The initial public offering (IPO) of the edtech unicorn PhysicsWallah Limited opens today, November 11, 2025, and will remain open until November 13, 2025.
The IPO is worth Rs 3,480 crore and includes both a fresh issue and an offer-for-sale (OFS) of shares.
Through the OFS, company promoters Alakh Pandey and Prateek Maheshwari are selling part of their stakes.
The allotment of shares is expected by November 14, 2025, and the stock is likely to list on the BSE and NSE on November 18, 2025.
Market expert Anil Singhvi notes that PhysicsWallah has a unique business model. While the company’s EBITDA is positive, it is yet to become fully profitable.
He also cautions investors that the current market is not very enthusiastic about IPOs, suggesting a long-term perspective of 2 years for risk-taking investors.
Key Positives and Risks of PhysicsWallah
Positives:
Young and dynamic promoters
Strong brand recognition and trust
Consistent growth track record
Scalable business model through technology
Affordable pricing of courses
Wide reach in smaller cities and international markets
Debt-free after repaying all loans in FY25
Positive cash flow
Low marketing expenses (10% of revenue)
Cost advantages due to AI usage
Plans to expand into physical classrooms
Risks / Negatives:
Still a loss-making company (though EBITDA positive)
Heavy dependence on promoters’ brand
Reliance on JEE and NEET segments
Offline expansion increases capital and operational risks
Pressure on margins due to aggressive pricing
Regulatory uncertainties
Competition risk due to low entry barriers
Integration risks with mergers or acquisitions
PhysicsWallah IPO Details
IPO size: Rs 3,480 crore (Fresh issue: Rs 3,100 crore; OFS: Rs 380 crore)
Promoter share sale: Alakh Pandey and Prateek Maheshwari selling Rs 190 crore each
Price band: Rs 103–109 per equity share
Lot size: 137 shares (minimum Rs 14,933)
Subscription dates: November 11–13, 2025
Allotment date: November 14, 2025 (tentative)
Listing date: November 18, 2025 (tentative)
Book-running lead manager: Kotak Mahindra Capital
Registrar: MUFG Intime India Pvt Ltd
Investor allocation: QIB – 75%, NII – 15%, Retail – 10%
The IPO has already attracted Rs 1,562.85 crore from anchor investors, including ICICI Prudential MF, Kotak MF, Nippon India MF, Aditya Birla Sun Life MF, DSP MF, Tata MF, Goldman Sachs Asset Management, Fidelity, Franklin Templeton Global, and others.
About PhysicsWallah
PhysicsWallah offers test prep courses for competitive exams like JEE, NEET, GATE, and UPSC, along with upskilling programs.
Its services are delivered through online platforms (YouTube, apps, website), tech-enabled offline centres, and hybrid centres combining online teaching with in-person support.
The company reduced its losses to Rs 243 crore in FY25 from Rs 1,131 crore in FY24, while revenue increased to Rs 2,887 crore from Rs 1,941 crore.
