IPO Details
Bidding Dates
11 Nov 25 - 13 Nov 25
Price Range ₹
103 - 109
Total Equity
₹ 0.00 Cr
Lot Size
137
Exchange Status
NSE,BSE
IPO Doc
Subscription Rate
Non-Institutional Investor
1.06×
Qualified Institutional Buyers
2.70×
Employees
3.49×
Retail Investors
1.06×
Total subscription Rate
1.81×
IPO Timeline
Offer start
11 Nov 2025
Offer end
13 Nov 2025
Allotment
14 Nov 2025
Refund initiation
17 Nov 2025
Demat transfer
17 Nov 2025
Listing
18 Nov 2025
Offer start
11 Nov 2025
Offer end
13 Nov 2025
Allotment
14 Nov 2025
Refund initiation
17 Nov 2025
Demat transfer
17 Nov 2025
Listing
18 Nov 2025
About Company
Incorporated in 2016, PhysicsWallah Ltd. is one of India’s leading edtech companies, providing affordable and high-quality education for competitive exams such as JEE, NEET, UPSC, and for upskilling domains like data science, banking, and software development.PW has built a hybrid education ecosystem, combining online learning (via apps, website, and YouTube) with a rapidly expanding offline network of centers across India. As of June 30, 2025, the company operated 303 offline centers, employed 6,267 faculty members, and had 18,028 total employees.PW’s content-first, low-cost model and focus on Tier-II & Tier-III cities have made it a household name in India’s test prep segment. Its YouTube presence (13.7 million subscribers) and 4.46 million paid users in FY25 highlight its vast reach and deep engagement.
Year Founded
06-06-2020
Promotor Details
Deepak Amitabh
Project Details
- None - Nonecr
Objectives
- The Offer comprises a Fresh Issue of 284,468,537* Equity Shares of face value of ?1 each, aggregating to ?31,00* million by our Company and an Offer for Sale of 34,862,384* Equity Shares of face value of ?1 each, aggregating to ? 3,00* million by the Promoter Selling Shareholders.
Highlights
- PhysicsWallah is a household name with over 13.7M YouTube subscribers and millions of active learners, giving it one of the largest engaged student communities in India.
- A combination of low-cost digital courses and tech-enabled offline centers enables strong scalability and penetration in Tier-II & Tier-III cities.
- Offers 13 education categories, covering K-12, test prep, and professional upskilling, reducing dependence on a single segment.
- Paid user base grew at a CAGR of ~59% (FY23–FY25); revenues up 51% YoY.
- PW’s in-house technology improves content delivery, personalization, and student outcomes while keeping costs efficient.
Challenges
- Despite improving EBITDA, the company remains net loss-making (₹243.26 Cr in FY25), raising sustainability concerns.
- Rapid rollout of new centers could strain working capital and increase fixed costs, affecting margins.
- Faces pressure from BYJU’s, Unacademy, Vedantu, Adda247, and Allen, especially in the test-prep and upskilling segments.
- With a P/B of 14.10x and negative EPS, the IPO appears expensive relative to profitability.
- Any dip in exam demand or consumer affordability could impact enrolments and revenue growth.
Financials
| Years | Total Assets | Share Capital | Profit After Tax | Consolidated Net Profit | Adjusted EPS |
|---|---|---|---|---|---|
| 2024 | 24,157.64 | 60.00 | -11,311.30 | -10,404.30 | -4.8168 |
| 2025 | 40,768.75 | 10,528.38 | -840.75 | -814.47 | -0.3771 |
| 2023 | 20,764.04 | 60.00 | -840.75 | -814.47 | -0.3771 |
