PhysicsWallah IPO
GMP, Subscription, Price, Dates & Financial Details
PhysicsWallah (PW) is one of India’s leading edtech companies, providing comprehensive test preparation and upskilling courses through both online and offline platforms. The company caters to students preparing for competitive examinations such as JEE, NEET, and UPSC, as well as professionals…
Open Date
Tue, 11 Nov 2025
Close Date
Thu, 13 Nov 2025
Price Band
₹ 103 – 109
Lot Size
137
Issue Size
₹ 3,480.00 Cr
Minimum Investment
₹ 14,933 (137 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
PhysicsWallah IPO has successfully completed its IPO process and is now listed on the NSE and BSE. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹3,480 Crore, comprising a fresh issue of 28.45 Crore equity shares aggregating to ₹3,100.00 Crore and an offer for sale (OFS) of 3.49 Crore equity shares aggregating to ₹380.00 Crore by the existing shareholders.
The PhysicsWallah IPO remained open for subscription from November 11, 2025, to November 13, 2025. The basis of allotment was finalized on November 14, 2025, and the company's shares were listed on the NSE and BSE on November 18, 2025.
The company had fixed the price band at ₹103 to ₹109 per share, with a lot size of 137 shares. Retail investors were required to make a minimum investment of ₹14,933 (based on the upper price band) to apply for one lot.
The IPO also included a reservation of 752,688 equity shares for eligible employees, who received a discount of ₹10 per share.
MUFG Intime India Private Limited served as the registrar to the issue. Goldman Sachs (India) Securities Private Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited, and Axial Capital Private Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, PhysicsWallah Limited is now a publicly listed company on the NSE and BSE. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
PhysicsWallah IPO Timeline (Tentative)
- IPO Open Date
- Tue, 11 Nov 25
- IPO Close Date
- Thu, 13 Nov 25
- Basis of Allotment
- Fri, 14 Nov 25
- Initiation of Refunds
- Mon, 17 Nov 25
- Credit of Shares to Demat
- Mon, 17 Nov 25
- Listing Date
- Tue, 18 Nov 25 — NSE & BSE
Open Date
11 November 2025
Close Date
13 November 2025
Basis Of Allotment
14 November 2025
Listing Date
18 November 2025
IPO Subscription
Check Live Subscription →The PhysicsWallah IPO has received bids for 33,62,27,044 shares against 18,62,04,143 shares offered, resulting in an overall subscription of 1.81x. the NII category is subscribed 0.48x, Retail Investors 1.06x, Employees 3.49x, and QIBs 2.7x. Within the NII category, BNII is subscribed 0.55x, while SNII is subscribed 0.35x.
QIB
2.7x
NII
0.48x
BNII
0.55x
SNII
0.35x
RII
1.06x
EMP
3.49x
Total
1.81x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 3,37,18,446 shares, representing 18.11% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 10,11,55,340 shares (54.32%), while Non-Institutional Investors (NIIs) receive 5,05,77,669 shares (27.16%).
| Category | Shares Offered | Shares Offered |
|---|---|---|
| Qualified Institutions | 101,155,340 | 54.32% |
| Non-Institutional | 50,577,669 | 27.16% |
| BNII | 33,718,446 | 18.11% |
| SNII | 16,859,223 | 9.05% |
| Retail Investors | 33,718,446 | 18.11% |
| Employees | 752,688 | 0.4% |
| Total | 186,204,143 | 100% |
Financials Details(₹ in Crores)
| Particular | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 5075.67 | 4156.38 | 2480.74 | 2082.18 |
| Revenue | 905.41 | 3039.09 | 2015.35 | 772.54 |
| Profit After Tax | -127.01 | -243.26 | -1131.13 | -84.08 |
| Net Worth | 1867.92 | 1945.37 | -861.79 | 62.29 |
| Reserve & Surplus | 787.92 | 467.06 | -1254.74 | -187.65 |
| Total Borrowings | 1.55 | 0.33 | 1687.4 | 956.15 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
PhysicsWallah Limited KPI Information
| Particular | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|
| RoNW % | -12.5 | 0 | -134.98 |
| Pat Margin % | -8.43 | -58.28 | -11.3 |
Peers Comparison
No Peer Comparision Available
About PhysicsWallah Limited
PhysicsWallah (PW) is one of India’s leading edtech companies, providing comprehensive test preparation and upskilling courses through both online and offline platforms. The company caters to students preparing for competitive examinations such as JEE, NEET, and UPSC, as well as professionals seeking upskilling in areas like Data Science and Analytics, Banking and Finance, and Software Development.
PW operates through multiple digital channels—including its website, mobile applications, and social media platforms—and has expanded its presence through tech-enabled offline and hybrid learning centers across the country. As of July 15, 2025, PhysicsWallah ranks among the top five edtech companies in India by revenue, with a strong community of 13.7 million YouTube subscribers.
