Physics Wallah IPO: Launch Date, Price, Details, Everything You Need to Know

Physics Wallah (PW), one of India’s fastest-growing edtech platforms, is gearing up for its Initial Public Offering (IPO) amid high investor and learner anticipation. Founded by Alakh Pandey, Physics Wallah has democratised quality education by providing affordable, accessible, and high-impact learning content primarily aimed at students preparing for competitive exams like JEE, NEET, and UPSC. The platform’s low-cost, scalable model has resonated deeply with India’s aspirational youth, driving rapid user growth and expanding course offerings.

The Physics Wallah IPO, will be launched  on 11th November 2025 and is projected to raise approximately ₹3,480 crore, aiming for a market valuation of ₹31,170 crore . This public debut represents a milestone for India’s edtech sector, showcasing the transition from startup innovation to mature institutional prominence. The fresh funds will help PW expand content, enhance technology infrastructure, and accelerate geographical and course segment expansion.

This comprehensive blog analyses the Physics Wallah IPO structure, highlights its business and financial performance, explores sector opportunities, and outlines key considerations for prospective investors.

Physics Wallah IPO Dates & Launch Details

• IPO opening date:  11th Nov 2025
• IPO closing date: 13th Nov 2025 
• Basis of allotment: 14th Nov 2025
• Refund initiation: 17th Nov 2025
• Expected listing date: 18th Nov 2025

Lead Book Running Managers: Kotak Mahindra Capital Co.Ltd., JP Morgan India Pvt.Ltd, Goldman Sachs (India) Securities Pvt.Ltd., Axis Capital Ltd.

Registrar: MUFG Intime India Pvt.Ltd.

Price Band & Investment Details

• Price band: ₹103 to ₹109 per share (Face value: ₹1 per share)
• Minimum lot size: 137 Shares
• Minimum investment: ₹14,933
• Maximum retail investment:  Up to ₹2 Lakh

Physics Wallah IPO Structure

About Physics Wallah

Physics Wallah started as a YouTube channel and rapidly evolved into a full-fledged edtech platform addressing India’s massive K12 (kindergarten through 12th grade) and competitive exam coaching market at affordable prices. The platform offers live and recorded classes, test series, learning communities, and mentorship via app and web.

Key Features:

• Focus on JEE, NEET, UPSC, CA, GATE, and foundation courses
• Highly engaging, exam-relevant content tailored for Indian vernacular languages
• Affordable subscription model, with offerings ranging from free YouTube classes to paid app-based packages
• Over 40 million registered users and 6.5 million paid subscribers as of FY25
• Data-driven pedagogy and adaptive learning through AI, improving student outcomes
• Rapid addition of offline content, personalised mentoring, and career counselling​

Physics Wallah’s growth is powered by technology, affordability, and a strong word-of-mouth driven brand presence in India’s fast-growing online education sector.

Physics Wallah Financials 

Revenue and Profit Table

Cash Flow Table

Key Highlights:

• Physics Wallah’s revenue grew more than 3.8x from ₹744 crore in FY23 to ₹2,887 crore in FY25, reflecting rapid monetisation of its vast user base.
• The company’s net loss narrowed sharply from ₹1,131 crore in FY24 to ₹243 crore in FY25 on better cost controls and higher ARPU (average revenue per user).
• Cash flow from operations turned strongly positive in FY25 (₹507 crore), with sizable free cash flow of ₹340 crore, reflecting sharper working capital and investment efficiency.
• Operating margins improved to 6.7% in FY25, evidencing a path to profitability in a traditionally cash-burning edtech sector.
• Sustained content investment, technological innovation, and expansion into test prep and vocational training underpin Physics Wallah’s future growth potential.

Sector & Market Context

India’s online education market is growing rapidly, expected to reach $10+ billion beyond 2025, driven by increased smartphone and internet access, government initiatives, and COVID-led awareness. Online test prep and coaching commands a large and expanding audience, with disruptions from affordable, vernacular-first platforms like Physics Wallah.

Competition includes Byju’s, Unacademy, Vedantu, and Gradeup, but Physics Wallah’s price leadership, local-language content, and hyper-engagement differentiate it in Tier-II and Tier-III markets.

Key Considerations for Investors

Strengths

• Popular brand with mass-market affordability and mass reach
• Strong digital-first platform backed by AI and data analytics
• Rapid revenue growth and reducing losses indicate operational maturity
• Founder-led with authentic market insight and student engagement expertise

Risks

• Edtech sector’s evolving regulatory environment could pose challenges
• Intense competition from deep-pocketed rivals and new entrants
• Sustained profitability remains a work in progress, requiring continued scale

Opportunities

• Expansion into K12 formal schooling and vocational education
• Growing penetration into smaller cities and rural areas
• Increasing monetisation via subscriptions, test prep, and ancillary services
• Potential international expansion into emerging markets

IPO Structure

• PhysicsWallah IPO is a book build issue of ₹3,480.00 crore. , supporting technology upgrades, content expansion, and marketing.
• Promoters and early investors offered a small OFS (offer-for-sale) for partial stake monetisation of 3.49 crore shares aggregating to ₹380.00 crore.
• The IPO aims to fortify the company’s capital base as Physics Wallah pursues aggressive growth and market share expansion.
• No significant promoter dilution anticipated, preserving founder-led governance and control.
• Listing on NSE and BSE will enhance visibility and liquidity, attracting both retail and institutional investors.

About the Company

Founded in 2016 by Alakh Pandey, Physics Wallah has revolutionised affordable competitive exam coaching in India. Its engaging teaching, vernacular content and low pricing disrupt traditional institutes. The platform appeals strongly to aspirational students across tier 2/3/4 & rural India, with a growing offline presence as well.

Conclusion

Physics Wallah’s IPO represents a crucial milestone in India’s fintech-driven edtech revolution. Investors can participate in a high-growth opportunity with a mature path to profit, powered by mass-market appeal, innovative pedagogy and increasing monetisation. Diligent assessment of valuation, profit trends, and sector competition is essential for prospective subscribers.

Always consider personal investment objectives and consult trusted sources before making any decisions.