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Physicswallah IPO

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Open Date

11 Nov 2025

Close Date

13 Nov 2025

Min Investment

₹ 14,933

Lot Size

137

Issue Size

₹ 3480.00 Cr

Price Range

₹ 103 - ₹ 109

Subscribed

1.8 x
status

This IPO is now Live.

Click here for live price
IPO Timeline
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IPO Offer Start
11 Nov 2025
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IPO Offer Ends
13 Nov 2025
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Allotment Finalisation
14 Nov 2025
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Refund Initialisation
17 Nov 2025
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Non-Institutional Buyers (sHNI)
17 Nov 2025
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Listing of Shares
18 Nov 2025
IPO Subscription Details as on 1 Apr 2026, 07:13 AM
Qualified Instituational Buyers (QiB)
2.7 x
Retail
1.02 x
Employees
3.37 x
Total
1.8 x
Non-Institutional Buyer (bHNI)
0.55 x
Non-Institutional Buyer (sHNI)
0.34 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
The company offers test preparation courses for competitive examinations and upskilling courses through online, tech-enabled offline centers, and hybrid channels. The company operates India's largest online student community with 13.7 million subscribers on its main YouTube channel and 98.80 million subscribers across 207 YouTube channels as of June 30, 2025. The company provides affordable test preparation courses for JEE, NEET, and civil service examinations, with basic online batches priced between ₹2,199 to ₹4,800 per batch. The company operated 303 total offline centers as of June 30, 2025 and had 6,267 total faculty members including employees and consultants.
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Founded In

2020

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CEO

Alakh Pandey

Financials of Physicswallah IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2023Mar 2024Mar 2025
Operating Revenue744.321,940.712,886.64
Other Income28.2374.64152.45
Total Income
772.542,015.353,039.09
Total Expenses
861.993,279.263,264.85
Profit Before Tax-89.45-1,192.69-258.55
Total Profit
-84.08-1,131.13-243.26

All figures are in crores (₹)

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Utilisation of Proceeds

All figures are in crores (₹)

PurposeAmount
The company proposes to utilize funds towards setting up new offline and hybrid centers in India to meet anticipated student demand and expand geographical presence. The funds will be used for civil works, furniture, electrical works, and IT networking for new centers.461
The company intends to utilize funds towards lease rentals of existing offline and hybrid centers operated under 'Vidyapeeth', 'Pathshala' and 'PW Other Centers' formats. The payments will be made during specified fiscal periods with consideration of escalation as per lease agreements.548
The company proposes to invest in its subsidiary Xylem for capital expenditure for fit-outs of new offline centers and lease payments for existing offline centers and hostels. The investment aims to expand geographical presence in South India.47
The company intends to invest in its subsidiary Utkarsh Classes for expenditure towards lease payments for existing identified offline centers. The investment will support the subsidiary's operations in providing coaching for government examinations.28
The company aims to invest in expanding the capacity of cloud architecture to handle more students, teachers and content. The funds will be utilized towards server and cloud management services to enhance technology capabilities and improve operational efficiency.200
The company intends to utilize funds towards marketing activities including digital marketing, brand enhancement, outdoor campaigns and advertising on global internet platforms. The focus will remain on customer base expansion through branding, acquisition and retention based marketing campaigns.710
The company proposes to acquire additional shareholding in its subsidiary Utkarsh Classes as per the share acquisition terms agreement. The acquisition will provide higher shareholding and further control over the portfolio.27
The company expects to utilize funds towards funding inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes. The amount will be subject to regulatory limits on gross proceeds from the Fresh Issue.-
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  • Large and Growing Student Community: The company had 4.46 million Total Number of Paid Users in Fiscal 2025 which grew at a CAGR of 59.19% between Fiscals 2023 and 2025, with India's largest online student community of ~13.7 million subscribers on main YouTube channel.
  • Most Affordable Pricing in Market: The company offers the most affordable prices for JEE (₹4,500 vs ₹75,000-₹80,000), NEET (₹4,800 vs ₹63,000-₹67,000) and UPSC (₹18,000 vs ₹110,000) compared to top five organized players as at July 2025.
  • Multi-Channel Presence Across Education Categories: The company offers courses across 13 Education Categories through online, offline and hybrid channels, operating 303 Total Offline Centers as at June 30, 2025 with growth at CAGR of 165.92% between Fiscals 2023 to 2025.
  • Proprietary Technology Stack with AI Tools: The company has 548 technology employees and AI tools including 'AI Guru' answering 2.82 million questions per month, 'AI Grader' processing 304,202 written responses, and comprehensive learning management system enhancing student experience at scale.
  • Network Effects from Community-Based Approach: The company operates 207 YouTube channels with 98.80 million subscribers growing at CAGR of 41.80% between Fiscals 2023-2025, creating organic funnel for paid offerings and driving cross-sell opportunities across multiple categories.
  • Specialized Faculty and Quality Content: The company has 6,267 Total Faculty Members as at June 30, 2025, with 4,382 books and over 8.66 million question banks in content library, supported by robust hiring and training programs ensuring consistent pedagogy across channels.
  • Experienced Management Team with Industry Recognition: The company is led by visionary founders with multiple awards including 'Entrepreneur of the Year – Education' by Economic Times 2024, 'Edtech CEO of the Year' 2023, and revenue growth at CAGR of 96.93% between Fiscals 2023-2025.

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