PhysicsWallah IPO
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PhysicsWallah IPO details
Schedule of PhysicsWallah
| Issue open date | 11 Nov 2025 |
| Issue close date | 13 Nov 2025 |
| UPI mandate deadline | 13 Nov 2025 (5 PM) |
| Allotment finalization | 14 Nov 2025 |
| Refund initiation | 17 Nov 2025 |
| Share credit | 17 Nov 2025 |
| Listing date | 18 Nov 2025 |
| Mandate end date | 28 Nov 2025 |
| Lock-in end date for anchor investors (50%) | 14 Dec 2025 |
| Lock-in end date for anchor investors (remaining) | 12 Feb 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About PhysicsWallah
PhysicsWallah is an Indian education technology company founded by Alakh Pandey in 2020, offering comprehensive online and offline learning solutions for students from class 6-12 and competitive exam preparation including JEE, NEET, Civil Services, and other government examinations. The company provides live online classes, doubt resolution, test series, and operates offline coaching centers through PW Vidyapeeth and PW Pathshala models. With over 3.5 million registered students and 8 million YouTube subscribers, PhysicsWallah has established itself as a leading affordable edtech platform in India.
Financials of PhysicsWallah
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 3480 |
| Fresh Issue – Proceeds go to the company | 3100 |
| Offer for sale – Proceeds go to the existing investors | 380 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Capital expenditure for fit-outs of new offline and hybrid centers | 460.5 (14.86%) |
| Lease payments for existing offline and hybrid centers | 548.3 (17.69%) |
| Capital expenditure for fit-outs of new Xylem offline centers | 31.65 (1.02%) |
| Lease payments for Xylem’s offline centers and hostels | 15.52 (0.50%) |
| Investment in Utkarsh Classes for lease payments | 33.70 (1.09%) |
| Server and cloud infrastructure costs | 200.11 (6.46%) |
| Marketing initiatives | 710 (22.90%) |
| Acquisition of additional shareholding in Utkarsh Classes | 26.50 (0.85%) |
| Inorganic growth and general corporate purposes | 1073.66 (34.63%) |
Strengths
- Strong brand recognition with a large student base across India.
- Robust hybrid model integrating online courses, offline centers, and learning products.
- Deep regional penetration through localized content in multiple Indian languages.
- Tech-enabled learning platform with data-driven personalization and engagement.
- Strong founder-led vision with successful scaling across K–12, test prep, and skilling.
Risks
- Heavy dependence on a few star educators for revenue and student retention.
- Intense competition from established ed-tech, offline, and hybrid education players.
- Government regulations around education content and student data may impact operations.
- Scaling offline centers exposes the company to high fixed costs and regional risks.
- Negative publicity linked to exam-related controversies or legal issues can hurt reputation.
Allotment Status for PhysicsWallah
To check your IPO allotment status:
- Visit the MUFG Intime India IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status.
Media coverage
- The Daily Brief by Zerodha – From a YouTube channel for physics to a hot IPO
Subscription Figures for PhysicsWallah
As per media reports (Link), the Grey Market Premium (GMP) of PhysicsWallah is reported at ₹3 over the IPO price. This metric is not reliable, and to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 5:00 PM on November 13, 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 955.39 | 2735.76 | 2.86x |
| NII | 477.84 | 244.24 | 0.51x |
| Retail | 318.56 | 363.73 | 1.14x |
| Employees | 7.07 | 26.27 | 3.71x |
| Total | 1758.85 | 3369.99 | 1.92x |