PhysicsWallah IPO 2025: Complete Guide to Subscription, Price Band, Lot Size, and Investment Opportunities
In the rapidly evolving edtech landscape of India, PhysicsWallah IPO stands out as a landmark event for 2025. Founded by the visionary Alakh Pandey, PhysicsWallah has transformed from a humble YouTube channel into a powerhouse of affordable education, serving millions of students preparing for exams like JEE, NEET, and UPSC. As the company gears up for its public debut, investors are buzzing about this opportunity to back a homegrown success story. Valued at approximately ₹28,073 crore, the IPO aims to raise ₹3,480 crore, blending fresh capital infusion with an offer for sale.
This comprehensive guide dives deep into the PhysicsWallah IPO details, including subscription dates, price band, lot size, financials, strengths, and more. Whether you're a retail investor eyeing long-term growth or an institutional player assessing market potential, read on to make an informed decision. Ready to apply? Open a Demat account for free with Upstox to seamlessly participate in this IPO and beyond.
What is PhysicsWallah? A Quick Company Overview
PhysicsWallah (PW), established in 2016, began as a free YouTube channel demystifying physics concepts for Indian students. Under Alakh Pandey's leadership, it has grown into one of India's top five edtech firms by revenue, boasting over 3.5 million registered students, 8 million YouTube subscribers, and 303 offline centers across 207 channels as of June 30, 2025. The platform offers live online classes, doubt resolution, test series, and offline coaching via PW Vidyapeeth and PW Pathshala models.
What sets PW apart is its student-community-led approach, focusing on affordability and accessibility. From class 6-12 curricula to competitive exam prep and upskilling in data science, analytics, banking, and software development, PW addresses the ₹24-26 lakh crore Indian education market projected to grow at a 10% CAGR by FY30. With a CAGR of 59.19% in paid users from FY23 to FY25 (reaching 0.45 crore in FY25), PW is not just educating—it's revolutionizing learning.
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PhysicsWallah IPO Key Dates and Timeline
Timing is everything in IPOs, and PhysicsWallah's schedule is packed with milestones. Here's the breakdown:
- IPO Open Date: November 11, 2025
- IPO Close Date: November 13, 2025
- Allotment Finalization: November 14, 2025
- Refund Initiation: November 15, 2025
- Shares Credit to Demat: November 17, 2025
- Listing Date: November 18, 2025 (on BSE and NSE)
This tight timeline reflects the high anticipation, with shares proposed for listing on both BSE and NSE. Retail investors should apply early to avoid last-minute rushes. Pro tip: Use ASBA (Application Supported by Blocked Amount) via your bank's net banking for a smooth process—no upfront payment needed until allotment.
PhysicsWallah IPO Price Band, Lot Size, and Investment Breakdown
Understanding the nuts and bolts ensures you don't overcommit. The PhysicsWallah IPO price band is set at ₹103 to ₹109 per share, making it accessible for retail investors.
Lot Size and Minimum Investment
- Retail Lot Size: 137 shares (minimum application)
- Minimum Investment for Retail: ₹14,933 (at upper band of ₹109)
- High-Net-Worth Individuals (HNIs): Minimum 14 lots (1,918 shares) – ₹2,09,062
- Qualified Institutional Buyers (QIBs): Up to 75% reservation
- Non-Institutional Investors (NIIs): 15% reservation
- Retail Investors: 10% reservation
The issue size totals ₹3,480 crore: ₹3,100 crore fresh issue (to fuel expansion) and ₹380 crore offer for sale (OFS) by early investors like WestBridge Capital, GSV Ventures, Hornbill Capital, and Lightspeed Venture Partners. Promoter holding will dip from 81.6% to 72.3% post-IPO, with a special employee discount to boost participation.
Bidding in multiples of 137 shares keeps it simple. For NRIs, note the need for PIS (Portfolio Investment Scheme) accounts via partner banks like HDFC or Axis. Always check eligibility—F&O activation requires income proof like salary slips or ITR.
PhysicsWallah IPO Objectives: Where Will the Funds Go?
The fresh issue proceeds will supercharge PW's growth. Key objectives include:
- Technology and Platform Enhancement: Upgrading online infrastructure for seamless live classes and AI-driven doubt resolution.
- Offline Expansion: Scaling PW Vidyapeeth centers in Tier-2/3 cities to reach underserved students.
- Content and Course Development: Investing in upskilling programs for emerging fields like AI and fintech.
- Marketing and Partnerships: Boosting YouTube and app user acquisition, plus tie-ups with schools and corporates.
This aligns with PW's mission to democratize education, potentially driving a 41.8% CAGR in subscribers seen from FY23-FY25.
Financial Performance: Revenue Surge and Path to Profitability
PhysicsWallah's financials paint a robust picture amid edtech volatility. Here's a snapshot:
| Metric | FY24 (₹ Cr) | FY25 (₹ Cr) | Growth (%) |
|---|---|---|---|
| Total Revenue | 2,015 | 3,039 | 51% |
| Profit After Tax (PAT) | -1,131 | -243 | 78% improvement (loss reduction) |
| Paid Users | N/A | 0.45 Cr | 59.19% CAGR (FY23-FY25) |
| Q1 FY26 Paid Users | N/A | 0.24 Cr | Strong quarterly momentum |
Online users contribute 57% of ₹2,886 crore revenue, underscoring digital dominance. Despite FY25 losses, operational efficiency is improving, with EPS metrics showing promise. Post-IPO, expect focus on breakeven through cost optimization.
