PhysicsWallah IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Nov 11 to Nov 13 2025
Price Band
₹103 - 109
Current GMP
₹145.0 (+33.03%)
Subscription
1.92 times
IPO Details
| IPO Date | November 11, 2025 to November 13, 2025 |
| Listing Date | November 18, 2025 |
| Face Value | ₹1 per share |
| Issue Price Band | ₹103 to ₹109 per share |
| Lot Size | 137 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 31,93,30,921 shares (aggregating up to ₹3,480.71 Cr) |
| Fresh Issue | 28,44,68,537 shares (aggregating up to ₹3,100.71 Cr) |
| Offer for Sale | 3,48,62,384 shares of ₹1 (aggregating up to ₹380.00 Cr) |
| Employee Discount | ₹10.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 2,60,79,56,938 shares |
| Share Holding Post Issue | 2,89,24,25,475 shares |
IPO Date
November 11, 2025 to November 13, 2025
Listing Date
November 18, 2025
Face Value
₹1 per share
Issue Price Band
₹103 to ₹109 per share
Lot Size
137 Shares
Sale Type
Fresh Capital-cum-Offer for Sale
Total Issue Size
31,93,30,921 shares (aggregating up to ₹3,480.71 Cr)
Fresh Issue
28,44,68,537 shares (aggregating up to ₹3,100.71 Cr)
Offer for Sale
3,48,62,384 shares of ₹1 (aggregating up to ₹380.00 Cr)
Employee Discount
₹10.00
Issue Type
Bookbuilding IPO
Listing At
BSE, NSE
Share Holding Pre Issue
2,60,79,56,938 shares
Share Holding Post Issue
2,89,24,25,475 shares
IPO Subscription Details
| Anchor Investors | 1 |
| QIB (Ex Anchor) | 2.86 |
| Non-Institutional Buyers | 0.51 |
| bNII (bids above ₹10L) | 0.58 |
| sNII (bids below ₹10L) | 0.37 |
| Retail Investors | 1.14 |
| Employees | 3.71 |
| Total ** | 1.92 |
Anchor Investors
1
QIB (Ex Anchor)
2.86
Non-Institutional Buyers
0.51
bNII (bids above ₹10L)
0.58
sNII (bids below ₹10L)
0.37
Retail Investors
1.14
Employees
3.71
Total **
1.92
Day Wise Sub
| Day | QIB (Ex Anchor) | NII | NII (> ₹10L) | NII (< ₹10L) | Retail | EMP | Total |
|---|---|---|---|---|---|---|---|
| Day 1 Nov 11, 2025 | 0.00 | 0.03 | 0.01 | 0.05 | 0.36 | 1.18 | 0.08 |
| Day 2 Nov 12, 2025 | 0.00 | 0.06 | 0.03 | 0.11 | 0.63 | 1.89 | 0.14 |
| Day 3 Nov 13, 2025 | 2.86 | 0.51 | 0.58 | 0.37 | 1.14 | 3.71 | 1.92 |
DayDay 1
Nov 11, 2025
QIB (Ex Anchor)0.00
NII0.03
NII (> ₹10L)0.01
NII (< ₹10L)0.05
Retail0.36
EMP1.18
Total0.08
DayDay 2
Nov 12, 2025
QIB (Ex Anchor)0.00
NII0.06
NII (> ₹10L)0.03
NII (< ₹10L)0.11
Retail0.63
EMP1.89
Total0.14
DayDay 3
Nov 13, 2025
QIB (Ex Anchor)2.86
NII0.51
NII (> ₹10L)0.58
NII (< ₹10L)0.37
Retail1.14
EMP3.71
Total1.92
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 18-11-2025 | 109.00 | 14(12.84%) | 123 |
| 17-11-2025 | 109.00 | 14(12.84%) | 123 |
| 16-11-2025 | 109.00 | 9(8.26%) | 118 |
| 15-11-2025 | 109.00 | 8(7.34%) | 117 |
| 14-11-2025 | 109.00 | 5.5(5.05%) | 114.5 |
| 13-11-2025 | 109.00 | 0(0.00%) | 109 |
| 12-11-2025 | 109.00 | 1.25(1.15%) | 110.25 |
| 11-11-2025 | 109.00 | 1.5(1.38%) | 110.5 |
| 10-11-2025 | 109.00 | 3(2.75%) | 112 |
| 09-11-2025 | 109.00 | 4(3.67%) | 113 |
| 08-11-2025 | 109.00 | 4(3.67%) | 113 |
| 07-11-2025 | 109.00 | 5(4.59%) | 114 |
| 06-11-2025 | 109.00 | 5(4.59%) | 114 |
| 05-11-2025 | 0 | 9(0.00%) | 9 |
Date18-11-2025
Price109.00
GMP14(12.84%)
Estimate List Price123
Date17-11-2025
Price109.00
GMP14(12.84%)
Estimate List Price123
Date16-11-2025
Price109.00
GMP9(8.26%)
Estimate List Price118
