Physicswallah IPO Day 2: Subscription Status, Key Highlights and More
The Physicswallah IPO is into day two of its bidding period. The IPO opened for subscription on November 11, 2025 and will close for bidding tomorrow, i.e., November 13, 2025. The edtech company, co-founded by Alakh Pandey, Prateek Maheshwari and Ankit Maurya, raised ₹1562.85 crores a day ahead of its IPO from anchor investors.
The price band of shares in the Physicswallah IPO is set between ₹103 and ₹109 per share. The tentative allotment of shares will take place on November 14, 2025. The shares are expected to be listed on stock exchanges on November 18, 2025.
Physicswallah IPO Day 2 Subscription Status
(As on 12th Nov 2025, 5:00 PM)
| Day | QIB (Ex-Anchor) | NII | NII (>₹10L) | NII (<₹10L) | Retail | EMP | Total |
|---|---|---|---|---|---|---|---|
Day 1 | 0.00 | 0.03 | 0.01 | 0.05 | 0.36 | 1.18 | 0.08 |
Day 2 | 0.00 | 0.06 | 0.03 | 0.11 | 0.63 | 1.89 | 0.14 |
| Investor Category | Subscription (Times) |
|---|---|
Qualified Institutional Buyers (QIBs) | 0x |
Non-Institutional Investors (NIIs) | 0.05x |
Retail Individual Investors (RIIs) | 0.61x |
Employees | 1.86x |
Total | 0.13x |
Selling Shareholders in Physicswallah IPO and Use of Proceeds
Alakh Pandey and Prateek Boob are the selling shareholders in the Physicswallah IPO. Both Alakh and Prateek will offload shares worth ₹190 crores each. The table shows the amount of money the company plans to utilise for various purposes raised through IPO:
| Purpose | Amount in ₹ Crores |
|---|---|
Capital expenditure for its fit-outs of new offline and hybrid centres | 460.551 |
Expenditure towards lease payments of existing identified offline and hybrid centres | 548.308 |
Investment in its subsidiary, Xylem Learning | 47.168 |
Investment in its subsidiary, Utkarsh Classes & Edutech for expenditure towards lease payments for Utkarsh Classes’existing identified offline centres | 28.002 |
Expenditure towards server and cloud related infrastructure costs | 200.106 |
Expenditure towards marketing initiatives | 710.000 |
Acquisition of additional shareholding in its subsidiary, Utkarsh Classes & Edutech | 26.500 |
Utilisation of IPO Proceeds
The company proposes to utilise the IPO proceeds for various purposes. These include:
- 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
Physicswallah Business Overview
Physicswallah provides test preparation courses for competitive examinations. Along with it, it also offers other courses. It has several channels of delivery. These include:
- Online, encompassing social media channels, website and apps
- Tech-enabled offline centres where its faculty conducts live classes
- Hybrid centres that follow a two-teacher model
Note that Physicswallah is among the top 5 education companies in terms of revenue in India. It’s also the largest in India in terms of student community. Its main YouTube channel, ‘Physics Wallah-Alakh Pandey’ had~13.7 million subscribers as of July 15, 2025, according to Redseer Report.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their own research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
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