Highlights: PhysicsWallah IPO Allotment Status, GMP – Check status online; GMP, Listing Details

Here are the steps you can follow to check status online on MUFG Intime India.

Head to allotment page of MUFG Intime India: https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Click on ‘PhysicsWallah Limited’ from issue names

Add Account No/IFSC, Application No, PAN or DP/Client ID

Press the ‘Submit’ button

The allotment of issue will be announced tonight, keep checking this space for the latest updates.

PhysicsWallah IPO Allotment Live Updates: To check PhysicsWallah IPO allotment on the NSE website, follow these steps.

Head to NSE’s IPO status link: https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Select ‘Equity & SME IPO bid details’

Click on ‘PHYSICS’ from the ‘Select Symbol’ dropdown

Add your PAN and application number

Press ‘Submit’

The PhysicsWallah IPO aims to raise Rs 3,480 crore through a book-build issue. This includes a fresh issue of 28.44 crore shares worth Rs 3,100 crore and an offer for sale of 3.49 crore shares totaling Rs 380 crore.

The subscription window opens on November 11, 2025, and closes on November 13, 2025. Share allotment is expected on November 14, 2025, with the company set to debut on the BSE and NSE on November 18, 2025, subject to confirmation.

The price band is fixed between Rs 103 and Rs 109 per share. One lot contains 137 shares, meaning retail investors need at least Rs 14,933 to apply at the upper price. For sNII applicants, the minimum bid is 14 lots (1,918 shares) at a cost of Rs 2,09,062, while bNII investors must apply for at least 67 lots (9,179 shares), totaling Rs 10,00,511.

The IPO also sets aside 7,52,688 shares for employees, who will receive a Rs 10 discount per share.

Kotak Mahindra Capital Co is managing the issue as the lead book runner, and MUFG Intime India will serve as the registrar.

In its B2C model, the company faces the challenge of long sales cycle which involves extended negotiations and onboarding. Further, high customisation to meet the customer requirements proves to be a challenge for the edutech that runs on an affordable pricing model.

For the period ended June 30,2025, the company incurred total expenses worth 1,057.4 crore, up 39% from the same period last year. Of the expenses segment, the company incurred highest expenses worth Rs 459.7 crore in its employee benefits segment, followed by other expenses worth Rs 253.1 crore.

As per the latest update, the company was fetching a GMP of Rs 1.2 to the issue price. This implies that the stock will list around Rs 110 on the exchanges, seeing an uptick from the earlier price of Rs 109. Further, an investor would book gains worth Rs 164.4 on one lot.

For FY23, FY24, and FY25, the company generated positive cash from its business operations. This signals a positive growth for the company indicating that is generates enough cash to suffice for its operational needs. The cash has been used for investing activities, payments for acquisitions and investment in mutual funds and debentures.

The company was started by founders Alakh Pandey and Prateek Boob in 2020 to provide quality education at an affordable price leveraging technology. The edutech initially began its operations as a YouTube channel and later went on to launch its website providing paid courses for various competitive examinations.

The company in its DRHP said that it is subject to the risks of seasonality as the student enrolment depends on various examinations. The enrolment typically increases between the months of March to August, as a result company’s revenue collections are higher during this period.

This also poses the challenge of varying numbers during different quarters as the financial results for Q1 and Q2 may be very heightened in comparison to the results of Q3 and Q4.

Under the Physics Wallah’s IPO Qualified institutional buyers (QIBs) are can get at least 75% of the shares, while non-institutional investors (NIIs) can apply for up to 15%, retail investors have a 10% quota, and shares worth Rs 79 million have been allocated to the company’s employees.

As per brokerages, the edtech faces the challenge of high operational and infrastructure costs. Of the total raised amount via the issue, the company plans to ultilise Rs 548.3 crore towards lease payments. This includes the lease payments of its offline centers and hostels.

For FY23-FY25, PhysicsWallah’s CAGR for its paid users grew by 59.2% to 4.46 million, of which 2.4 million was recorded in Q1FY26. The company’s paid users increased to 2.4 million in Q1FY26 compared to 1.9 million for Q1FY25.

The company’s founders Alakh Pandey and Prateek Boob started “Physics Wallah” with an aim to increase the accessibility of education at affordable prices by leveraging technology.

As per the brokerage firm SMIFS, Physics Wallah for its B2C model may face the challenge of high customer acquisition costs in a competitive market. Further, retention and engagement challenges may arise for the company due to low switching costs, it added.

As of Q1FY26, the company had a total of 22 lakh users enrolled in its various paid courses. Of this, the headcount in the NEET examination course stood the highest at 5.6 lakh students followed by 3.7 lakh students in the foundation exam, and 3.3 lakh enrolment in the JEE examination course.

For FY25, the company incurred server expenses worth Rs 61.5 crore, up 18% from FY24. In its RHP the company has stated it may utilise net proceeds raised from the IPO towards investment in cloud and server management services. “We may migrate our cloud storage and servers to another vendor pursuant to separate arrangements, the cost of which will be borne out of the Net Proceeds, provided that such amount will not exceed Rs 200.1 crore,” the company said in its RHP

For Q1FY26, the company generated a total revenue of Rs 847 crore from its operations. Of this, revenue worth Rs 339 crore came from its online channel, while Rs 413 crore worth revenue was generated from its offline channel. The edutech generated Rs 35 crore revenue from its other channels.

As of Q1FY26, the company’s total employee headcount stood at 18,028. Of this, total faculty members were 6,267 while 913 were consultants. The company operates a total number of 303 offline centers, which include PW Vidyapeeth centers, PW Pathshala centers, etc.

For Q1FY26, the company deployed capital worth Rs 418.4 crore for its offline centers, an increase of 41% compared to the same period last year. For Q1FY25 , the company had deployed Rs 298.4 for the same.

The edutech plans to deploy IPO proceeds worth Rs 460.5 crore towards the expansion its hybrid learning ecosystem. This includes setting up new offline centers, spending capital towards strengthening its technological infrastructure, and investing in new verticals.

The company primarily provides preparation courses and material for competitive examinations like JEE, NEET, SSC, UPSC, etc. It provides online, offline and hybrid courses across its centres. As of June 30, 2025, the Physics Wallah’s Youtube community had 9.8 crore subscribers.

The allotment for Physics Wallah’s IPO is likely to be finalised on November 14. The estimated listing price for the company’s IPO is Rs 109. The price band for the IPO was set at Rs 103–Rs 109 per share