Date15-11-2025
Price109.00
GMP8(7.34%)
Estimate List Price117
Date14-11-2025
Price109.00
GMP5.5(5.05%)
Estimate List Price114.5
Date13-11-2025
Price109.00
GMP0(0.00%)
Estimate List Price109
Date12-11-2025
Price109.00
GMP1.25(1.15%)
Estimate List Price110.25
Date11-11-2025
Price109.00
GMP1.5(1.38%)
Estimate List Price110.5
Date10-11-2025
Price109.00
GMP3(2.75%)
Estimate List Price112
Date09-11-2025
Price109.00
GMP4(3.67%)
Estimate List Price113
Date08-11-2025
Price109.00
GMP4(3.67%)
Estimate List Price113
Date07-11-2025
Price109.00
GMP5(4.59%)
Estimate List Price114
Date06-11-2025
Price109.00
GMP5(4.59%)
Estimate List Price114
Date05-11-2025
Price0
GMP9(0.00%)
Estimate List Price9
IPO Important Dates
| IPO Open Date | Tue, Nov 11, 2025 |
| IPO Close Date | Thu, Nov 13, 2025 |
| Tentative Allotment | Fri, Nov 14, 2025 |
| Initiation of Refunds | Mon, Nov 17, 2025 |
| Credit of Shares to Demat | Mon, Nov 17, 2025 |
| Tentative Listing Date | Tue, Nov 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Nov 13, 2025 |
IPO Open Date
Tue, Nov 11, 2025
IPO Close Date
Thu, Nov 13, 2025
Tentative Allotment
Fri, Nov 14, 2025
Initiation of Refunds
Mon, Nov 17, 2025
Credit of Shares to Demat
Mon, Nov 17, 2025
Tentative Listing Date
Tue, Nov 18, 2025
Cut-off time for UPI mandate confirmation
5 PM on Thu, Nov 13, 2025
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 137 | ₹14,933 |
| Retail (Max) | 13 | 1,781 | ₹1,94,129 |
| S-HNI (Min) | 14 | 1,918 | ₹2,09,062 |
| S-HNI (Max) | 66 | 9,042 | ₹9,85,578 |
| B-HNI (Min) | 67 | 9,179 | ₹10,00,511 |
ApplicationRetail (Min)
Lots1
Shares137
Amount₹14,933
ApplicationRetail (Max)
Lots13
Shares1,781
Amount₹1,94,129
ApplicationS-HNI (Min)
Lots14
Shares1,918
Amount₹2,09,062
ApplicationS-HNI (Max)
Lots66
Shares9,042
Amount₹9,85,578
ApplicationB-HNI (Min)
Lots67
Shares9,179
Amount₹10,00,511
Financial Information
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
| Assets | 5,075.67 | 4,156.38 | 2,480.74 |
| Total Income | 905.41 | 3,039.09 | 2,015.35 |
| Profit After Tax | -127.01 | -243.26 | -1,131.13 |
| EBITDA | -21.22 | 193.20 | -829.35 |
| NET Worth | 1,867.92 | 1,945.37 | -861.79 |
| Reserves and Surplus | 787.92 | 467.06 | -1,254.74 |
| Total Borrowing | 1.55 | 0.33 | 1,687.40 |
Period EndedPeriod Ended
30 Jun 202530 Jun 2025
31 Mar 202531 Mar 2025
31 Mar 202431 Mar 2024
Period EndedAssets
30 Jun 20255,075.67
31 Mar 20254,156.38
31 Mar 20242,480.74
Period EndedTotal Income
30 Jun 2025905.41
31 Mar 20253,039.09
31 Mar 20242,015.35
Period EndedProfit After Tax
30 Jun 2025-127.01
31 Mar 2025-243.26
31 Mar 2024-1,131.13
Period EndedEBITDA
30 Jun 2025-21.22
31 Mar 2025193.20
31 Mar 2024-829.35
Period EndedNET Worth
30 Jun 20251,867.92
31 Mar 20251,945.37
31 Mar 2024-861.79
Period EndedReserves and Surplus
30 Jun 2025787.92
31 Mar 2025467.06
31 Mar 2024-1,254.74
Period EndedTotal Borrowing
30 Jun 20251.55
31 Mar 20250.33
31 Mar 20241,687.40
IPO Reservation
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 23,89,67,889 (74.83%) | NA |
| − Anchor Investor Shares Offered | 14,33,80,733 (44.90%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 9,55,87,156 (29.93%) | NA |
| NII (HNI) Shares Offered | 4,77,93,577 (14.97%) | NA |
| − bNII > ₹10L | 3,18,62,385 (9.98%) | 16,612 |
| − sNII < ₹10L | 1,59,31,192 (4.99%) | 8,306 |
