PhysicsWallah IPO 2025: Introduction: India’s First Listed EdTech Giant
The PhysicsWallah IPO represents a watershed moment for India’s education technology sector. Opening on November 11, 2025, this ₹3,480 crore public offering has captured investor imagination as the country’s first major pure-play edtech listing. With founders Alakh Pandey and Prateek Maheshwari transforming a humble YouTube channel into a ₹31,169 crore enterprise, this IPO offers retail investors a rare opportunity to own shares in India’s most affordable and profitable edtech unicorn.
But should you invest? This comprehensive guide breaks down everything from application procedures to allotment strategies, grey market premium trends, listing day tactics, and risk analysis—empowering you with actionable insights for maximum returns.
PhysicsWallah IPO 2025: Understanding IPO: Key Details Every Investor Must Know
IPO Structure and Pricing
PhysicsWallah has set an attractive price band of ₹103 to ₹109 per share, making it accessible to retail investors. The offering comprises the IPO date:
- Fresh Issue:
₹3,100 crore (284.4 million shares) - Offer for Sale (OFS):
₹380 crore (34.9 million shares) by founders Alakh Pandey and Prateek Boob - Total Issue Size:
₹3,480 crore - Minimum Investment:
137 shares per lot (₹14,933 in the upper band). - Employee Discount:
₹10 per share for eligible employees
PhysicsWallah IPO 2025: Critical IPO Timeline
| Event | Date |
|---|---|
| IPO Opening Date | November 11, 2025 |
| IPO Closing Date | November 13, 2025 |
| Anchor Bidding Date | November 10, 2025 |
| Allotment Date | November 14, 2025 |
| Refund Initiation | November 17, 2025 |
| Listing Date (BSE/NSE) | November 18, 2025 |
PhysicsWallah IPO 2025: Quota Allocation Strategy
Understanding allocation percentages helps gauge your chances:
- QIB (Qualified Institutional Buyers):
75% - Retail Investors:
10% - Non-Institutional Investors (HNI):
15%
With only 10% reserved for retail, oversubscription is expected—making strategic bidding crucial.
PhysicsWallah IPO 2025: How to Apply for the PhysicsWallah IPO: The Step-by-Step Process
Method 1: Through Demat Account (Most Common)
- 2025 Login Upstox) to your trading app (Zerodha, Groww, Angel One, (BSE/NSE): November Upstox) the IPO
- Navigate to the Log in IPO section.
- Select PhysicsWallah’s IPO from the active offerings.
- Enter the number of lots (minimum: 1 lot = 137 shares).
- Submit your UPI ID for payment (Upstox). blocking lottery
- Approve a mandate request on the UPI app within a cutoff time.
Method 2: ASBA (Applications Supported by Blocked Amount)
Use your bank’s net banking portal to apply directly, blocking funds without debiting until allotment.
Pro Tips for Application Success
- Apply on Day 1 for better chances in the IPO lottery system (₹194,377), then
- Use cutoff price (₹109) to avoid rejection
- Retail investors can apply for up to 13 lots (1,781 shares = blocking). ₹194,377) the linked
- Ensure sufficient funds are available in the lottery-linked account by the deadline (amount before ₹194,377).
PhysicsWallah IPO 2025: PhysicsWallah Dropdown IPO Allotment Status: Complete Checking Guide
Allotment will be finalized on November 14, 2025. Here’s how to check:
Option 1: Registrar Website (MUFG Intime)
- Visit the MUFG Intime Allotment page.
- Select PhysicsWallah IPO from the dropdown.
- the NSEChoose verification method: PAN Card, Application Number, or DP Client ID
- Enter details and click Search
- View allotment status instantly
Option 2: BSE Website
- Go to BSE Allotment Status
- Select PhysicsWallah and enter the PAN or application number.
Option 3: NSE Website
- Visit the deadline. NSE IPO refund is Bid Verification module
- Submit PAN and application details
Option 4: Through Your Demat Account
- Log in to your trading account on the evening of November 14.
- Check if shares are credited as holdings.
- If allotted, shares appear; if not, the dropdown refund is initiated. initiated the application
Option 5: Bank Account Examination
- If a refund isapplication amo, it is allotted.unt is debitedinitiated. = Allotted
- Ifthe upper refunded = Unallotted
PhysicsWallah IPO 2025: GMP Analysis: What Grey Market Signals
Current Grey Market Premium (GMP)
As of November 6, 2025, PhysicsWallah’s unlisted shares trade at ₹118, reflecting a GMP of ₹9 (8.26% premium over the application’s upper band of ₹109).
Expected Listing Price: ₹118 (₹109 + ₹9 GMP)
Expected Listing Gains: It is allotted. 8.26% metric FY23, or approximately ₹1,233 per lot
What GMP Indicates
- Positive GMP suggests strong demand and potential listing gains
- Moderate premium (8-10%) indicates measured investor interest rather than speculative frenzy
- Stable GMP over multiple days signals genuine long-term confidence
Important GMP Disclaimer
Grey market premium is unofficial and volatile. Factors like market conditions, subscription numbers, and anchor investor participation can rapidly change GMP before listing. Never invest based solely on GMP—analyze fundamentals thoroughly.
