Physicswallah IPO

About the company

PhysicsWallah Limited (“PW”) is one of India’s leading education technology companies, with a strong presence across both online and offline channels. The company addresses a wide range of education categories, including NEET, JEE, government examinations, and foundation courses. For the three months ended June 30, 2025 and FY25, the company had 2.10 million and 4.13 million unique transacting users in online channels and 0.33 million student enrollments in each year at offline centres. The company is among the top five education companies in India by revenue, and holds the distinction of being the largest in terms of student community during FY22-FY24. As of July 15, 2025, its main YouTube channel, "Physics Wallah - Alakh Pandey," had about 13.7 million subscribers. As of June 30, 2025, its entire YouTube ecosystem included 206 channels and had 98.8 million subscribers. The company’s digital community has expanded at a CAGR of 41.80% between FY23 and FY25. A few of the company’s paid test preparation courses, such as JEE, NEET and UPSC examinations, have the most affordable prices in India as of July 2025, ranging from ₹4,500 for JEE and ₹18,000 for UPSC, as compared to the top five players' pricing, ranging from ₹75,000 for JEE and ₹110,000 for UPSC. The company’s focus on a student-led approach has enabled it to create strong brand affinity with its daily active users, increasing from 0.93 million in FY23 to 2.70 million in FY25. The company’s offline business accounted for 48.75% of total revenue as of June 2025 and 46.83% in FY25 compared to 37.77% in FY23, which reflects its increasing focus on physical expansion. It operates a network of 303 offline centres across India, supported by more than 6,200 faculty members and 5,000+ non-teaching staff. The platform has cultivated strong engagement metrics, with 4.46 million paid users in FY25 and a growing user base in Tier II and Tier III cities. Around 26.64% of online transacting users are enrolled in NEET courses, followed by 15.63% in JEE, 12.33% in government examinations, and 17.61% in foundation programs as of June 2025. The majority of the company’s hybrid centres are operated by its franchisee partners, which also includes providing residential or hostel services to students. In FY25, the company operated 216 residential hostels, of which 192 were operated under the Xylem brand and 24 were operated for its Vidyapeeth students through third-party hostels. It has launched multiple tools, such as “AI Guru” in January 2024, which is an AI-backed tool that provides personalised support to students, and has answered approximately 2.82 million questions per month for its JEE and NEET courses as of June 2025. Further, it has launched “Smart Doubt Engine” in May 2024, which is an AI tool through which students can raise questions during live classes, and “AI Grader” in August 2024, which has graded a total of 304,202 written responses across all business categories from August 1, 2024, to June 30, 2025. It expanded its offline centres in Rajasthan and Uttar Pradesh by acquiring Utkarsh Classes in FY23, and Kerala by acquiring Xylem in FY24, and in the Middle East with the acquisition of Knowledge Planet in FY24. India’s online education market is projected to grow at a CAGR of approximately 26% to reach ₹1,700-1,900 billion by FY30, driven by enhanced internet accessibility, increasing demand for flexible learning and adoption of hybrid models. Major players in India are progressively implementing hybrid models that combine online and offline channels. With a substantial offline presence in India, generating between ₹1,500 and ₹1,700 crore in revenue and 3–3.5 lakh paid offline enrollments, PhysicsWallah is well-positioned to capitalise on this trend. The company is focusing on increasing student engagement, leading to enhanced brand recall, expanding its offerings across education categories and developing its multi-channel presence. Now, PhysicsWallah Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹3,100 crore and an offer for sale of ₹380 crore. The total issue size of the IPO is ₹3,480 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   11 Nov 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   13 Nov 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   14 Nov 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   17 Nov 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   17 Nov 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   18 Nov 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.