The issue opened for subscription on November 11, closed with muted bookings in all categories. The company, known for its online and hybrid learning programs for competitive exams, is entering the secondary market with a price band of Rs 103-109 per share. Subscription was closed on November 13.
| PhysicsWallah IPO | Key Details |
| Price Band | Rs 103-109 per share |
| IPO Date | November 11-November 13 |
| GMP | 3% |
| IPO Allotment date | November 14 |
| Listing date | November 17 |
PhysicsWallah IPO Allotment and Listing Date
Investors can expect the basis of allotment to be finalised on Friday, November 14, with refunds scheduled for Monday, November 17. Shares will be credited to the demat accounts of successful applicants on the same day. The company is tentatively set to list on the BSE and NSE on Tuesday, November 18.
PhysicsWallah IPO: Know the book running lead managers, registrar
The company has appointed leading investment banks to manage the process. Kotak Mahindra Capital Company, J.P. Morgan India, Goldman Sachs (India) Securities, and Axis Capital are serving as book-running lead managers.
PhysicsWallah IPO Subscription Status, GMP Live: Deven Choksey on the IPO
“In terms of Price/Revenue, the company is trading at a multiple of 7.5x on a Trailing Twelve Month (TTM) basis. However, the company is seeing growth in subscription and user base, which will drive future revenue and profitability. Therefore, the IPO can be subscribed for listing gains,” said Deven Choksey in an IPO report.
PhysicsWallah IPO Subscription Status, GMP Live: Who is backing the company?
The company, backed by WestBridge Capital, Hornbill, and GSV Ventures, managed to reduce its losses to Rs 243 crore for the fiscal year ending March 2025, down from Rs 1,131 crore the previous year. At the same time, revenue rose to Rs 2,887 crore, up from Rs 1,941 crore in the corresponding period.
PhysicsWallah IPO Subscription Status, GMP Live: Fund utilisation
The company will invest Rs 28 crore for its subsidiary Utkarsh classes. PhysicsWallah’s subsidiary Utkarsh classes is a coaching platform for the preparation of government exams like UPSC, SSC, NDA, etc. The edutech firm will also use this amount for the lease payments of the offline centres of Utkarsh.
PhysicsWallah IPO Subscription Status, GMP Live: Teaching methodology
PhysicsWallah has carefully curated a pool of teachers trained to deliver classes while keeping the learning habits of the current generation of students in mind. The company’s classrooms are equipped with tools that enable teachers to make classes engaging and interactive through live polls (called ‘Dangal’) and question-and-answer sessions, among others.
PhysicsWallah IPO Subscription Status, GMP Live: Dependency on founders
The company’s success, brand identity, and strategy are heavily dependent on its founders, Alakh Pandey and Prateek Boob. The discontinuation of their services could adversely impact the business and student enrolments. This risk is compounded by high employee attrition rates, which were reported at 45.27% in Fiscal 2024 and 36.51% in Fiscal 2025.
PhysicsWallah IPO Subscription Status, GMP Live: What are the risks?
The primary industry risks stem from this dynamic regulatory environment. Disruptive changes in government policy or shifts in the format of government-administered exams, such as the recent modifications to the JEE Main syllabus, can require significant operational adjustments and increase compliance costs for industry players.
PhysicsWallah IPO Subscription Status, GMP Live: About the company
PhysicsWallah is an edtech company that provides courses for competitive exams such as JEE, NEET, UPSC, and more. In addition, it offers upskilling programs in areas like data science, analytics, banking, finance, and software development. The company delivers its content primarily online through social media, websites, and apps, while also running tech-enabled offline and hybrid learning centers.
PhysicsWallah IPO Subscription Status, GMP Live: Subscription at 4 pm on Day 3
PhysicsWallah IPO subscribed 1.91 x overall.
The issue was subscribed 1.09x in the retail category
The QIBs saw 2.86x subscription
The NII category subscription stands at 0.51 x
PhysicsWallah IPO Subscription Status, GMP Live: High dependency on founders
The edutech is subject to risk of retaining faculty members and students as the faculty is hired for a contractual period of 5 years. SBI Securities in its reported stated that the company is highly dependent on its founders Alakh Pandey and Prateek Boob, and if they discontinue their services it could adversely impact the company's operations.
