Introduction
The Indian stock market is buzzing with excitement as Physics Wallah IPO, one of the country’s most beloved and affordable education platforms, has opened its doors to public investors through an Initial Public Offering. The IPO opened for subscription on November 11, 2025, and closes on November 13, 2025, with shares expected to list on both BSE and NSE on November 18, 2025.
What started as a humble YouTube channel by passionate teacher Alakh Pandey has transformed into a multi-billion rupee enterprise that’s now inviting everyday investors to become part owners. For millions of students who have relied on Physics Wallah for quality yet affordable education, this IPO represents a significant milestone. It’s proof that staying true to your mission—providing accessible education—can lead to tremendous business success.
Let’s dive deep into everything you need to know about the Physics Wallah IPO, from pricing details to financial performance, and help you understand whether this investment opportunity aligns with your goals.
IPO Size and Pricing Details
The Numbers That Matter: Physics Wallah IPO
Physics Wallah is raising approximately ₹3,480 crores through this IPO, which comprises a fresh issue of ₹3,100 crores and an offer for sale (OFS) of ₹380 crores. This substantial fundraise underscores the company’s ambitious expansion plans and growing market confidence.
Key IPO Details:
- Price Band: ₹103 to ₹109 per equity share
- Total Issue Size: 31,92,66,054 equity shares
- Face Value: ₹1 per share
- Fresh Issue: ₹3,100 crores
- Offer for Sale: ₹380 crores
- Minimum Lot Size: 137 shares
- Minimum Investment for Retail Investors: ₹14,933 (for 137 shares at upper price band)
Important Dates to Remember
IPO Timeline:
- Anchor Investor Bidding: November 10, 2025
- IPO Opens: November 11, 2025
- IPO Closes: November 13, 2025
- Allotment Date: November 14, 2025
- Listing Date: November 18, 2025 on BSE and NSE
- Refund/Credit of Shares: November 17, 2025
Investor Category Allocation
The retail quota is 10%, QIB (Qualified Institutional Buyers) is 75%, and HNI (High Net Worth Individuals) is 15%. Interestingly, Physics Wallah raised ₹1,562.85 crore from anchor investors, indicating strong institutional interest before the public offering.
The Physics Wallah Journey: From YouTube to Stock Market
Physics Wallah wasn’t born with a silver spoon. It started in 2016 when Alakh Pandey began uploading physics lectures on YouTube. His teaching style—simple, relatable, and highly effective—quickly resonated with students across India who were struggling with expensive coaching institutes.
The official platform launched as an app in 2020, perfectly timed with the pandemic that pushed education online. While competitors were charging premium prices, Physics Wallah remained committed to affordability, with courses costing a fraction of traditional coaching fees.
Impressive Growth Metrics:
- 13.7 million subscribers on the main YouTube channel “Physics Wallah – Alakh Pandey” as of July 15, 2025
- Nearly 98 million total subscribers across all channels
- 198 offline centers across 109 cities as of 2025
- Ranked among India’s top 5 edtech firms by revenue
How Will Physics Wallah Use the IPO Proceeds?
Understanding how a company plans to use IPO funds is crucial for investors. Physics Wallah has outlined clear objectives for the capital raised.
Primary Use of Funds
Expansion of Physical Infrastructure:
- Approximately ₹460.5 crore for new classroom fit-outs and ₹548.3 crore towards lease payments for existing locations
- The company plans to use ₹1,088 crores from the proceeds to expand its offline network by setting up new coaching centres and managing leases
Investment in Subsidiaries:
- ₹47.2 crore to Xylem Learning for new centers and hostels
- ₹26.5 crore for increased stake in Utkarsh Classes
- Strengthening the company’s presence across different education segments
Technology and Marketing:
- ₹200.1 crore for server and cloud infrastructure
- ₹710 crore for marketing and branding
- Working capital and general corporate purposes
This diversified fund utilization shows Physics Wallah’s strategy to build a hybrid education model combining online convenience with offline effectiveness.
