PhysicsWallah IPO: Company Targets $3.6 Billion Valuation In IPO, To Raise ₹3,480 Crore

Noida, November 6: The PhysicsWallah IPO will open for subscription on November 11 and close on November 13. The IPO is a combination of fresh issue of 28.44 crore shares aggregating to ₹3,100 crore and an offer for sale of 3.49 crore shares aggregating to ₹380 crore. The PhysicsWallah IPO share allotment is expected to be finalised on November 14. The company is expected to credit the shares and initiate refunds on November 17.

The shares of PhysicsWallah are expected to list on NSE and BSE on November 18. Under the PhysicsWallah IPO, co-founders Alakh Pandey and Prateek Maheshwari will sell shares worth ₹380 crore. After the listing of PhysicsWallah IPO, the founders will hold around 72% stake in the company. The IPO comes after the offer size was reduced to ₹3,480 crore, from the previous ₹3,820 crore.

PhysicsWallah is an Indian company that provides physics lessons for various Indian competitive exams. The company was established in 2020 and is headquartered in Noida, Uttar Pradesh.

Valuation Context of PhysicsWallah IPO

PhysicsWallah is targeting its IPO with a 29% higher valuation of  $3.6 billion from what it was in its last major funding round of $210 million in September 2024, which valued the company at $2.8 billion. PhysicsWallah is focused on providing affordable online courses to students, with basic courses starting at ₹4,000. “Other companies invested time in marketing and selling, we are obsessed about academics and outcomes,” the founders said.

Key Details About PhysicsWallah IPO

PhysicsWallah IPO price band is set between ₹103.00 to ₹109.00 per share. The lot size is 137 shares per application. The minimum investment amount required by a retail investor is ₹14,933 (137 shares), at the upper price band. The lot size investment for sNII is 14 lots (1,918 shares), amounting to ₹2,09,062, and for bNII, it is 67 lots (9,179 shares), amounting to ₹10,00,511. Kotak Mahindra Capital Co.Ltd is the book-running lead manager, while MUFG Intime India Pvt.Ltd is the registrar of the issue.

PhysicsWallah Financial Highlights

In FY25, the company posted a smaller loss than in FY24. In FY25, its loss was at ₹243 crore, compared to ₹1,131 crore in FY24. However, its revenue increased to ₹2,887 crore from ₹1,941 crore in the same period.

What’s Ahead for PhysicsWallah IPO?

The PhysicsWallah IPO is set to open for subscription on November 11. While the company is supported by prominent investors, it has not yet turned a profit. However, the reduction in losses is a positive sign, and investors are expected to closely monitor the IPO’s subscription progress once it opens.

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