PhysicsWallah IPO Subscription Status, GMP Live: QIBs save Physics Wallah's IPO issue
Physics Wallah’s IPO has been subscribed to a total of 1.21 times so far on the last day of bidding as QIBs jumped in to save the issue. QIB segment has been subscribed 1.78 times. The retail segment has seen a subscribed 0.89 times while the employees segment has been subscribed 2.53 times. The NII segment has been subscribed 0.28 times.
PhysicsWallah IPO Subscription Status, GMP Live: Employee benefit expenses
As of Q1 FY26, the company's employee benefits expenses amounted to Rs 459.7 crore. The company said that these expenses incurred due to an increased employee headcount. As of June, 2025, the total employee headcount stands at 18,028, which is an increase of 35% from 13,302 employees it had in the same period a year back.
PhysicsWallah IPO Subscription Status, GMP Live: Faculty fees
For three months ended 30 June, 2025, the company paid a professional fee worth Rs 55.6 crore to its faculty members. This comprised faculty that was hired on a contractual and consultancy basis. As of 30 June, 2025, the total holds a total of 913 faculty members.
PhysicsWallah IPO Subscription Status, GMP Live: UAE branch
In FY23, the company expanded to UAE, acquiring 100% stake in UAE based edtech company Knowledge Planet. As of 30 June, 2025, Physics Wallah’s UAE branch had incurred a loss of Rs 6.7 crore. The company operates 16 centres in UAE.
PhysicsWallah IPO Subscription Status, GMP Live: Advertisement expenses
For FY25 the company spent Rs 276.2 crore towards advertisement and publicity expenses. This comprised 9.6% of its total revenue of FY25. For the three months ended June 2025, the company had spent a total of Rs 117.8 crore towards its advertisement and publicity expenses.
PhysicsWallah IPO Subscription Status, GMP Live: Growth through acquisitions
According to SBI Securities and the company's RHP, "The cumulative amount to be utilized towards inorganic growth through unidentified acquisition and other strategic initiatives and general corporate purposes shall not exceed 35% of the gross proceeds from the Fresh Issue. The amount to be utilised for general corporate purposes shall not exceed 25% of gross proceeds from the Fresh Issue."
PhysicsWallah IPO Subscription Status, GMP Live: Deven Choksey says IPO is just for listing gains
"In terms of Price/Revenue, the company is trading at a multiple of 7.5x on a Trailing Twelve Month (TTM) basis. However, the company is seeing growth in subscription and user base, which will drive future revenue and profitability. Therefore, the IPO can be subscribed for listing gains," said Deven Choksey in an IPO report.
PhysicsWallah IPO Subscription Status, GMP Live: Cash is the king
The company generated positive and growing net cash from operations in all three fiscal years, indicating that its core business model generates sufficient cash to cover operational needs. The significant cash used in investing activities, especially in FY25, is directly linked to the company’s inorganic growth strategy, including payments for acquisitions and investments in mutual funds and debentures.
Incred Equities recommends "subscription to Physics Wallah’s IPO." According to them, "the company has demonstrated significant growth over the years in both online and offline business verticals. At the upper end of the price band, the initial public offer (IPO) is valued at EV/sales multiple of 10.7x based on post-issue capital. The valuation of PW seems to be stretched but looking at the strong moat and topline/business expansion, the company is well-placed to disrupt the edtech space," they added.
As the business scales up, they expect "profitability over the medium- to long-term."
That said, they have also listed out key downside risks including "brand reputation among the student community is sensitive, dependence on the promoter’s face value, and high attrition rate of the faculty/talent."
PhysicsWallah IPO Subscription Status, GMP Live: Inorganic growth strategy
The acquisitions of Guiding Light and Kay Lifestyle are significant post-balance sheet events that occurred after the end of FY25 (March 2025). As such, their financial impact is not yet reflected in the historical financial statements presented in this analysis, a crucial point for forward-looking valuation. These moves underscore a clear strategy focused on rapid market penetration into new geographies and educational segments.