Financial Performance: The Numbers Tell a Story: Physics Wallah IPO
Revenue Growth
The company reported revenue of ₹3,039.09 crores in FY2025 against ₹2,015.35 crores in FY2024, representing a strong 51% year-over-year growth. This demonstrates the company’s ability to scale its business model effectively.
Profitability Concerns
However, it’s important to note the profitability picture. The company reported a loss of ₹243.26 crores in FY2025 against a loss of ₹1,131.13 crores in FY2024. While losses have reduced significantly by nearly 78%, the company is still not profitable. In Q1 FY2026, PhysicsWallah posted a net loss of ₹125.5 crores, up 78% year-over-year.
What This Means:
- The company is investing heavily in growth and expansion
- Losses are narrowing, showing improved operational efficiency
- Path to profitability exists but hasn’t been achieved yet
- Typical for high-growth companies in expansion mode
What Makes Physics Wallah Stand Out?
The Affordability Promise: Physics Wallah IPO
In an industry where competitors charge tens of thousands of rupees for course packages, Physics Wallah has maintained its commitment to accessible pricing. Their courses often cost less than what students would spend on textbooks, making quality education available to millions who couldn’t afford expensive coaching.
Three-Channel Delivery Model
Physics Wallah delivers education online through social media, apps, and its website, as well as via tech-enabled offline and hybrid centers. This omnichannel approach gives students the flexibility to learn however they prefer.
Strong Student Community
The company has built an incredibly loyal student community. Unlike platforms that rely heavily on advertising, Physics Wallah benefits from strong word-of-mouth marketing, which significantly reduces customer acquisition costs.
Course Diversity
As of June 30, 2025, the company claims to offer courses across 13 education categories, up from six categories as of March 31, 2023. This includes preparation for JEE, NEET, UPSC, state boards, and professional upskilling courses in data science, banking, finance, and software development.
Market Opportunity: Why EdTech Still Matters
Massive Addressable Market
India’s education market is enormous and growing. With over 15 million students attempting competitive exams like JEE and NEET annually, and a growing middle class seeking quality education, the opportunity is substantial.
Market Drivers:
- Increasing internet and smartphone penetration
- Growing acceptance of online learning post-pandemic
- Government focus on digital education infrastructure
- Rising aspirations and competition for limited college seats
- Need for professional upskilling in a changing job market
Risks Every Investor Should Consider
Profitability Timeline
The company is still loss-making despite revenue growth. Investors need to assess their comfort level with investing in a company that may take time to turn profitable.
High Employee Attrition
The company experienced a high employee attrition rate of 45.27% in FY24, though it decreased to 36.51% in FY25. High attrition can affect productivity and teaching quality.
Geographic Concentration
The company derives significant revenue from centers in a few cities, including Delhi NCR, Patna, Kota, Calicut, Lucknow, and Kolkata. Delhi-NCR accounted for 10.53% and Patna accounted for 8.21% of total revenue for the three months ended June 30, 2025.
Category Concentration
A significant portion of online users is concentrated in a few education categories—NEET (26.64%), JEE (15.63%), other government exams (12.33%), and Foundation courses (17.61%) for the three months ended June 30, 2025. Heavy dependence on these categories poses risk.
Operational Risks with Rapid Expansion
The company has rapidly expanded its offline operations and plans to continue this expansion, bringing increased operational risks including challenges related to setting up new centers and managing higher manpower requirements.
Current Market Sentiment
As of the third day of bidding, the IPO was subscribed only 16% by 11:00 IST, indicating lukewarm investor response. This could be due to broader market conditions, profitability concerns, or pricing considerations.
Who Should Consider Investing?
Ideal Investor Profile
Long-term Growth Investors:
- Those who believe in India’s education market potential
- Investors comfortable with growth stocks that aren’t yet profitable
- People who value mission-driven, socially impactful businesses
- Those willing to ride out volatility for potential long-term gains
Investment Considerations
Before Applying, Ask Yourself:
- Am I comfortable investing in a loss-making company?
