PhysicsWallah Limited IPO
PhysicsWallah Limited IPO
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Having completed its public offering, PhysicsWallah Limited's is now listed and trading on the NSE, BSE exchange as of 18-11-2025. The IPO raised cumulative capital of 31,92,66,055 Shares, including 28,44,03,670 Shares in primary capital infusion and ₹380.00 Cr in secondary market transactions.
The IPO was conducted with a price range of ₹103 to ₹109 and minimum investment requirement of 137 shares. subscription activity between 11-11-2025 and 13-11-2025 reflected market assessment of the offering's valuation and prospects.
The allotment process finalized on 14-11-2025 distributed equity ownership to successful bidders. The listing established a transparent market mechanism for share trading, price discovery, and investor participation in the company's future growth.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
PhysicsWallah Limited IPO About Company
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.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
PhysicsWallah Limited IPO Strength Factors
- 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.
PhysicsWallah Limited IPO 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.
PhysicsWallah Limited IPO Lead Manager(s)
- Axis Capital Limited
- Goldman Sachs (India) Securities Private Limited
- J.P. Morgan India Private Limited
- Kotak Mahindra Capital Company Limited
PhysicsWallah Limited IPO Promoter(s)
- Alakh Pandey
- Prateek Boob
PhysicsWallah Limited IPO FAQs
PhysicsWallah Limited IPO subscribed 1.91 times. The public issue subscribed 1.12 times in the retail category,2.86times in QIB, and 0.58 times in the HNI (10+) category byNovember 18, 2025 4:18:35 AM (Day 18).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
PhysicsWallah Limited IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
PhysicsWallah Limited IPO FAQs
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