IPO Issue Details
Issue Price / Price Band₹109 per share (Fixed Price)
Face Value₹1 Per Share
Lot Size137 Shares per Lot
Total Issue Size31,92,66,054 shares (aggregating up to ₹3,480.00 Cr)
Issue TypeBookbuilding IPO
Sale Type / CategoryFresh Capital-cum-Offer for Sale
Exchange / PlatformNSE & BSE
IPO TypeMainboard
Subscription OpenTue, 11 Nov 2025
Subscription CloseThu, 13 Nov 2025
Anchor AllotmentMon, 10 Nov 2025
Basis of AllotmentFri, 14 Nov 2025
Initiation of RefundsMon, 17 Nov 2025
Credit of Shares to DematMon, 17 Nov 2025
Listing DateThu, 18 Dec 2025
UPI Mandate Deadline2025-11-13
Application & Investment Details
Retail — Min (1 Lots)₹14,933 — 137 shares
Retail — Max (13 Lots)₹194,129 (13 Lots)
HNI — Min (3 Lots)₹44,799 — 411 shares
EPS (Pre-IPO)₹-0.93
EPS (Post-IPO)₹-1.76
P/E Ratio (Pre-IPO)-116.86x
P/E Ratio (Post-IPO)-62.06x
Pre-IPO Promoter Holding2,60,79,56,938 shares
Post-IPO Promoter Holding2,89,23,60,607 shares
Fresh Issue Shares28,44,03,669 shares (aggregating up to ₹3,100.00 Cr)
Offer for Sale Shares3,48,62,385 shares of ₹1 (aggregating up to ₹380.00 Cr)
About PhysicsWallah Ltd.
Physicswallah is an edtech company offering test preparation courses for various competitive examinations like JEE, NEET, UPSC, etc. and upskilling courses like Data science and analytics, banking and finance, software development, etc. It offers online services via social media channels, website and apps and also offers techenabled offline centers and hybrid centers. It is among the top 5 edtech companies in terms of revenues in India and has 13.7 million subscribers on YouTube as of July 15, 2025.Key Numbers:4.13 million Unique Transacting users (Online) and 0.33 million students enrolled for offline centers.Average collection per user: 3,930.55 as of June 30, 2025Multiple courses across 13 education categories303 total offline centers as of June 30, 20256,267 Faculty members as of June 30, 202518,028 employees as of June 30, 20254382 books publishedCompetitive strengths4.46 million Total Number of Paid Users in Fiscal 2025, grew at a CAGR of 59.19% from fiscal 2023 to 2025Presence across a large number of education categories in India with courses offered through multiple channelProprietary technology-stack enhances students’ learning experienceSpecialized faculty members across categories, quality content and well-planned curriculumExperienced management team led by our visionary founders
Objects of the Issue
PhysicsWallah Ltd. proposes to utilise the net proceeds from the Issue for the following objects:
1
1 Capital expenditure for fit-outs of new offline and hybrid centers of our Company
460.55
2
2 Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company
548.31
3
3 Capital expenditure for fit-outs of new offline centers of Xylem
31.65
4
4 Lease payments for Xylem’s existing identified offline centers and hostels
15.52
5
5 Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers
33.70
6
6 Expenditure towards server and cloud related infrastructure costs
200.11
7
7 Expenditure towards marketing initiatives
710.00
8
8 Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited
26.50
9
9 Funding inorganic growth through unidentified acquisitions and general corporate purposes
941.15
Shareholding & Lock-in
Pre-IPO Promoter Holding
2,60,79,56,938 shares
Post-IPO Promoter Holding
2,89,23,60,607 shares
Lock-in Period (30%)December 14, 2025
Lock-in Period (50%)February 12, 2026