PhysicsWallah IPO 2025: Here Is Everything You Must Know

PhysicsWallah, an Edtech (education technology) company, is ready to launch its new IPO (Initial Public Offering) on Tuesday, November 11, 2025. The latest IPO is worth Rs 3,480 crore. It includes a new issue of 28.44 crore shares valued at Rs 3,100 crore and OFS (Offer for Sale) of 3.49 crore shares valued at Rs 380 crore. The two promoters selling shares in the OFS are Alakh Pandey and Prateek Boob.

The IPO market is coming into play as the stock market mood improves, but investors are becoming cautious about unprofitable startups, especially in the education technology sector, after Byju's collapse. The GMP (Grey Market Premium) of PhysicsWallah stock has dropped to Rs 4 as of November 10, down from its highest GMP of Rs 9 a few days earlier.

GMP of PhysicsWallah IPO

Based on the reports of the grey market sources, PhysicsWallah's IPO GMP was Rs 4 till November 10, 2025. With the upper price band of the mainboard IPO set at Rs 109 per share, it is suggested that the shares of PhysicsWallah might list at around Rs 113, which is a premium of nearly 4% increase.

Key Details of the PhysicsWallah IPO

IPO Price Range: The price band of the PhysicsWallah IPO issue has been set at Rs 103 to Rs 109 per share.
IPO Date: PhysicsWallah will have its mainboard IPO open for subscription on Tuesday, November 11, 2025. It will close on Thursday, November 13, 2025.

IPO Size: The IPO launched by the Edtech company, PhysicsWallah, includes a new share issue to raise Rs 3,100 crore and an OFS (offer for sale) worth Rs 380 crore.

Must Read: Top 10 Mutual Funds for SIP in 2025: Best Picks to Grow Wealth

Reservations, Lot Size and Lead Managers of PhysicsWallah IPO

For the new IPO launch, 75% of the net issue is reserved for QIBs (Qualified Institutional Buyers) and 15% of the net issue is reserved for NIIs (Non-Institutional Investors). The remaining 10% issue is reserved for retail investors.

The lot size of the new IPO is 137 shares and the minimum lot size for retail investors is one lot. As the upper price band of the issue is Rs 109, the minimum amount of investment required by retail investors is Rs 14,933. The maximum lot size of the IPO for retail investors is 13 for Rs 1,94,129.

The following are the lot book-running lead managers of the PhysicsWallah IPO issue: Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited and Axis Capital Limited. While MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar of PhysicsWallah IPO.

Objective of the PhysicsWallah IPO with Its Allotment Date and Listing Date

According to the RHP (Red Herring Prospectus), PhysicsWallah plans to use the money from its new share offering for several purposes, including:

Setting up new offline and hybrid centers.
Paying leases for existing offline and hybrid centers.
Investing in its subsidiary, Utkarsh Classes and Edutech Private Limited.
Covering costs for server and cloud infrastructure.
Funding marketing initiatives.
Buying more shares in its subsidiary, Utkarsh Classes.
Supporting growth through other acquisitions and general corporate needs.

As the IPO will be closing on Thursday, November 13, the share allotments are expected to be finalised on the next business day, Friday, November 14. Successful bidders will receive their shares on the next business day, Monday, November 17. Those who fail to get the allotment will receive refunds of the shares on the same day. The PhysicsWallah's newly launched IPO will list on the BSE and NSE on Tuesday, November 18.

PhysicsWallah Business Overview

PhysicsWallah provides test preparation courses to help students prepare for competitive exams and other courses, such as courses to improve their skills. According to the RHP Report, PhysicsWallah is one of the top five education companies in India in terms of revenue and the largest company in India in terms of student community. Its main YouTube channel, “Physics Wallah-Alakh Pandey,” has nearly 13.7 million subscribers as of July 15, 2025, according to the Redseer Report.

Financial Performance of PhysicsWallah

PhysicsWallah has faced losses for several years. In FY23, it suffered a loss of Rs 84.08 crore. This loss grew to Rs 1,131.13 crore in FY24 but then decreased to Rs 243.26 crore in FY25. In the first three months ended on June 30 in the current financial year, it reported a loss of Rs 127.01 crore.

On the other hand, revenue from its operations has steadily increased. The revenue was Rs 744.32 crore in FY23, Rs 1,940.71 crore in FY24 and Rs 2,886.64 crore in FY25. For the first three months of FY26, its revenue from operations reached Rs 847.01 crore.

2. Best Mutual Funds to Invest in 2025: Low-Risk Options for High Return