PhysicsWallah Limited, one of India’s fastest-growing edtech unicorns, is coming up with its maiden public issue. The PhysicsWallah IPO aims to raise ₹3,480 crore, consisting of a fresh issue of ₹3,100 crore and an offer for sale (OFS) of ₹380 crore. The IPO opens for subscription on November 11, 2025, and closes on November 13, 2025, with tentative listing on November 18, 2025 at both BSE and NSE. With a strong brand recall, 13.7 million YouTube subscribers, and a growing hybrid learning model, PhysicsWallah (PW) aims to expand aggressively in India’s test-preparation and skill development sector. Let’s dive into detailed PhysicsWallah IPO review, analysis, GMP, and whether you should subscribe or avoid this IPO.
About PhysicsWallah Ltd.
Founded by Alakh Pandey and Prateek Boob, PhysicsWallah Limited offers test preparation courses for JEE, NEET, UPSC, and several upskilling programs in Data Science, Banking & Finance, and Software Development. The company has built a strong presence across online, offline, and hybrid learning models.
Key Highlights:
- 13.7 million YouTube subscribers as of July 2025.
- 4.13 million online transacting users.
- 303 offline and hybrid centers across India.
- 6,267 faculty members and over 18,000 employees.
- Published over 4,382 books.
The company has diversified into multiple education categories and now competes directly with Byju’s, Unacademy, and Vedantu in both online and physical learning formats.
Competitive Strengths
- Strong Brand Recall & Large User Base
PhysicsWallah’s strong YouTube community and affordable learning model have given it a loyal student base across India. - Hybrid Learning Model
PW successfully integrated online and offline ecosystems, giving it a competitive edge over purely digital platforms. - Robust Tech Infrastructure
The company’s proprietary technology stack ensures smooth learning experiences and personalized recommendations. - Specialized Faculty & Curriculum
With thousands of skilled educators, PW ensures subject depth and strong pedagogy in each course segment. - Proven Scalability
Rapid expansion into 300+ centers demonstrates operational scalability.
PhysicsWallah IPO Issue Details
| Particulars | Details |
|---|---|
| IPO Opening Date | November 11, 2025 |
| IPO Closing Date | November 13, 2025 |
| Price Band | ₹103 – ₹109 per share |
| Face Value | ₹1 per share |
| Lot Size | 137 shares |
| Minimum Investment (Retail) | ₹14,933 |
| Total Issue Size | ₹3,480 crore |
| Fresh Issue | ₹3,100 crore |
| Offer for Sale (OFS) | ₹380 crore |
| Listing At | BSE & NSE |
| Lead Managers | Kotak Mahindra Capital, JP Morgan, Goldman Sachs, Axis Capital |
| Registrar | MUFG Intime India Pvt. Ltd. |
Company Financials
| Particulars (₹ Cr) | FY23 | FY24 | FY25 | Q1 FY26* |
|---|---|---|---|---|
| Total Income | 772.5 | 2,015.3 | 3,039.1 | 905.4 |
| PAT | -84.1 | -1,131.1 | -243.2 | -127.0 |
| EBITDA | 13.8 | -829.3 | 193.2 | -21.2 |
| Net Worth | 62.3 | -861.8 | 1,945.4 | 1,867.9 |
| Borrowings | 956.1 | 1,687.4 | 0.33 | 1.55 |
As per RHP, the company turned EBITDA positive in FY25 after a sharp improvement in cost structure. However, it continues to report accounting losses due to aggressive investments and expansion costs.
Key Ratios
- RoNW: -12.5%
- PAT Margin: -8.4%
- EBITDA Margin: 6.7%
- Price to Book Value: 14.1x
- Post Issue Market Cap: ~₹31,526 crore
Objects of the Issue
The company plans to utilize the net proceeds for:
- Capital expenditure for new offline/hybrid centers – ₹460.5 crore
- Lease payments for existing centers – ₹548.3 crore
- Server and cloud infrastructure – ₹200.1 crore
- Marketing initiatives – ₹710 crore
- Inorganic growth and acquisitions
- General corporate purposes
P/E Ratio Comparison with Peers
| Company | P/E Ratio (x) | Remarks |
|---|---|---|
| Byju’s (Unlisted) | N/A | Heavy losses |
| UpGrad (Unlisted) | N/A | Loss-making |
| NIIT Ltd. | 42x | Profitable player in professional education |
| Aptech Ltd. | 38x | Steady margins |
| PhysicsWallah (Post IPO) | N/A | Loss-making |
The edtech industry average P/E is ~35x for profitable peers. Since PW is currently loss-making, traditional P/E valuation does not apply; investors should consider EV/Revenue multiples instead.
