographic diversification exposes the company to regional concentration risks and potential revenue volatility.
- Subsidiary Losses: Key subsidiaries such as Xylem, Knowledge Planet, and Utkarsh Classes have incurred losses in past financial years. Continued financial underperformance may require ongoing capital support, pressuring consolidated cash flows and profitability.
- Intense Industry Competition: The test preparation industry faces stiff competition from both organized edtech platforms and independent educators. Growing competition could force pricing pressure or impact margins, potentially impacting the company’s financial performance and market share.
PhysicsWallah IPO: Opportunities
- Expanding Education Market: India’s education market is projected to reach ₹24 – 26 lakh crore by FY30 at a CAGR of 10%. A young population, rising middle-income households, and increasing prioritization of education will continue to drive long-term demand.
- Tier 2 Growth: Tier 2 and smaller cities accounted for around 43% of the market in FY25, with their share expected to rise to 46% by FY30, driven by improved infrastructure and growing aspirations among students and parents. This shift offers strong expansion potential for hybrid and affordable education models.
- Supportive Government Initiatives: Policies such as NEP 2020, Samagra Shiksha, Skill India, PMKVY, NEAT, and RUSA, supported by a huge education budget in FY2025, are promoting inclusivity, skill development, and public-private collaboration.
- Rising Digital Penetration: Online education penetration has increased from 2% in FY22 to 4% in FY25, and is projected to reach 7% by FY30, supported by affordable data, growing internet access, and hybrid learning adoption. This digital acceleration opens up massive potential for online-first education providers.
- Growth in Test Preparation and Upskilling Segments: India’s test preparation market is expected to expand at a 13% CAGR to ₹1.9 – 2.1 lakh crore by FY30. Expanding demand for quality, tech-driven learning in these areas provides ample room for growth.
- AI and Personalized Learning Solutions: Increasing adoption of AI-powered adaptive learning platforms is enhancing student outcomes through personalization and data-driven insights. This shift presents opportunities for technology-led educators to differentiate through customized and scalable learning solutions.
PhysicsWallah IPO: Threats
- Macroeconomic Pressures: Economic slowdowns and inflation can impact the affordability of educational services, particularly in price-sensitive segments, leading to potential enrollment declines.
- Policy and Regulatory Risks: Frequent changes in government policies, curriculum frameworks, and accreditation requirements can disrupt operations and require continuous compliance adjustments.
- Increased Compliance Burden: The introduction of mandatory registration or licensing norms for test-preparation companies could raise operational and regulatory costs.
- Exam Structure Changes: Modifications in the format or frequency of key exams, such as JEE or NEET, can compel test-prep companies to revise course content and delivery timelines, increasing costs and operational complexity.
- Reputation and Social Risks: Instances of student mental health issues or suicides can lead to negative publicity, heightened scrutiny, and tighter regulations across the education sector.
For all the insights on PhysicsWallah IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for the PhysicsWallah IPO easily on the SMC ACE Apply by opening free demat account now.
Frequently Asked Questions – FAQs
1. What are the opening and closing dates of PhysicsWallah IPO?
PhysicsWallah IPO is all set to open on November 11, 2025 (Tuesday) and will close on November 13, 2025 (Thursday).
2. How to apply for PhysicsWallah IPO online?
You can apply for PhysicsWallah IPO with a registered stockbroker like SMC Global Securities. Just download the SMC ACE App, open free demat account, and bid for an IPO by selecting the lot size and investment amount.
3. How can I check PhysicsWallah IPO allotment status?
You can check the PhysicsWallah IPO allotment status on the SMC ACE App on November 14, 2024 (Friday).
4. What could be the PhysicsWallah IPO expected listing gain?
Based on its GMP, PhysicsWallah IPO is expected to give around 4% listing gain. However, the market scenario and subscription levels could also impact the listing gains.
5. Is Physicswallah IPO good for investment?
PhysicsWallah IPO is a good investment as it is growing in terms of revenue, has made a turnaround in EBITDA, and also has a strong user base. However, its profitability remains a question. Expansion plans and competition from unorganized players can also impact its growth.
6. What is PhysicsWallah IPO minimum investment amount?
For the PhysicsWallah IPO, you need to invest a minimum amount of ₹14,933 as a retail investor. For bidding as an S-HNI, the minimum investment amount could go up to ₹2,09,062.
References:
https://investmentbank.kotak.com/kib-cms/sites/default/files/offer-documets/Physicswallah%20Limited_RHP_vf.pdf
Author: All Content is verified by SMC Global Securities.
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- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
- Free Demat Account