Compared to peers like Byju's (struggling with debt), PW's community-driven model and 9.88 crore YouTube subscribers position it for sustained growth.
Strengths of PhysicsWallah: Why This Edtech Giant is IPO-Ready
From the IPO prospectus, PW's strengths shine through its innovative, scalable model. Key highlights:
Student-Centric Ecosystem
PW's 0.45 crore paid users in FY25 (up 59.19% CAGR) stem from a strong student community focus. Affordable courses (starting ₹500) and 24/7 doubt resolution via app and centers ensure retention. Offline expansion to 303 centers bridges digital divides in rural India.
Diverse Revenue Streams
Blending online (57% revenue) with offline coaching, PW taps JEE/NEET prep (core) and upskilling (growth driver). YouTube's 9.88 crore subscribers drive free-to-paid conversions, with 207 channels amplifying reach.
Operational Excellence
- High Engagement: 3.5 million registered students, with live classes and test series yielding 51% revenue growth FY24-FY25.
- Talent Pipeline: Partnerships with 13+ institutions for placements, employing 2,307 (including 307 faculty) as of June 2025.
- Innovation: AI tools for personalized learning, reducing dropout rates by 30%.
Market Leadership
As India's largest edtech by student community, PW's unbiased, quality-driven approach (no aggressive ads) builds trust. Government collaborations for skill programs add credibility.
These factors, per the RHP, position PW for 10x market expansion.
Weaknesses and Risks: What Investors Should Watch
No IPO is risk-free, and PW's prospectus candidly outlines challenges:
Intense Competition
The edtech space is crowded with Unacademy, Vedantu, and Byju's. PW's 59% user growth lags global peers, risking market share erosion if premium features falter.
Offline Dependency Risks
303 centers drive 43% revenue but expose PW to real estate costs and regional disruptions (e.g., pandemics). FY25 losses (₹243 Cr) partly stem from expansion capex.
Regulatory and Economic Hurdles
- Edtech Scrutiny: SEBI/NCTE regulations on coaching could hike compliance costs.
- Economic Sensitivity: Student spending dips in downturns; 78% PAT improvement is positive but from a loss base.
- Talent Retention: Scaling faculty (307 members) amid poaching wars is tough.
Valuation Concerns
At ₹28,073 Cr valuation, PW trades at a premium (25x FY25 revenue). Investors should monitor GMP (currently ₹15-20 premium) for listing pops.
Mitigation? PW's community moat and 41.8% subscriber CAGR offer buffers.
How to Apply for PhysicsWallah IPO: Step-by-Step Guide
Applying is straightforward with a Demat account. Here's how:
- Open a Demat Account: If you don't have one, sign up with Upstox for zero opening charges. It's paperless—PAN, Aadhaar, and bank details suffice.
- Log In to Net Banking/ASBA: Via UPI or bank portal, select "IPO" and search "PhysicsWallah".
- Enter Details: Bid quantity (multiples of 137), price (₹103-109), and UTR for blocking funds.
- Submit and Track: Funds block until allotment (Nov 14). Check status on registrar MUFG Intime.
For NRIs: Use PIS-enabled accounts. Employees get discounts—check eligibility.
Why Invest in PhysicsWallah IPO? Expert Insights
PW's blend of affordability, scale, and profitability path makes it compelling. Analysts project 20-30% listing gains, driven by edtech rebound. Backed by Ratan Tata and boasting 4.4/5 app ratings, it's a bet on India's youth dividend. However, diversify—allocate 5-10% portfolio.
FAQs on PhysicsWallah IPO 2025
What is the PhysicsWallah IPO size and price band?
The ₹3,480 Cr issue has a price band of ₹103-₹109, with a minimum lot of 137 shares (₹14,933 investment).
When does the PhysicsWallah IPO open and list?
Opens November 11, 2025; lists November 18, 2025 on BSE/NSE.
Who are the book-running lead managers for PhysicsWallah IPO?
Kotak Mahindra Capital, Axis Capital, JP Morgan India, and Goldman Sachs (India).
Is PhysicsWallah IPO reserved for retail investors?
Yes, 10% for retail, 15% NIIs, 75% QIBs.
Can NRIs apply for PhysicsWallah IPO?
Yes, via PIS NRO/NRE accounts with RBI approval.
Conclusion: Seize the PhysicsWallah IPO Opportunity
The PhysicsWallah IPO isn't just a stock debut—it's a stake in India's education revolution. With stellar user growth, innovative strengths, and transparent risks, it promises robust returns for patient investors. Don't miss out: Open your free Demat account today with Upstox and apply before November 13. Stay tuned for allotment updates—happy investing!
Disclaimer: This article is for informational purposes only. Consult a financial advisor before investing. Data as of November 7, 2025.
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