Physics Wallah Limited has launched an Initial Public Offering to raise funds for expansion, attracting new customers, and updating of digital infrastructure. The IPO consists of a fresh issue of 28.44 crore shares worth Rs.3,100 crore and an offer for sale of 3.49 crore existing shares worth Rs.380 crore, totaling Rs.3,480 crore.
Physics Wallah Limited’s IPO will open on 11th November 2025 and close on 13th November 2025, with shares expected to list on NSE and BSE on 18th November 2025.
The IPO is priced between Rs.103 and Rs.109 per share with a lot size of 137 shares. Minimum investment for retail investors is Rs.14,933 (137 shares) (upper price), for S-HNIs is Rs.2,09,062 that is 14 lots, (1,918 shares), and for B-HNIs is 67 lots or 9,179 shares (Rs. 10,00,511).
GMP of Physics Wallah Limited IPO
As of 11th November, 2025, Physics Wallah Limited’s shares were trading in the grey market at a 2.75 percent premium. The grey market price is Rs.112 per share, which is Rs.3 higher than the issue price of Rs.109.
Overview of Physics Wallah Limited
Physics Wallah Limited is an edtech company providing test preparation courses for exams like JEE, NEET, and UPSC, along with upskilling courses in areas such as data science, banking, finance, and software development.
It delivers education online through social media, apps, and its website, as well as via tech-enabled offline and hybrid centers. Ranked among India’s top 5 edtech firms by revenue, it has 13.7 million YouTube subscribers as of July 15, 2025.
Promoters of Physics Wallah Limited
The promoters of Physics Wallah Limited are Alakh Pandey and Prateek Boob.
Physics Wallah Limited Selling Shareholders
Promoter selling shareholders Alakh Pandey and Prateek Boob are offering equity shares of face value Rs. 1 each, with each selling up to ₹1,900 million worth of shares.
Lead Managers of Physics Wallah Limited
Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Goldman Sachs and Axis Capital are serving as the book-running lead managers for the IPO, while MUFG Intime India Private Limited is acting as the registrar, managing the offer process.
Objectives of the IPO Offer
The net proceeds from the PhysicsWallah IPO will be used for multiple purposes, including Rs. 460.55 crore for fit-outs of new offline and hybrid centers of the company and Rs. 548.31 crore towards lease payments for its existing offline and hybrid centers.
Additionally, Rs. 31.65 crore will be spent on fit-outs for new offline centers of Xylem and Rs. 15.52 crore on lease payments for Xylem’s existing centers and hostels. The company will also invest Rs. 33.70 crore in its subsidiary, Utkarsh Classes & Edutech Private Limited, to cover lease payments for Utkarsh’s identified offline centers.
Further allocations include Rs. 200.11 crore for server and cloud-related infrastructure, Rs. 710 crore for marketing initiatives, and Rs. 26.50 crore for acquiring additional shareholding in Utkarsh Classes & Edutech Private Limited.
Financial analysis of Physics Wallah Limited
Between FY24 and FY25, the company showed strong improvement across key financial metrics. Total assets increased significantly from Rs. 2,480.74 crore in FY24 to Rs. 4,156.38 crore in FY25. Total income also rose sharply from Rs. 2,015.35 crore to Rs. 3,039.09 crore over the same period. Losses narrowed, with profit after tax improving from a loss of Rs. 1,131.13 crore in FY24 to a smaller loss of Rs. –243.26 crore in FY25.
EBITDA also turned positive, moving from Rs. –829.35 crore in FY24 to Rs. 193.20 crore in FY25, reflecting better operational performance. Net worth improved from a negative Rs. –861.79 crore to a positive Rs. 1,945.37 crore, while reserves and surplus moved from Rs. –1,254.74 crore to Rs. 467.06 crore. Additionally, total borrowing reduced sharply from Rs. 1,687.40 crore in FY24 to just Rs. 0.33 crore in FY25, indicating improved financial stability.
Strengths of Physics Wallah Limited
- The Total Number of Paid Users in Fiscal 2025 is 4.43 million, grew at a CAGR of 59.19% from fiscal 2023 to 2025
- Presence across a large number of education categories in India, with courses offered through multiple channels
- Proprietary technology stack enhances students’ learning experience
- Specialized faculty members across categories, quality content, and a well-planned curriculum
- Experienced management team led by our visionary founders
Weaknesses of Physics Wallah Limited
- The success depends on attracting and keeping students; failing to do so may hurt business and finances
- Business depends on retaining faculty; losses could hurt operations and finances
- Business depends on founders and key leaders; their exit could impact operations
- engaged in related party transactions that could create conflicts of interest
Conclusion
Physics Wallah Limited shows strong growth with a large and expanding user base, a wide range of courses, advanced technology, quality content, and an experienced management team. However, the company’s success heavily relies on retaining students, faculty, and key leaders, and it faces potential risks from related party transactions.
Written by: Jhanavi Sivakumar
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