PhysicsWallah IPO Everything You Need to Know
One of the most anticipated listings in India’s ed-tech sector in 2025 is that of PhysicsWallah. With a strong online presence, rapidly growing revenue, and large ambitions to expand its offline and hybrid footprint, this IPO gives investors a chance to participate in a dynamic education business. However, as with all IPOs, timing, valuation, and execution are key. In this post, we’ll dive into who PhysicsWallah is, the IPO structure, valuation, what makes the business tick, key risks, and what investors should keep in mind. also you can read about Emmvee Photovoltaic IPO
Who is PhysicsWallah?
PhysicsWallah Ltd, often stylised “PW”, is an Indian education‐technology company founded by Alakh Pandey and Prateek Maheshwari. It began as a YouTube channel teaching physics, hence the name, and has evolved into a full-scale platform offering online courses for competitive exams like JEE, NEET, UPSC, K-12 schooling support, and offline/hybrid centres. PhysicsWallah has grown its revenue manifold as per recent filings and is now seeking to scale both its online footprint and offline/hybrid centres across India. PhysicsWallah reported revenues of more than ₹3,000 crore in FY25. you can read about Pine labs upcoming IPO
IPO Structure & Key Details
Here are the main facts about the IPO of PhysicsWallah:
- The IPO opens for subscription 11 November 2025 and closes 13 November 2025. I
- The price band is set at ₹103-₹109 per share.
- Issue size: approximately ₹ 3,480 crore (fresh issue of ₹ 3,100 crore + offer for sale (OFS) of ₹ 380 crore) as per updated disclosures.
- The listing is expected to be on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) on 18 November 2025.
- Lot size for retail investors: 137 shares minimum for one lot (at upper band ₹ 14,933).
Valuation Outlook
Valuation is one of the key focus areas for IPO investors. For PhysicsWallah:
- At the upper price band of ₹109 and issue size, the implied valuation works out to approximately ₹31,500 crore (US$3.2 billion) at the top of the range.
- It had previously raised a funding round valuing it at $2.8 billion back in September 2024.
- Compared to peers, the IPO seems priced for a substantial growth premium, considering both strong revenue growth and scale ambitions. also you can read about Groww upcoming IPO – And What Is the Valuation?
So while the valuation is ambitious, the question for investors will be whether the growth story and execution potential justify this pricing. Pine labs upcoming IPO
Business Model & Strengths
Here are some of the key attributes and growth enablers of PhysicsWallah’s business:
- Strong online base: The company built its brand through YouTube and online classes, allowing it to reach a wide audience with relatively low expenses.
- Offline/hybrid expansion: PhysicsWallah is spreading its wings to offline coaching centres and hybrid models by blending online with physical presence.
- Affordable pricing: compared to some of its competitors, which could make it even more viable in tier-2 and tier-3 cities in India.
- Large addressable market: The education ecosystem in India comprising K-12, competitive exams, and upskilling is pretty large and under-penetrated.
- Revenue growth momentum: for instance, in FY25, revenue increased significantly compared to previous years.
Key Risks & Things to Watch
Even with the positives, there are a number of risks to consider before investing:
- Profitability concerns: although revenues have grown, sustained profitability remains open to question. Usually, very high growth involves high marketing, content, and infrastructure costs.
- Execution risk: Scaling offline/hybrid centres is capital-intensive and operationally complex. Delays, higher costs, or slower uptake can hurt financials.
- Competition: The ed-tech space is populated by numerous players online and offline, and pricing pressures, the turning of regulations, and reputation concerns can impact growth.
- Regulation & quality risk: The education sector is regulated. Any lapses on quality instruction, faculty, infrastructure might hurt the brand and performance.
- Regulation & quality risk: The education sector is regulated. Any lapses on quality instruction, faculty, infrastructure might hurt the brand and performance.
How to Participate & What Investors Should Consider
If you are planning to apply in the PhysicsWallah IPO, here are a few steps/recommendations:
- Get your demat account and ASBA/UPI facility ready well in advance of the subscription date.
- Know lot size and minimum investment required – 137 shares at ₹14,900 at upper band.
- Read the prospectus (or RHP) carefully, especially sections on risk factors, use of proceeds, business strategy, and financials.
- Decide your investment horizon: Is this a short-term listing gain play or is this a long-term growth bet? In case of high valuation IPOs, long-term holding may make more sense.
- Use-of-proceeds review: The company proposes the utilization of funds for offline/hybrid centres, marketing, infrastructure, etc. Analyze how this will eventually translate into growth and returns.
- Monitor post-listing performance: After listing, keep track of the execution metrics that will come in (enrolments, offline centre rollout, margin trends) to validate the growth story.
Conclusion
The PhysicsWallah IPO is going to be a landmark listing in India’s ed-tech sector and will provide an exciting opportunity for investors who believe in the growth of affordable and scalable education solutions in India. With an issue size of ₹3,480 crore, a price band of ₹103-109 per share, and an implied valuation of ₹31,500 crore, the expectations are high. On the other hand, high valuations, the need for sustained rapid growth, competitive pressures, and execution challenges all merit measured optimism. If you trust the long-term vision of PhysicsWallah and are comfortable with the risks, this IPO could be one candidate to consider for your portfolio. But, as always, due diligence and alignment with your investment horizon and risk appetite are key. Disclaimer: The information in this blog is for general purposes only and is not financial or investment advice. Investors should do their own research or consult with a qualified advisor before investing in any IPO.