10 Things to Know Before You Apply for PhysicsWallah IPO

The edtech giant PhysicsWallah IPO opens today and it’s creating quite a buzz in India’s fast-growing edtech and startup ecosystem. What began as a one-man YouTube revolution by Alakh Pandey has now transformed into a multi-billion-rupee education empire empowering millions of learners across the country.

With its strong brand, massive student base, and affordable learning model, PhysicsWallah is now taking the next big leap, from the classroom to the capital markets.

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The PhysicsWallah IPO is a ₹3,480 crore book-built issue, combining both a fresh issue and an offer for sale (OFS). 

• Fresh Issue: ₹3,100 crore (28.44 crore shares)
• OFS: ₹380 crore (3.49 crore shares)
• Price Band: ₹103–₹109 per share
• Face Value: ₹1 per share
• Lot Size: 137 shares (₹14,933 per retail lot)
• IPO Dates: Opens Nov 11, 2025, closes Nov 13, 2025
• Listing Date: Nov 18, 2025, on BSE and NSE 

Retail investors can invest with a minimum amount of ₹14,933, while the employee quota includes a ₹10 discount. The tentative allotment will be finalized on Nov 14, and refunds or demat credits are expected by Nov 17. 

Currently, the PhysicsWallah IPO grey market premium (GMP) stands at ₹3, reflecting muted demand in the unlisted market. While it hints at a flat listing, investor interest could rise closer to the debut date. 

Disclaimer: Grey Market Premium (GMP) is not regulated or recommended by the stock exchanges or SEBI. ArihantPlus does not endorse or facilitate trading in the grey market. Investors are advised to conduct their own research or consult an expert before making any investment decisions. 

Founded by Alakh Pandey, PhysicsWallah (PW) started as a YouTube channel offering affordable classes for JEE and NEET aspirants. Today, it’s a multi-format learning ecosystem with a mix of online, hybrid, and offline centers across India. 

PW now caters to millions of students through digital platforms, apps, and PW Pathshala/Vidyapeeth centers. It also offers professional upskilling courses in data science, software development, and finance. With 13.7 million YouTube subscribers and over 4 million paid users, it stands among the top 5 edtech firms in India by revenue. 

The company has done many strategic acquisitions for growth. It acquired Xylem Learning, Utkarsh Classes, iNeuron, and Knowledge Planet — enabling entry into new verticals like K-12, skill development, and overseas education. These acquisitions are more than just portfolio additions; they enhance regional presence, diversify courses, and build a stronger hybrid network across India and abroad.

PhysicsWallah’s core strength lies in affordable, high-quality education. Its hybrid model combines online courses, live/recorded lectures, printed books, and physical centers — making it accessible to both metro and non-metro students. 

The company’s content reusability and low marketing spend help maintain a strong cost advantage over peers like BYJU’S and Unacademy. In essence, PW’s business thrives on scale, quality content, and affordability — a mix that drives loyalty and repeat enrollments.

PhysicsWallah’s revenue trajectory shows rapid growth though profitability remains under pressure due to expansion. 

*Amt in ₹ Crore 

Despite recent losses, the company’s EBITDA turned positive in FY25, indicating improving operational efficiency.

At the upper price band of ₹109, PhysicsWallah commands: 

PhysicsWallah plans to raise ₹3,100 crore as fresh issue that will directly be pumped into company to strengthen its hybrid model and technology backbone. 

Here’s how the company plans to use its IPO proceeds: 

In short, the funds will expand offline reach, boost tech infrastructure, and support inorganic growth. 

Here’s why investors are taking note of the PhysicsWallah IPO: 

At the upper price of ₹109, the IPO values PW at a Price-to-Sales ratio of 10.9x, which seems high given current losses. However, the valuation reflects strong brand equity, growth potential, and market leadership in affordable education. 

PW’s revenue jumped 50% YoY in FY25, and while the company still reports net losses, its EBITDA-positive performance signals a move toward profitability. With the IPO proceeds funding expansion, PW is expected to reduce cash strain and enhance financial flexibility. 

That said, investors must note the execution risks — scaling offline centers and integrating acquisitions will be key challenges. For long-term investors seeking a high-growth, brand-led play in the edtech space, PhysicsWallah can be a good high-risk investment option. 

However, short-term investors may find the current valuations stretched given the company’s loss-making status. 

The PhysicsWallah IPO symbolizes the evolution of India’s edtech sector from YouTube tutorials to listed unicorns. It’s not just a funding story but a reflection of how affordable learning can become a sustainable business model. 

PW’s hybrid approach, loyal user base, and disciplined execution have made it a strong contender in India’s education market. As it gears up for listing, the company’s ability to balance growth with profitability will determine whether this IPO truly earns top marks in the market.