PhysicsWallah Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹103 - ₹109
- Lot size
- 137 shares
- Issue amount
- ₹3,480 cr
- Total subscription
- 1.91×
- Opens
- 11 Nov 2025
- Closes
- 13 Nov 2025
- Allotment
- 14 Nov 2025
- Listing
- 18 Nov 2025
Offer at a glance
Issue overview
- Issue size
- 31,92,66,055 shares
- Face value
- ₹1 Per Share
- Minimum investment
- ₹14,111
- Fresh issue
- ₹3,100 cr
- Offer for sale
- ₹380 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,933
- Issue type
- Bookbuilding IPO
- Shares before issue
- 2,60,79,56,938
- Shares after issue
- 2,89,23,60,607
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 137 | ₹14,933 |
| sHNI | 14 | 1,918 | ₹2,09,062 |
| bHNI | 67 | 9,179 | ₹10,00,511 |
Share reservation
Subscription & GMP
Subscription by category
Reported 13 Nov 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 2,32,525 | 1,96,535 |
| EMPLOYEES | 0 | 8,595 |
| HNIs(10L +) | 16,609 | 1,218 |
| HNIs (2-10L) | 8,304 | 2,524 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 1,041.37 | 2,981.98 |
| FIIs | 0 | 941.19 |
| FIs | 0 | 155 |
| Mutual Funds | 0 | 1,747.28 |
| Others | 0 | 138.51 |
| RETAIL | 347.23 | 388.04 |
| NIB | 520.84 | 266.22 |
| HNIs 2+ | 173.61 | 63.84 |
| HNIs 10+ | 347.23 | 202.39 |
| EMPLOYEES | 7.71 | 28.63 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Jun-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | -0.46 | -0.86 | -4.79 |
| ROE | 0 | 0 | 0 |
| ROCE | 0 | 0 | 0 |
| RONW | -6.8 | -12.5 | 0 |
| PRE IPO(PE) | 0 | -116.86 | 0 |
| POST IPO(PE) | -62.06 | 0 | 0 |
Values and labels as reported in the issue data.
Company information
Company profile
The company is a leading EdTech platform offering online, offline, and hybrid test preparation for exams like JEE, NEET, and UPSC, along with upskilling courses in Data Science, Finance, and Software Development. As of July 15, 2025, it had 13.7 million YouTube subscribers, 4.13 million online transacting users, and 0.33 million offline enrolled students, totaling 4.46 million paid users with a CAGR of 59.19% from FY23 to FY25. It operates 198 tech-enabled hybrid centers, has 5,096 faculty members, and employs 15,775 people. The company has published 3,582 books and ranks among the top five EdTech firms in India by revenue. IPO proceeds will primarily be used for expanding offline and hybrid centers (₹1,056 crore), upgrading server and cloud infrastructure (₹200 crore), marketing (₹710 crore), acquisitions and investments (₹107 crore), and other corporate purposes.
Strengths
- Omni-Channel Learning: Offers online, offline, and hybrid modes, covering diverse student needs and maximizing reach.
- Strong User Base & Brand Trust: 13.7M YouTube subscribers and 4.46M paid users demonstrate high brand recognition and engagement across India.
- Proprietary Technology: In-house platforms improve learning experience, reduce external reliance, and support cost-efficient scaling.
Risk factors
- Ongoing Losses & Negative Net Worth: Reported losses of ₹2,432.58M (FY25), ₹11,311.30M (FY24), and ₹840.75M (FY23) may strain liquidity and affect investor confidence.
- Dependence on Students & Faculty: Performance relies on student enrolments and faculty retention; any decline could hurt revenue and growth.
- Competitive & Costly Expansion: Faces strong competition from EdTech leaders and financial pressure from capital and lease costs of new centers.
Promoters
Alakh Pandey
Prateek Boob
Registrar & documents
Lead manager
Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
B 8, Block B, Industrial Area, Sector 62, Noida, Uttar Pradesh 201309 Noida, Uttar Pradesh, 201309
+91 9289926531
[email protected]Company website ↗Understanding PWL IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.