Key Highlights for Fiscal 2025
- 4.13 million unique transacting online users
- 0.33 million students enrolled at offline centers
- Average collection per user: ₹3,682.79
- 198 total offline centers
- 5,096 faculty members
- 15,775 total employees
- 3,582 books published
PhysicsWallah IPO Promoters
- Alakh Pandey
- Prateek Boob
Promoters Holding
Holding Pre Issue
81.64%
Holding Post Issue
0.00%
PhysicsWallah IPO Objective
The Company PhysicsWallah IPO proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Capital expenditure for fit-outs of new offline and hybrid centers of our Company
- Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company
- Capital expenditure for fit-outs of new offline centers of Xylem (“New Xylem Centers”)
- Lease payments for Xylem’s existing identified offline centers and hostels
- Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers
- Expenditure towards server and cloud related infrastructure costs
- Expenditure towards marketing initiatives
- Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited
- Funding inorganic growth through unidentified acquisitions and general corporate purposes
PhysicsWallah Limited Address / Contact Details
PhysicsWallah Ltd.
B 8, Block B,
Industrial Area, Sector 62,
Noida, Uttar Pradesh 201309
Noida, Uttar Pradesh, 201309
Phone: +91 9289926531
Email: investorsrelation@pw.live
Website: https://www.pw.live/
IPO Snapshot
PhysicsWallah IPO Lot Size
The PhysicsWallah IPO has a lot size of 137 shares. Retail investors require a minimum investment of ₹14,933 by applying for 1 lot (137 shares). The maximum application allowed for the retail category is 13 lots (1,781 shares), requiring an investment of ₹1,94,129.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 137 | 14,933.00 |
| Retail (Max) | 13 | 1,781 | 194,129.00 |
| S-HNI (Min) | 14 | 1,918 | 209,062.00 |
| S-HNI (Max) | 66 | 9,042 | 985,578.00 |
| B-HNI (Min) | 67 | 9,179 | 1,000,511.00 |
Issue Reservation
- QIB — 54.32%
- NII — 27.16%
- RII — 18.11%
- EMP — 0.4%
Book Running Lead Managers
- Goldman Sachs (India) Securities Private Limited
- J.P. Morgan India Private Limited
- Kotak Mahindra Capital Company Limited
- Axial Capital Private Limited
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the PhysicsWallah IPO?
PhysicsWallah IPO is a Book-building IPO with a total issue size of ₹3480 crore. The PhysicsWallah IPO price band is ₹103 to 109 per share. The PhysicsWallah IPO subscription opens on Tue, Nov 11, 2025, and closes on Thu, Nov 13, 2025. The PhysicsWallah IPO will be listed on the BSE,NSE. MUFG Intime India Private Limited is the registrar for the PhysicsWallah IPO.
When will the PhysicsWallah IPO open for subscription?
The PhysicsWallah IPO opens on Tue, Nov 11, 2025 and closes on Thu, Nov 13, 2025
What is PhysicsWallah IPO Price Band?
PhysicsWallah IPO Price Band is ₹103 to 109 per share.
What is PhysicsWallah IPO Lot Size?
PhysicsWallah IPO lot size is 137 shares, Retail investors need a minimum investment of ₹14933 based on the upper price band
What is the minimum investment for PhysicsWallah IPO?
The minimum investment for PhysicsWallah IPO is ₹14933, based on one lot of 137 shares at the upper price band of ₹109 per share.
How to apply for PhysicsWallah IPO?
Investors can apply for the PhysicsWallah IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Thu, Nov 13, 2025. The application amount remains blocked until the PhysicsWallah IPO allotment is finalized.
What is PhysicsWallah IPO Issue Size?
PhysicsWallah IPO issue size is ₹3480 crores.
What is the PhysicsWallah IPO Allotment Date?
PhysicsWallah IPO allotment date is Fri, Nov 14, 2025.
Who is the PhysicsWallah IPO Registrar?
The registrar for PhysicsWallah IPO is MUFG Intime India Private Limited. Investors can go to MUFG Intime India Private Limited website to check PhysicsWallah IPO allotment status, refund processing, and other IPO-related information.
What is the PhysicsWallah IPO GMP?
The PhysicsWallah IPO GMP (Grey Market Premium) is ₹5 as of Thu, Nov 6, 2025. Based on the upper price band of ₹109 per share, the estimated PhysicsWallah IPO listing price is ₹114, indicating a potential listing gain of approximately 4.59% over the issue price.
Who is the PhysicsWallah IPO Lead Manager?
The book-running lead managers (BRLMs) for the PhysicsWallah IPO are J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited, and Axial Capital Private Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the PhysicsWallah IPO Red Herring Prospectus (RHP).