PhysicsWallah IPO Subscription Status, GMP Live: Heavy dependence on founders
The company’s success, brand identity, and strategy are heavily dependent on its founders, Alakh Pandey and Prateek Boob. The discontinuation of their services could adversely impact the business and student enrolments. This risk is compounded by high employee attrition rates, which were reported at 45.27% in Fiscal 2024 and 36.51% in Fiscal 2025.
PhysicsWallah IPO Subscription Status, GMP Live: Subscription rate one of the slowest in recent times
The PhysicsWallah IPO has been one of the slowest in recent times. At the end of Day 2, the IPO was subscribed 0.14 times. The retail segment has been subscribed 0.6x
PhysicsWallah IPO Subscription Status, GMP Live: New education policy poses risk
The education sector is subject to an evolving regulatory framework. Key regulations include the National Education Policy (NEP) 2020, which aims to overhaul the education system, and various state-specific legislations governing private coaching centres. More recently, the Ministry of Education’s 2024 guidelines introduced significant rules, such as prohibiting the enrollment of students below 16 years of age. This regulation poses a specific risk to the company’s ‘Foundation’ course offerings, which cater to students in classes six to 10 and serve as a key student acquisition funnel.
PhysicsWallah IPO Subscription Status, GMP Live: Risks associated with PhysicsWallah
The primary industry risks stem from this dynamic regulatory environment. Disruptive changes in government policy or shifts in the format of government-administered exams, such as the recent modifications to the JEE Main syllabus, can require significant operational adjustments and increase compliance costs for industry players.
PhysicsWallah IPO Subscription Status, GMP Live: Competitive strength
PhysicsWallah's key competitive advantages include its powerful brand, community engagement, and affordable pricing model, with its JEE and NEET courses cited as the most affordably priced among top players. The company’s hybrid, multi-channel approach and proprietary technology, like "AI Guru," are key long-term differentiators.
PhysicsWallah IPO Subscription Status, GMP Live: All about the company
PhysicsWallah is an edtech company that provides courses for competitive exams such as JEE, NEET, UPSC, and more. In addition, it offers upskilling programs in areas like data science, analytics, banking, finance, and software development. The company delivers its content primarily online through social media, websites, and apps, while also running tech-enabled offline and hybrid learning centers.
PhysicsWallah IPO Subscription Status, GMP Live: Offline centres
The company operated 303 total offline centres as of June 2025, which grew at a CAGR of 165.92% between Fiscals 2023 and 2025. They aim to leverage their proprietary technology stack to deliver content at scale, integrate new offerings, and provide tech-backed tools for efficient learning and teaching. Their founder, Alakh Pandey, began the “Physics Wallah” YouTube channel in 2014, offering free physics lessons.
PhysicsWallah IPO Subscription Status, GMP Live: Teaching methodology
PhysicsWallah has carefully curated a pool of teachers trained to deliver classes while keeping the learning habits of the current generation of students in mind. The company’s classrooms are equipped with tools that enable teachers to make classes engaging and interactive through live polls (called ‘Dangal’) and question-and-answer sessions, among others.
PhysicsWallah IPO Subscription Status, GMP Live: Fund utilisation
The company will invest Rs 28 crore for its subsidiary Utkarsh classes. PhysicsWallah’s subsidiary Utkarsh classes is a coaching platform for the preparation of government exams like UPSC, SSC, NDA, etc. The edutech firm will also use this amount for the lease payments of the offline centres of Utkarsh.
PhysicsWallah IPO Subscription Status, GMP Live: Model of classes
To enable effective delivery of classes, Physics Wallah use smart boards and 3D models. Recognising the need for students to plan their studies for successful outcomes, the company carefully curates its course curriculum and plans and offer counselling services to help students select courses suited to their requirements and current level of preparation.
PhysicsWallah IPO Subscription Status, GMP Live: About company
PhysicsWallah offers courses for test preparation for competitive exams like JEE, NEET, GATE, and UPSC, along with upskilling programs available through various online platforms (YouTube, its website, and apps), technology-enabled offline centers, and hybrid centers that combine online learning with in-person support.
The company, which is backed by WestBridge Capital, Hornbill, and GSV Ventures, managed to reduce its losses to Rs 243 crore for the fiscal year ending March 2025, down from Rs 1,131 crore the previous year. At the same time, revenue rose to Rs 2,887 crore, up from Rs 1,941 crore in the corresponding period.