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PhysicsWallah is a leading edtech platform in India, offering online learning content. It is one of India’s most popular edtech brand having offline coaching centres along with hybrid models.
It focuses on competitive exams like JEE, NEET, UPSC, and various state-level entrance tests.
The Indian EdTech giant PhysicsWallah intends to raise ₹3,820 crore via IPO. The price range is ₹103-109. GMP today is ₹ 04.
The Fresh issue for the IPO is for ₹3,100 crore and Offer for Sale (OFS) for ₹720 crore (both promoters selling ~₹360 crore each).
IPO date is open to apply from 14th Nov’25, Price range for the IPO is yet to be announced.
Revenue , PAT, EBITDA of PhysicsWallah
| Year | 2025 |
| Networth | ₹ 519 |
| Revenue: | ₹ 2,887 |
| EBITDA | ₹ 193 |
| PAT | -₹ 243 |
| EBITDA Margin: | -6.7% |
| PAT Margin | -8.4% |
PhysicsWallah Financials (Consolidated Figures)
| Year (Approx Values) | Revenue (₹ Cr) | Profit (₹ Cr) | Assets (₹ Cr) | Net Worth (₹ Cr) |
| 2023 | ₹ 744 | ₹ -84 | ₹ 2,082 | ₹ -188 |
| 2024 | ₹ 1,940 | ₹ -1,131 | ₹ 2,480 | ₹ -1,252 |
| 2025 | ₹ 2,886 | ₹ -243 | ₹ 4,156 | ₹ 471 |
PhysicsWallah IPO Grey market premium today
| Date | IPO Price | IPO GMP | GMP Trend | Estimated listing | Estimated profit per lot |
| 12-Nov | ₹ 103-109 | ₹ 04 | Positive | ₹ 113 | ₹ 548 |
| 11-Nov | ₹ 103-109 | ₹ 04 | Positive | ₹ 113 | ₹ 548 |
| 10-Nov | ₹ 103-109 | ₹ 08 | Positive | ₹ 117 | ₹ 1,096 |
| 09-Nov | ₹ 103-109 | ₹ 10 | Positive | ₹ 119 | ₹ 1,370 |
| 08-Nov | ₹ 103-109 | ₹ 05 | Positive | ₹ 114 | ₹ 695 |
| 07-Nov | ₹ 103-109 | ₹ 05 | Positive | ₹ 114 | ₹ 695 |
PhysicsWallah Core Offerings & location
PhysicsWallah specializes in affordable online and offline education.
Focusing mainly on students preparing for competitive exams like JEE, NEET, UPSC, and state-level entrances.
It offers video lectures, live classes, doubt-solving, study materials, and hybrid coaching centres through its app and offline network.
PhysicsWallah has its widespread Offline centres spread across India with around ~198 centres in ~109 cities (FY25).
Their plan is to expand Vidyapeeth/Hybrid/Pathshala centres across India and few overseas locations.
PhysicsWallah IPO Pros & Cons
Strengths:
- Strong revenue growth (FY23–FY25).
- Hybrid model (online + offline) diversifies revenue.
- Large and well-known brand in India and deep reach via YouTube & app ecosystem.
- Focus on clear capital allocation for expansion across India.
- Backed by high-profile investors & top-tier lead managers.
Risks:
- Consistent losses for past years (FY23–FY25).
- High offline centre costs (leases, fit-outs, faculty overhead).
- Subsidiary losses by Xylem, Utkarsh, Knowledge Planet
- Offline concentration risks in few cities might be a challenge.
- Key-person & faculty attrition might be a risk.
PhysicsWallah: IPO date & invest detail
| IPO Open Date: | 11 Nov-25 |
| IPO Close Date: | 13 Nov-25 |
| Anchor Investor Bidding | 10 Nov-25 |
| IPO Allotment Date: | 14–Nov-25 |
| Refunds & Demat Credit | 15–Nov-25 |
| Tentative Listing Date: | 18-Nov-25 |
| IPO Category | Mainboard |
| Symbol | – |
| Face Value: | Rs.10 per Equity Share |
| Issue Size: | ~ ₹ 3,820 Cr |
| Lot Size: | 137 |
PhysicsWallah Composition & Proceeds
| Fresh Issue: | ~₹ 3100 Crore |
| Offer for Sale: | ~₹ 720 Crore |
| Employee reservation | – |
| Price Range | ₹103-109 |
| Use of Proceeds: | |
| Fit-outs for New Centres | ~₹ 460.5 Cr |
| Office lease Payments | ~₹ 548.3 Cr |
| Marketing | ~₹ 710 Cr |
| Technology & Server cloud | ~₹ 200.1 Cr |
| Subsidiary Funding | ~₹ 100 Cr |
| General Corporate purpose | Balance (Remainder) |
| IPO Listing on: | NSE & BSE |
| Retail Quota: | ≥ 35% |
| QIB Quota: | ≥ 35% |
| NII Quota: | ≥ 15% |
PhysicsWallah Lot Size details
| Application Type | Lot Size | No. of Lots | No. of Shares | Investment Amount |
| Retail(Min) | 137 | 1 | 137 | 14,933 |
| Retail (Max) | 137 | 13 | 1,781 | 1,94,129 |
| Small HNI (Min) | 137 | 14 | 1,918 | 2,09,062 |
| Small HNI (Max) | 137 | 66 | 9,042 | 9,85,578 |
| Big HNI (Min) | 137 | 67 | 9,179 | 10,00,511 |
PhysicsWallah Promoters – Pre offer equity (Approx)
| Alakh Pandey | ~40.35% |
| Prateek Maheshwari (Boob) | ~40.35% |
To visit official website of PhysicsWallah click here.
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