Reasons to Invest in PhysicsWallah IPO
1. Strong Brand & Low-Cost Disruption
PhysicsWallah’s unique positioning as a high-quality yet affordable learning brand makes it a disruptive player in India’s education space.
2. Diversified Revenue Base
The company derives income from online courses, offline centers, books, and upskilling programs – ensuring reduced dependency on any one segment.
3. Aggressive Expansion Plan
The IPO funds will support the expansion of new centers, particularly in Tier-II and Tier-III cities, increasing market penetration.
4. Positive EBITDA Turnaround
From a loss of ₹829 crore in FY24 to a positive EBITDA in FY25, PW is showing financial improvement and cost optimization.
5. Massive User Ecosystem
With 13M+ followers and millions of active users, PhysicsWallah enjoys one of the largest education communities in India.
Risk Factors of PhysicsWallah IPO
1. Continued Net Losses
Although EBITDA positive, the company remains loss-making, indicating operational efficiency still needs improvement.
2. Intense Competition
Edtech is a fiercely competitive market with heavyweights like Byju’s, Unacademy, Vedantu, and traditional coaching brands entering hybrid learning.
3. Regulatory Risks in Education Sector
Changing government policies or restrictions on private education could impact business models.
4. Dependence on Founders
Alakh Pandey’s strong brand persona is core to the company. Any reputational impact could affect PhysicsWallah’s market standing.
5. Economic Sensitivity
Economic downturns may reduce spending on education, affecting enrollments and profitability.
How to Apply for PhysicsWallah IPO
You can apply for this IPO through:
- UPI-based ASBA via net banking (ICICI, HDFC, SBI, Axis, etc.)
- Broker Platforms: Zerodha, Groww, Angel One, or Upstox
- Offline through banks by filling ASBA forms
Ensure UPI mandates are approved before 5 PM on November 13, 2025.
Grey Market Premium (GMP) – PhysicsWallah IPO
As per market observers, PhysicsWallah IPO GMP is currently around ₹15–₹20 per share (subject to market fluctuations). This indicates moderate investor interest ahead of listing.
Note: GMP can change daily based on subscription trends and market conditions. It is an unofficial indicator, not a guarantee of listing gains.
PhysicsWallah IPO – Conclusion: Should You Invest or Avoid?
PhysicsWallah’s IPO presents a mixed picture:
- Positives: Strong brand presence, growing offline network, and diversified learning model.
- Concerns: Continuous losses, high valuation, and uncertain profitability.
Investors may avoid this IPO for now.
Frequently Asked Questions (FAQs)
1. What are PhysicsWallah IPO dates?
IPO opens on November 11, 2025, and closes on November 13, 2025.
2. What is PhysicsWallah IPO price band?
The price band is fixed at ₹103 to ₹109 per share.
3. What is the minimum investment for retail investors?
Retail investors can apply for one lot (137 shares) costing ₹14,933.
4. Who are the promoters of PhysicsWallah Ltd.?
Alakh Pandey and Prateek Boob are the promoters.
5. Is PhysicsWallah a profitable company?
The company is EBITDA positive but still reports accounting losses.
6. What is the PhysicsWallah IPO GMP today?
GMP is around ₹15–20 per share as per market data.
7. Should I apply for the PhysicsWallah IPO?
Apply only if you believe in the long-term growth of the edtech sector and are comfortable with short-term volatility.
Disclaimer: Investing in IPOs involves market risk. This article is for educational purposes only and not a recommendation to invest. Investors should read the Red Herring Prospectus (RHP) and consult financial advisors before investing.
- 14 High Return Mutual Funds that Delivered Over 30% CAGR in the Last 5 Years - November 30, 2025
- KLM Axiva Finvest NCD December 2025 – Issue Details and Review - November 30, 2025
- Vidya Wires IPO – Issue Price, Details, GMP, Pros & Cons, Review — Should You Subscribe? - November 30, 2025