- Do I believe in the India education story?
- Can I hold this investment for 3-5 years minimum?
- Do I understand the EdTech business model and its challenges?
- Is the valuation reasonable given the growth trajectory?
How to Apply for Physics Wallah IPO
Retail investors can apply through:
- ASBA (Application Supported by Blocked Amount) through their bank
- UPI-based applications through stock brokers
- Online trading platforms and mobile apps
The process is simple and can be completed in minutes through most modern brokerage apps.
The Bigger Picture:- Physics Wallah IPO
Physics Wallah’s IPO represents more than just another company going public. It validates that affordable, quality education can be a sustainable business model. In an industry where many companies prioritized aggressive growth and high cash burn, Physics Wallah demonstrated that responsible growth with a social mission can lead to business success.
For the Indian startup ecosystem, this IPO could reignite interest in profitable or near-profitable EdTech investments. It highlights that while growth matters, the path to profitability cannot be ignored indefinitely.
Frequently Asked Questions
Everything you need to know about Physics Wallah IPO
What is the Physics Wallah IPO price?
The Physics Wallah IPO is priced in the range of ₹103 to ₹109 per equity share. Retail investors need to invest a minimum of ₹14,933 to purchase 137 shares (one lot) at the upper price band of ₹109. The final issue price will be determined based on demand during the bidding process.
What is the Physics Wallah IPO date?
The Physics Wallah IPO opened for subscription on November 11, 2025, and closes on November 13, 2025. The allotment of shares is scheduled for November 14, 2025, and the shares are expected to list on both BSE and NSE on November 18, 2025. Anchor investor bidding took place on November 10, 2025.
What is the Physics Wallah IPO review?
Physics Wallah IPO presents a mixed picture. On the positive side, the company shows strong revenue growth of 51% year-over-year and has significantly reduced losses by 78%. The brand has strong student loyalty and offers affordable education. However, the company is still loss-making with a net loss of ₹243.26 crores in FY2025. The IPO has received lukewarm response with only 16% subscription by Day 3, indicating cautious investor sentiment. High employee attrition and concentration risks in specific geographies and exam categories are concerns.
Should I invest in Physics Wallah IPO?
Investing in Physics Wallah IPO depends on your risk appetite and investment horizon. Consider investing if you’re a long-term investor who believes in India’s education market potential and can tolerate volatility in a growth stock that isn’t yet profitable. The company has a clear mission, strong brand recall, and improving financials. However, avoid if you’re a conservative investor seeking immediate profitability or cannot handle market volatility. The lukewarm subscription response and continued losses suggest caution. Always read the prospectus carefully, assess your financial goals, and consider consulting a financial advisor before investing.
Conclusion
The Physics Wallah IPO is undoubtedly one of the most significant public offerings in India’s EdTech sector. From humble YouTube beginnings to a ₹3,480 crore public offering, the company’s journey embodies the democratization of quality education in India.
For investors, this IPO presents an opportunity to participate in a company that’s genuinely impacting millions of students’ lives. With strong revenue growth, reducing losses, and clear expansion plans, Physics Wallah has built a compelling story. However, the investment comes with real risks—continued losses, execution challenges in rapid expansion, and competitive pressures.
The lukewarm initial subscription response suggests that investors are being cautious, possibly waiting to see how the company executes its growth plans and moves toward profitability. The listing price and early trading days will reveal whether public markets value the mission as much as the metrics.
Whether you choose to invest or not, Physics Wallah has already achieved something remarkable. It proved that staying true to the mission of affordable education isn’t just noble—it can be good business too. As the shares begin trading on November 18, all eyes will be on whether this EdTech darling can win over public market investors the same way it won over millions of students.
For those considering investment, remember: don’t invest based on emotional attachment to the brand alone. Study the financials in the prospectus, understand the risks, assess your own risk tolerance, and make an informed decision that aligns with your financial goals. This is one story worth watching, regardless of whether you’re holding shares or cheering from the sidelines.