| Retail Shares Offered | 3,18,62,385 (9.98%) | 2,32,572 |
| Employee Shares Offered | 7,07,070 (0.22%) | NA |
| Total Shares Offered | 31,93,30,921 (100.00%) |
Investor CategoryQIB Shares Offered
Shares Offered23,89,67,889 (74.83%)
Maximum AllotteesNA
Investor Category− Anchor Investor Shares Offered
Shares Offered14,33,80,733 (44.90%)
Maximum AllotteesNA
Investor Category− QIB (Ex. Anchor) Shares Offered
Shares Offered9,55,87,156 (29.93%)
Maximum AllotteesNA
Investor CategoryNII (HNI) Shares Offered
Shares Offered4,77,93,577 (14.97%)
Maximum AllotteesNA
Investor Category− bNII > ₹10L
Shares Offered3,18,62,385 (9.98%)
Maximum Allottees16,612
Investor Category− sNII < ₹10L
Shares Offered1,59,31,192 (4.99%)
Maximum Allottees8,306
Investor CategoryRetail Shares Offered
Shares Offered3,18,62,385 (9.98%)
Maximum Allottees2,32,572
Investor CategoryEmployee Shares Offered
Shares Offered7,07,070 (0.22%)
Maximum AllotteesNA
Investor CategoryTotal Shares Offered
Shares Offered31,93,30,921 (100.00%)
Maximum Allottees
Information about company
Physicswallah is an edtech company offering test preparation courses for various competitive examinations like JEE, NEET, UPSC, etc. and upskilling courses like Data science and analytics, banking and finance, software development, etc. It offers online services via social media channels, website and apps and also offers techenabled offline centers and hybrid centers. It is among the top 5 edtech companies in terms of revenues in India and has 13.7 million subscribers on YouTube as of July 15, 2025.
Key Numbers:
4.13 million Unique Transacting users (Online) and 0.33 million students enrolled for offline centers.
Average collection per user: 3,930.55 as of June 30, 2025
Multiple courses across 13 education categories
303 total offline centers as of June 30, 2025
6,267 Faculty members as of June 30, 2025
18,028 employees as of June 30, 2025
4382 books published
Competitive strengths
4.46 million Total Number of Paid Users in Fiscal 2025, grew at a CAGR of 59.19% from fiscal 2023 to 2025
Presence across a large number of education categories in India with courses offered through multiple channel
Proprietary technology-stack enhances students’ learning experience
Specialized faculty members across categories, quality content and well-planned curriculum
Experienced management team led by our visionary founders
Objectives of IPO
The Company PhysicsWallah IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
S.No.
Objects of the Issue
Expected Amount (₹ in crores)
1
Capital expenditure for fit-outs of new offline and hybrid centers of our Company
460.55
2
Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company
548.31
3
Capital expenditure for fit-outs of new offline centers of Xylem
31.65
4
Lease payments for Xylem’s existing identified offline centers and hostels
15.52
5
Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers
28.00
6
Expenditure towards server and cloud related infrastructure costs
200.11
7
Expenditure towards marketing initiatives
710.00
8
Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited
26.50
9
Funding inorganic growth through unidentified acquisitions and general corporate purposes
941.15
Disclaimer
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