PhysicsWallah Ltd. IPO — GMP ₹0

Important Dates

6/6 completed

Open

Allotment

Refund

Demat

Listing

Done

Open Date

11 Nov 2025

Tue Completed

Done

Close Date

13 Nov 2025

Thu Completed

Done

Allotment

14 Nov 2025

Fri Completed

Done

Refund

17 Nov 2025

Mon Completed

Done

Demat Credit

17 Nov 2025

Mon Completed

Done

Listing Date

18 Nov 2025

Tue Completed

UPI Deadline: 13 Nov 2025

Issue Details

Pricing & Size

Issue Price

₹109 Face ₹1

Lot Size

137 shares

Min Investment

₹14,933

Total Issue Size

31,92,66,054 shares (aggregating up to ₹3,480.00 Cr)

IPO Information

Issue Type

Bookbuilding IPO

Sale Type

Fresh Capital-cum-Offer for Sale

Listing Exchange

NSE & BSE

Script / Ticker

Allocation Breakdown

Market Maker

QIB Portion

23,89,19,238 (74.83%)

NII / HNI

4,77,83,848 (14.97%)

Retail

3,18,55,898 (9.98%)

Employee

7,07,071 (0.22%)

Net Offer to Public

Shareholding Pattern

Pre-Issue Shareholding

2,60,79,56,938 shares

Post-Issue Shareholding

2,89,23,60,607 shares

Application Size

Category	Min Lots	Shares	Amount
Retail (sNII)	1	137	₹14,933

Objects of Issue

9 objectives

1 Capital expenditure for fit-outs of new offline and hybrid centers of our Company

460.55 Cr

2 Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company

548.31 Cr

3 Capital expenditure for fit-outs of new offline centers of Xylem

31.65 Cr

4 Lease payments for Xylem’s existing identified offline centers and hostels

15.52 Cr

5 Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers

33.70 Cr

6 Expenditure towards server and cloud related infrastructure costs

200.11 Cr

7 Expenditure towards marketing initiatives

710.00 Cr

8 Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited

26.50 Cr

9 Funding inorganic growth through unidentified acquisitions and general corporate purposes

941.15 Cr

Lead Managers & Market Maker

Book Running Lead Managers

Kotak Mahindra Capital Co.Ltd.

JP Morgan India Pvt.Ltd.

Goldman Sachs (India) Securities Pvt.Ltd.

Axis Capital Ltd.

IPO Timeline

Open

11 Nov

✓ Done

13 Nov

✓ Done

Allotment

14 Nov

✓ Done

Listing

18 Nov

✓ Done

Registrar Details

MUFG Intime India Pvt.Ltd.

SEBI Registered Registrar & Transfer Agent

Phone

+91-22-4918 6270

physicswallah.ipo@in.mpms.mufg.com

Website

https://linkintime.co.in/Initial_Offer/public-issues.html

Check Allotment Status

Company Contact

Website

https://www.pw.live/

investorsrelation@pw.live

Phone

+91 9289926531

Address

B 8, Block B, Industrial Area, Sector 62, Noida, Uttar Pradesh, 201309

Grey Market Premium

LIVE

Current GMP

+₹0

+0% vs Issue Price

Issue Price

₹109

Est. Listing

₹109

Lot Size

137 shares

P&L / Lot

+₹0

GMP is unofficial grey market data. Does not guarantee listing price or returns.

GMP Return Calculator

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| Price

Market Reference

IPO Issue Price

₹109

GMP

+₹0 (+0%)

GMP Est. Listing

₹109

Previous Close

—

Exchange

—

Data from Yahoo Finance. May be delayed 15–20 min. GMP is unofficial. Not investment advice.

Category-wise Subscription

Category	Sub (×)	Offered	Bid For	Amt (Cr)*
QIB	—	23,89,19,238 (74.83%)	—	₹260,421.97 Cr
NII / HNI (Total)	—	4,77,83,848 (14.97%)	—	₹52,084.39 Cr
Retail Investors	—	3,18,55,898 (9.98%)	—	₹3,472.29 Cr
Employee	—	7,07,071 (0.22%)	—	₹77.07 Cr
Total **	—	31,92,66,055 (100.00%)	—	₹3,480,000.00 Cr

* Based on ₹109.00 (upper price band)

NII / HNI Breakdown

Shares Reserved

QIB

23,89,19,238 (74.83%)

NII

4,77,83,848 (14.97%)

Retail

3,18,55,898 (9.98%)

* Shares Offered and Total Amount are indicative. ** Excluding Market Maker portion. Data sourced from exchange bidding platform.

Financial Summary

Amount in ₹ Crore

Metric	30 Jun 2025	31 Mar 2025	31 Mar 2024
Revenue	905.41	3039.09	2015.35
PAT	-127.01	-243.26	-1131.13
EBITDA	-21.22	193.20	-829.35
Net Worth	1867.92	1945.37	-861.79
Total Assets	5075.67	4156.38	2480.74
Reserves	787.92	467.06	-1254.74
Borrowings	1.55	0.33	1687.40

Key Financial Ratios

-12.50%

RONW

Return on Net Worth

-8.43%

PAT Margin

PAT / Revenue

6.69%

EBITDA Mgn

EBITDA / Revenue

14.10

P/BV

Price to Book Value

-0.93

Pre EPS

EPS Pre-Issue

-1.76

Post EPS

EPS Post-Issue

-116.86

Pre P/E

P/E Pre-Issue

-62.06

Post P/E

P/E Post-Issue

About PhysicsWallah Ltd.

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

Frequently Asked Questions

What is the issue price of PhysicsWallah Ltd. IPO?

The issue price of PhysicsWallah Ltd. IPO is ₹109 per share, face value ₹1.

What is the lot size?

Minimum lot size is 137 shares, requiring ₹14,933.

What are the IPO dates?

Opens 11 Nov 2025, closes 13 Nov 2025.

When is the listing date?

Tentative listing: 18 Nov 2025 on NSE & BSE.

What is the current GMP?

Current GMP is +₹0, estimated listing ₹109 (+0%). GMP is unofficial.

How to apply?

Apply via ASBA through your bank, or via UPI through any broker app.

Check Allotment Status

PhysicsWallah Ltd. IPO · Expected 14 Nov 2025

Check on Registrar

Post-IPO Timeline

Allotment Date

14 Nov 2025

Refund Initiation

17 Nov 2025

Demat Credit

17 Nov 2025

Listing Date

18 Nov 2025

Live Price LIVE

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Quick Facts

Closed

GMP Signal

Bullish

+₹0

+0%

Issue Price

₹109

Face ₹1

Lot Size

137

shares / lot

Min Amount

₹14,933

1 lot

Est. Listing

₹109

GMP +₹0

Key Dates

Open

11 Nov Done

13 Nov Done

Listing

18 Nov Done

Registrar

MUFG Intime India Pvt.Ltd.