₹3,480 Crore PhysicsWallah IPO to Open on November 11

Noida, November 6: The ₹3,480 crore PhysicsWallah IPO will open for subscription status 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.

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.

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 IPO: Utilisation of Funds

PhysicsWallah has mentioned that it will use ₹460.5 crore from the IPO proceeds for the fit-outs of new offline and hybrid centres. It will use ₹548.3 crore for lease payments of existing centres, and ₹47.2 crore will be invested in its subsidiary, Xylem Learning, for new centres and hostels. Furthermore, ₹33.7 crore will be allocated to Utkarsh Classes & Edutech for lease payments. The company will use ₹200.1 crore for server and cloud infrastructure, ₹710 crore for marketing and promotional initiatives, and ₹26.5 crore for acquiring an additional stake in Utkarsh Classes.

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?

PhysicsWallah is backed by prominent investment firms such as WestBridge Capital, Hornbill, and GSV Ventures. Currently, the company’s YouTube network has 98.8 million subscribers and has expanded at a CAGR of 41.8% between FY23 and FY25.

Although PhysicsWallah is yet to record a net profit, it has made significant progress in reducing its losses. The company has also reported a notable rise in revenue, reflecting strong business momentum. With its IPO opening for subscription on November 11, 2025, investor response across categories will be closely watched until the issue closes.

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