PhysicsWallah IPO: Key Details and Subscription Dates
The much-anticipated initial public offering (IPO) of PhysicsWallah Limited is set to open for public subscription on November 11, marking a significant milestone for the Indian EdTech sector. The three-day subscription window will remain open until November 13, providing investors with an opportunity to participate in one of the most talked-about public offerings in the education technology space.
IPO Structure and Financial Highlights
The PhysicsWallah IPO comprises two distinct components that together create a substantial offering. The company is launching a fresh issue of equity shares worth ₹3,100 crore, while promoters are offering shares aggregating up to ₹380 crore through an offer for sale (OFS). This brings the total IPO size to an impressive ₹3,480 crore.
The company has demonstrated remarkable financial improvement in recent times. According to the latest reports, PhysicsWallah narrowed its losses significantly to ₹243 crore for the year ended March 2025, compared to ₹1,131 crore in the preceding year. Simultaneously, the company witnessed substantial revenue growth, with earnings climbing to ₹2,887 crore from ₹1,941 crore during the same period.
Price Band and Share Allocation
PhysicsWallah has fixed the price band for its IPO at ₹103 to ₹109 per equity share. The face value of each share is set at Re 1, with the same amount designated as the tick size for trading purposes.
The allocation strategy for the IPO follows a structured approach, with 75% of the issue size reserved for qualified institutional buyers. Non-institutional investors will have access to 15% of the offering, while the remaining 10% is allocated for retail investors. This distribution ensures broad participation across different investor categories.
Key Dates and Listing Information
Investors should mark important dates on their calendars. The allotment finalization is scheduled for November 14, shortly after the subscription period closes. Successful applicants can expect to see PhysicsWallah shares listed on both major Indian stock exchanges, with the listing likely to occur on November 18.
The company has appointed MUFG Intime India Private Limited as the registrar for the IPO process. The book running lead managers include prominent financial institutions such as Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, and Axis Capital Limited.
About PhysicsWallah Business Model
PhysicsWallah has established itself as a comprehensive test preparation platform focusing on competitive examinations including JEE, NEET, GATE, and UPSC. The company also offers upskilling programs through multiple delivery channels, combining online platforms (YouTube, website, and apps), tech-enabled offline centers, and hybrid centers that blend online teaching with in-person support.
The company counts WestBridge Capital, Hornbill, and GSV Ventures among its key investors, reflecting strong backing from established venture capital firms. The sponsor banks for the IPO include Kotak Mahindra Bank Limited, HDFC Bank Limited, and Axis Bank Limited, adding further credibility to the offering.
This IPO represents a significant moment for India's EdTech sector, demonstrating the growing maturity and investor confidence in education technology companies that have successfully blended digital and physical learning methodologies.
