Physicswallah IPO GMP, Price, Allotment

Physicswallah IPO Description – Established in 2014. Physics Wallah (PW) is among the top five education companies in india by revenue and the largest in terms of student community. The company offers courses across 13 education categories, including test preparation for JEE, NEET, UPSC, GATE, CA, defence, and other government examinations, as well as upskilling programs in data science, finance, and software development. Enrollments in Fiscal 2025 included 9,27,255 students for NEET, 5,73,422 for JEE, and 5,28,098 for foundation courses, among others.

As of 30 June 2025, PW’s YouTube community comprised 9.88 crore subscribers across 207 channels, with its flagship channel “Physics Wallah – Alakh Pandey” alone reaching ~1.37 crore subscribers. Physicswallah operates through a multi-channel delivery model encompassing online platforms, tech-enabled offline centers, and hybrid “Pathshala” centers. By 31 March 2025, the company managed 198 offline centers, growing at a CAGR of 165.92% between Fiscals 2023 and 2025, with 0.03 crore offline enrollments and 0.41 crore unique online transacting users. Paid user base reached 0.45 crore in Fiscal 2025.

As at 31 March 2025, Physicswallah employed 15,775 personnel. Its content ecosystem comprised 3,582 published books and over 0.82 crore question banks. The company has also deployed AI tools such as “AI Guru” for instant doubt resolution and “AI Grader” for automated answer evaluation to enhance learning outcomes.

Promoters of Physicswallah – Alakh Pandey and Prateek Boob

Physicswallah IPO Details

Physicswallah IPO Dates	11 – 13 November 2025 (Tentative Date)
Physicswallah Issue Price	Coming soon
Fresh issue	INR 3,100 crore
Offer For Sale	INR 720 crore
Total IPO size	INR 3,820 crore
Minimum bid (lot size)	Coming soon
Face Value	INR 1 per share
Retail Allocation	10%
Listing On	BSE, NSE

Physicswallah Financial Performance

	FY 2023	FY 2024	FY 2025
Revenue	744.32	1,940.71	2,886.64
Expenses	861.99	3,279.26	3,264.85
Net income	(84.08)	(1,131.13)	(243.26)
Margin (%)	(11.30)	(58.28)	(8.43)

Figures in INR Crores unless specified otherwise

Physicswallah Offer News

Physicswallah Valuations & Margins

	FY 2023	FY 2024	FY 2025 (Pre-Issue)	FY 2025 (Post-Issue)
EPS	(0.38)	(4.79)	(0.86)	–
PE Ratio	–	–	–	–

	FY 2023	FY 2024	FY 2025
RONW (%)	(134.98)	–	(12.50)
NAV	0.29	(3.97)	7.73
ROCE (%)	–	–	–
EBITDA (%)	1.86	(42.73)	6.69
Debt/Equity	–	–	–

*Compiled by IPO Central from Prospectus

Physicswallah IPO GMP Today (Daily Trend)

Physicswallah Offer Objectives

The company proposes to utilize the Net Proceeds from the Issue towards the following objects:

Capital expenditure for fit-outs of new offline and hybrid centers of the company – INR 460.55 crore
Expenditure towards lease payments of existing identified offline and hybrid centers operated by the company – INR 548.31 crore
Investment in subsidiary, Xylem Learning Private, for expenditure towards: – INR 47.17 crore
(i) Capital expenditure for fit-outs of new offline centers of Xylem (“New Xylem Centers”) – INR 31.65 crore
(ii) Lease payments for Xylem’s existing identified offline centers and hostels – INR 15.52 crore
Investment in the subsidiary, Utkarsh Classes & Edutech Private, for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers – INR 33.70 crore
Expenditure towards server and cloud-related infrastructure costs – INR 200.11 crore
Expenditure towards marketing initiatives – INR 710 crore
Acquisition of additional shareholding in the subsidiary, Utkarsh Classes & Edutech Private – INR 26.5 crore
Funding inorganic growth through unidentified acquisitions and general corporate purposes

Physicswallah IPO Subscription – Live Updates

Coming soon

() Shares allotted to anchor investors are not included in these calculations.

Physicswallah IPO Allotment Status

Physicswallah IPO allotment status will be available on the MUFG Intime India website. Click on this link to get the allotment status.

Physicswallah IPO Dates & Listing Performance

IPO Opening Date	11 November 2025
IPO Closing Date	13 November 2025
Finalization of Basis of Allotment	14 November 2025
Initiation of refunds	17 November 2025
Transfer of shares to demat accounts	17 November 2025
Physicswallah IPO Listing Date	18 November 2025
Opening Price on NSE	Coming soon
Closing Price on NSE	Coming soon

Angel One –
Anand Rathi –
Axis Capital –
Antique Stock Broking –
Arihant Capital –
Ashika Research –
Asit C Mehta –
BP Wealth –
Capital Market –
Canara Bank Securities –
Choice Broking –
Dalal & Broacha –
Elite Wealth –
GCL Broking –
Geojit –
GEPL Capital –
Hem Securities –
ICICIdirect –
Investmentz –
Jainam Broking –
DR Choksey –
LKP Research –
Marwadi Financial –
Motilal Oswal –
Nirmal Bang –
Reliance Securities –
SBI Securities –
Samco Securities –
SMC Global –
Swastika Investmart –
Ventura Securities –

Physicswallah IPO Lead Manager

KOTAK MAHINDRA CAPITAL COMPANY LIMITED
1st Floor, 27 BKC, Plot No. C – 27 “G” Block, Bandra Kurla Complex
Bandra (East) Mumbai 400 051
Phone: +91 22 4336 0000
Email: [email protected]
Website: www.investmentbank.kotak.com

Physicswallah Offer Registrar

MUFG INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai 400 083
Phone: +91 810 811 4949
Email: [email protected]
Website: www.in.mpms.mufg.com

PHYSICSWALLAH LIMITED
Plot No. B-8, Tower A, 101-119, Noida One,
Sector – 62, Gautam Buddha Nagar, Dadri, Noida 201 309
Phone: +91 9289926531
Email: [email protected];
Website: www.pw.live

Physicswallah IPO FAQs

How many shares in the Physicswallah IPO are reserved for HNIs and retail investors?

The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%.

How to apply in the Physicswallah Public Offer?

The best way to apply for Physicswallah public offer is through Internet banking ASBA (know all about ASBA here). You can also apply online through your stockbroker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.