Physicswallah IPO

About Physicswallah IPO

The Physicswallah IPO opens on November 11, 2025 and closes on November 13, 2025. The allotment of shares will take place on November 14, 2025. The credit of shares to the Demat account will take place on November 17, 2025. The initiation of refunds will take place on November 17, 2025. The listing of shares will take place on November 18, 2025.

The 100% book building issue of Physicswallah comprises a fresh issue of aggregating up to ₹3100 crores and an offer for sale aggregating up to ₹380 crores. The total offer size of the issue aggregates up to ₹3480 crores. The price band is ₹103 to ₹109 per share and the lot size is 137.

Physicswallah offers test preparation courses for competitive examinations, and other courses such as for upskilling. Its channels of delivery include – (i) online, which includes its social media channels, website and apps; (ii) tech-enabled offline centres (where its faculty conducts live classes in a physical centre); or (iii) hybrid centres (its two-teacher model where a student attends a live online classes at a physical centre and can benefit from another faculty that is present at the centre to resolve questions and participate in revision classes).

Objectives of Physicswallah IPO

The company proposes to utilise the IPO proceeds for:

• Capital expenditure for its fit-outs of new offline and hybrid centres
  
• Expenditure towards lease payments of existing identified offline and hybrid centres
  
• Investment in its subsidiary, Xylem Learning
  
• Investment in its subsidiary, Utkarsh Classes & Edutech for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centres
  
• Expenditure towards server and cloud related infrastructure costs
  
• Expenditure towards marketing initiatives
  
• Acquisition of additional shareholding in its subsidiary, Utkarsh Classes & Edutech
  
• Funding inorganic growth through unidentified acquisitions and general corporate purposes
  

Industry Outlook

India's education sector ranks among the largest worldwide, driven by its scale and continued investment in infrastructure and quality. As per All India Survey of Higher Education (AISHE), the number of universities increased from 903 in fiscal 2018 to 1,168 in fiscal 2022, while colleges grew from 39,050 to 45,473 during the same period. The number of schools in India stood at 14,71,891 in Fiscal 2024 as compared to 15,58,903 in fiscal 2018.

NEP 2020 is transforming India’s education landscape with a focus on expanding access, fostering global competitiveness, and promoting sustainability. India’s Gross Enrolment Ratio (GER) in higher education stood at ~33% in CY2022, according to the World Bank.

The Indian education market is at ₹15-16 trillion (US$ 185-195 billion) in fiscal 2025, accounting for ~5% of India’s GDP at current prices. It is projected to grow at a CAGR of ~10% over the next 5 years to reach ₹24- 26 trillion (US$ 300-310 billion) in fiscal 2030.

Physicswallah Company Information

Physicswallah offers test preparation courses for competitive examinations, and other courses such as for upskilling. Its channels of delivery include:

• Online, which includes its social media channels, website and apps
  
• Tech-enabled offline centres (where its faculty conducts live classes in a physical centre)
  
• Hybrid centres (its two-teacher model where a student attends a live online class at a physical centre and can benefit from another faculty that is present at the centre to resolve questions and participate in revision classes).
  

Among the top 5 education companies in terms of revenue in India, Physicswallah is the largest in India in terms of student community, with its main YouTube channel, “Physics Wallah-Alakh Pandey" having ~13.7 million subscribers as of July 15, 2025, according to Redseer Report.

Strengths of Physicswallah IPO

• Physicswallah had 4.46 million total number of paid users in fiscal 2025 which grew at a CAGR of 59.19% between fiscals 2023 and 2025, driven by a student community-led approach
  
• Presence across a large number of education categories in India with courses offered through multiple channels
  
• Proprietary technology-stack enhances students’ learning experience
  
• Ecosystem generates network effects driven by community-based approach
  
• Specialised faculty members across categories, quality content and well-planned curriculum leading to successful results
  
• Experienced management team led by visionary founders
  

Risks of Physicswallah IPO

• Inability to generate adequate revenues may negatively affect the company’s financial condition
  
• Failure to attract and retain students could impact financial conditions and cash flows
  
• Failure to attract and retain faculty members may adversely impact business and operations
  
• Discontinuation of founders’ services could adversely impact business
  
• Failure to provide content across education categories may adversely impact student outcomes and enrolments
  
• Failure to expand network of offline and online centres could expose it to concentration risks
  
• Potential conflict of interest due to related party transactions
  
• Certain subsidiaries have incurred losses whose continuation may adversely affect cash flows
  
• Inability to maintain brand or reputation could have material impact on the company’s reputation
  
• Failure to continue increasing offline and online services could adversely impact business
  

Peer Comparison

There are no listed peers of the company and potential investors may not have a peer to draw a comparison with the company.

Anchor Investor Bidding Date

Anchor portion of the IPO opens for bidding on November 10, 2025.

IPO Registrar and Book Running Lead Managers

• Registrar: MUFG Intime India
• Book Running Lead Managers: Kotak Mahindra Capital Company, J.P. Morgan India, Goldman Sachs (India) Securities and Axis Capital

Physicswallah Business Model

Physicswallah started its operations by offering test preparation courses for JEE and NEET. It has since then expanded its course offerings across additional test preparation categories for other competitive examinations (such as civil service examinations, graduate aptitude test in engineering (“GATE”) and other government examinations).

It’s also present in other categories, such as “Skills” which includes upskilling courses for students and professionals across areas such as data science and analytics, banking and finance and software development. As of March 31, 2025, the company offered multiple courses across 13 education categories.

Physicswallah Growth Trajectory

The revenue from operations of Physicswallah grew from ₹744.318 crores in FY 23 to ₹2886.643 crores in FY 25. Its EBITDA margin grew from 1.86% in FY 23 to 6.69% in FY 25, while the total number of paid users grew from 0.176 crores in FY 23 to 0.446 crores in FY 25.

Its education categories grew from 6 in FY 23 to 13 in FY 25. The company operated 198 total offline centres as at March 31, 2025, which grew at a CAGR of 165.92% between fiscals 2023 to 2025. Specialised faculty members along with an experienced management team has helped the company grow over the years.

Physicswallah Market Position

Among the top 5 education companies in terms of revenue in India, Physicswallah is the largest in India in terms of student community, with its main YouTube channel, “Physics Wallah-Alakh Pandey” having ~13.7 million subscribers as of July 15, 2025, according to Redseer Report.

Its YouTube community had 98.80 million subscribers as at June 30, 2025 and grew at a CAGR of 41.80% between fiscals 2023 and 2025. It also has a significant offline presence among education companies in India in terms of offline revenue, according to the Redseer Report. It’s also among the top-five education companies in terms of revenue in India and is one of the fastest-growing companies in terms of revenue growth during fiscals 2022 to 2024.

How to Apply for Physicswallah IPO?

• Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
  

Check Physicswallah IPO Allotment Status