PhysicsWallah IPO 2025: Business Model: How Does It Generate Revenue?
Understanding revenue streams is critical for investment decisions:
Primary Revenue Sources
1. Online Courses (60% of Revenue)
- Paid subscriptions:
₹999-₹4,000 for JEE, NEET, UPSC, Banking, and SSC. - As of March 2024, 2.7 million paid online users
- 182% enrollment surge in FY23
2. Offline Coaching Centers (40% of Revenue)
- 198 offline centers in 109 cities (FY25)
- PW Vidyapeeth & Pathshala centers
- Average revenue per user: ₹50,000-₹65,000
- Target:
45% revenue contribution in FY25
3. Books & Study Materials (10%)
- ₹259.2 crore from merchandise and books in FY25
- 3,582 books are published.
4. Additional Revenue Streams
- YouTube advertising revenue
- Franchise fees from Pathshala centers
- Hostel and transport services
PhysicsWallah IPO 2025: Financial Performance Highlights
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | ₹744 crore | ₹1,940 crore | ₹2,886 crore |
| Net Profit/Loss | Loss | (₹1,131 crore) | (₹243 crore) |
| Loss Reduction | – | – | 78% improvement |
| EBITDA (FY25) | Negative | (₹829.4 crore) | ₹193.2 crore positive |
PhysicsWallah achieved a remarkable turnaround from negative (₹829.4₹829 ca ₹193 crore EBITDA loss) to ₹193.2₹193 ca pathrore positive EBITDA in FY25—demonstrating operational discipline and a ₹829 path to the middle of profitability.
PhysicsWallah IPO 2025: Investment Analysis: Should You Invest?
Strengths (Why Invest)
1. Affordability-Driven Market Leadership
- Courses priced 3-10x cheaper than competitors (BYJU’S, Unacademy)
- Captures Tier 2-3 city students unable to afford premium platforms
2. Hybrid Model Advantage
- Balanced online-offline revenue reduces dependency risk
- Physical presence in 152 cities across India and a ₹193Middle Easa freet
3. Strong Founder Ownership (80.7% post-IPO)
- Alakh Pandey and Prateek Maheshwari retain 72.3% combined post-IPO
- Minimal dilution signals long-term commitment
4. Proven Path to Profitability
- 78% loss reduction in one year
- Positive EBITDA was achieved in FY25.
- Low customer acquisition costs via organic YouTube reach
5. Massive Market Opportunity
- India’s edtech market: $7.5 billion (2024) → $29 billion by 2030
- 15.34-28.7% CAGR projected
- 13.7 million YouTube subscribers provide a pathfree cUnacademy, andustomer funnel
6. Backed by Marquee Investors
- WestBridge Capital holds 6.41%, Hornbill Capital holds 4.42%, and GSV Ventures and Lightspeed are also investors.
Risks (Why to Be Cautious)
1. History of Losses
- ₹1,131 crore net loss in FY24
- Still unprofitable, despite revenue growth.
2. High Operational Expenses
- Aggressive expansion drives employee and lease costs.
- 150 employees laid off in November 2023
3. Competitive Pressure
- Intense competition from BYJU’S, the MiddleUnacademy, Vedantu
- Pricing wars could compress a free margin of affordability.
4. Founder Dependency Risk
- Heavy reliance on Alakh Pandey’s personal brand
- 70+ teachers exit the expansion phase.
5. Regulatory Uncertainty
- Evolving edtech regulations
- GST rate changes could impact Unacademy, andaffordabilitywith a
6. Unprofitable Subsidiaries
- The acquisitions of Xylem Learning and Utkarsh Classes are contributing to increased costs.
PhysicsWallah IPO 2025: Expert Verdict
For Long-Term Investors: PhysicsWallah’s affordability model, hybrid strategy, and path to profitability make it a compelling bet on India’s education democratization. The 80% founder retention signals alignment with shareholder interests.
For Short-Term Traders: 8.26% GMP suggests moderate listing gains. However, retail allocation (10%) means low allotment probability—requiring multiple applications for better chances.
Risk Profile: Moderate-to-High. Suitable for investors’ margins. with 3Physics Wallah—5-year horizon willing to ride volatility.
Physics Wallah vs Competitors: EdTech Battlefield Analysis
| Parameter | Physics Wallah | BYJU’S | Unacademy |
|---|---|---|---|
| Pricing Model | ₹999-₹4,000 | ₹30,000-₹1 lakh+ | Mid-range |
| FY24 Revenue | ₹1,940 crore | Insolvency | ₹1,044 crore |
| Profitability | Path to positive | Major losses | Reducing burn |
| Offline Centers | 198 centers | Limited | Hybrid model |
| Target Audience | Tier 2-3 cities | Metro cities | Competitive exams |
| CAC (Customer Acquisition) | Low (organic) | Very high | High |
| Status 2025 | IPO-bound | Insolvency | Turnaround mode |
Key Takeaway: PhysicsWallah’s affordability and operational efficiency distinguish it from competitors’ high-burn models.
