PhysicsWallah IPO opens Nov 11; sets price band at ₹103-109; Check details

PhysicsWallah IPO: Edtech major PhysicsWallah is set to launch its initial public offering (IPO) on Tuesday, November 11, 2025, aiming to raise ₹3,480 crore. The company has set the price band for its initial public offering in the range of ₹103 to ₹109 per share. 

 

The maiden public issue comprises a combination of fresh issue of 284.4 million equity shares amounting to ₹3,100 crore and an offer for sale (OFS) of 34.9 million shares amounting to ₹380 crore. Founders Alakh Pandey and Prateek Boob are the promoter selling shareholders. 

 

According to the red herring prospectus (RHP), the company has reserved not less than 75 per cent of the issue for qualified institutional buyers (QIBs), not more than 15 per cent for retail investors and not more than 10 per cent for non-institutional investors (NIIs).

 

PhysicsWallah offers test preparation courses for competitive examinations and other courses for upskilling. The company's channels of delivery include online, which includes our social media channels, website and apps; tech-enabled offline centres; or hybrid centres.  It is among the top five education companies in terms of revenues in India and has 13.7 million subscribers on its main YouTube channel “Physics Wallah-Alakh Pandey" as of July 15, 2025.  ALSO READ | Check Lenskart IPO Allotment Status

Here are the key details about PhysicsWallah IPO:

PhysicsWallah IPO key dates

According to the RHP, the IPO will open for public bidding on Tuesday, November 11 and close on Thursday, November 14, 2025. The anchor investment period will be one day prior to the issue opening date, i.e. Monday, November 10, 2025. The basis of allotment of shares is expected to be finalised on Friday, November 14, 2025. Shares of PhysicsWallah will make their debut on the National Stock Exchange (NSE) and BSE, tentatively on Tuesday, November 18. 

PhysicsWallah IPO lot size

Investors can bid for a minimum of one lot comprising 137 shares. Accordingly, a retail investor would require a minimum investment amount of 14,933 to bid for at least one lot at the upper-end price and in multiples thereof. 

PhysicsWallah IPO registrar, lead manager

MUFG Intime India is the registrar of the issue. Kotak Mahindra Capital Company, JP Morgan India, Goldman Sachs (India) Securities, and Axis Capital are the book-running lead managers. 

PhysicsWallah IPO objective

According to the RHP, PhysicsWallah proposes to utilise ₹460.5 crore from the net fresh issue proceeds for fit-outs of new offline and hybrid centres of the company, and ₹548.3 crore for lease payments of its existing identified offline and hybrid centres. 

 

The company will use ₹47.2 crore in its subsidiary Xylem Learning, ₹31.6 crore for new centres and ₹15.5 crore for lease payments and hostels. Further, ₹33.7 crore will be directed to Utkarsh Classes & Edutech for lease payments of its centres. Additionally, ₹200.1 crore is earmarked for server and cloud infrastructure, ₹710 crore for marketing initiatives, and ₹26.5 crore for acquiring an additional stake in Utkarsh Classes. 

PhysicsWallah IPO GMP

On Thursday, the unlisted shares of PhysicsWallah were trading at ₹118, commanding a premium of ₹9 or 8.2 per cent against the upper end price of ₹109.