How Funds Will Be Utilized: ₹3,100 Crore Deployment Plan
| Purpose | Amount (₹ Crore) |
|---|---|
| New offline/hybrid centers fit-outs | 460.5 |
| Lease payments for existing centers | 548.3 |
| Marketing initiatives | 710.0 |
| Server/cloud infrastructure | 200.1 |
| Investment in Xylem Learning | 47.2 |
| Investment in Utkarsh Classes | 33.7 + 26.5 |
| General corporate purposes | Balance |
The ₹710 crore marketing allocation signals aggressive brand-building, while ₹1,008.8 crore for infrastructure indicates commitment to hybrid expansion.
PhysicsWallah IPO 2025: Listing Day Strategy: Maximizing Returns
If You Get an allotment
Strategy 1: Book Listing Gains (Conservative)
- Sell 50-70% holding on listing day if gains exceed 10-15%.
- Lock profits, given moderate GMP and IPO volatility.
Strategy 2: Hold for Long-Term (Aggressive)
- Retain shares if you believe in the 5-year growth story
- India’s edtech growth to $29 billion by 2030 supports the thesis.
Strategy 3: Partial Booking (Balanced)
- Sell enough to recover initial investment
- Hold the remaining shares for long-term upside.
If You Don’t Get Allotment
- Wait 2–3 weeks after listing for price stabilization.
- Accumulate dips if fundamentals remain strong.
- Avoid buying at sharply listed premiums.
Frequently Asked Questions (Featured Snippet Optimized)
What is the PhysicsWallah IPO opening date?
PhysicsWallah IPO opens on November 11, 2025, and closes on November 13, 2025.
What is PhysicsWallah’s IPO price band?
The price band is ₹103-₹109 per share.
What is the minimum investment required?
Minimum investment is ₹14,933 (1 lot = 137 shares at ₹109).
When will the PhysicsWallah IPO list?
The listing date is November 18, 2025, on BSE and NSE.
What is the PhysicsWallah IPO GMP today?
The current GMP is ₹9 (8.26% premium), suggesting a listing price around ₹118.
How to check PhysicsWallah IPO allotment status?
Visit the MUFG Intime registrar website, select PhysicsWallah IPO, enter the PAN/Application Number, and check the status on November 14, 2025.
What are retail investors chances?
With a 10% retail quota and expected high subscription, retail chances are approximately 1 in 18 (indicative).
Who are the PhysicsWallah founders?
Alakh Pandey (founder & CEO) and Prateek Maheshwari (co-founder & CTO) each hold a 40.35% stake pre-IPO.
Is PhysicsWallah profitable?
PhysicsWallah achieved positive EBITDA of ₹193 crore in FY25 but reported a net loss of ₹243 crore due to accounting adjustments.
What is Physics Wallah’s net worth?
Post-IPO market cap is estimated at ₹31,169 crore ($3.7 billion) at the upper price band.
Internal Links (For Your Blog)
- The Complete Guide to the IPO Application: Zerodha, Groww, and Angel One Platforms
- Top EdTech IPOs in India in 2025: Comparison, Analysis, and Investment Tips
- How to Check IPO Allotment Status: Registrar-Wise Complete Guide
- Grey Market Premium (GMP) Explained: Should You Trust IPO GMP?
- IPO Listing Day Strategy: When to Sell for Maximum Profits
Authoritative External Source
For official IPO documentation, financial disclosures, and investor protection guidelines, consult:
SEBI Official Website: https://www.sebi.gov.in/
For PhysicsWallah’s Red Herring Prospectus (RHP), visit the BSE/NSE official IPO sections.
READ MORE: Stocks to Watch Today, 4 Nov 2025: Top Picks and Trading Insights
Conclusion: The Verdict on PhysicsWallah IPO Investment
The IPO of PhysicsWallah coincides with India’s education revolution, a sector expected to grow at a rate of 15-28% annually and reach $29 billion by 2030. The company’s affordability-first model, hybrid online-offline strategy, and dramatic 78% loss reduction distinguish it from failed edtech peers like BYJU’S.
With founders retaining 72.3% ownership post-IPO, institutional backing from WestBridge and Hornbill, and a massive 9.88 crore learner base, PhysicsWallah offers compelling long-term potential. However, risks including unprofitable subsidiaries, competitive pressures, and founder dependency warrant caution.
For retail investors: Apply with realistic expectations given the 10% quota. Use the cutoff price (₹109), check the allotment on November 14 via the registrar website, and have a clear listing day strategy. Whether you book listing gains or hold for the long term, the present IPO represents a unique opportunity to invest in India’s most affordable and sustainable edtech story.
Pro Tip: Diversify your IPO portfolio—don’t allocate more than 5-10% of investment capital to single IPOs, regardless of hype. Due diligence trumps grey market premiums every time.
Ready to invest in the PhysicsWallah IPO? Apply between November 11 and 13, 2025, through your demat account. Stay updated on subscription status, GMP trends, and allotment results by bookmarking this page.
