PhysicsWallah Limited, one of India’s fastest-growing edtech companies, will open its Initial Public Offering (IPO) for public subscription on Tuesday, November 11, 2025, and close on Thursday, November 13, 2025. The Anchor Investor bidding will open a day earlier, on Monday, November 10, 2025.
The company has fixed a price band of ₹103 to ₹109 per equity share with a face value of ₹1 each. Eligible employees will be offered a discount of ₹10 per share under the Employee Reservation Portion. Investors can place bids for a minimum of 137 equity shares and in multiples thereof.
The IPO comprises a fresh issue of equity shares aggregating up to ₹3,100 crore and an offer for sale (OFS) of shares worth ₹380 crore, taking the total offer size to ₹3,480 crore.
Use of Proceeds
The company plans to utilize the net proceeds from the issue for a range of strategic initiatives including expansion of its offline and hybrid learning infrastructure, technology upgrades, and marketing. Key allocations include:
-
₹460.55 crore for capital expenditure on new offline and hybrid centres.
-
₹548.31 crore for lease payments for existing centres.
-
₹47.17 crore investment in subsidiary Xylem Learning Pvt. Ltd., including ₹31.65 crore for new centres and ₹15.52 crore for lease payments.
-
₹28 crore for lease obligations of Utkarsh Classes & Edutech Pvt. Ltd.
-
₹200.10 crore towards server and cloud infrastructure.
-
₹710 crore towards marketing and brand initiatives.
-
₹26.5 crore for acquiring additional shareholding in Utkarsh Classes & Edutech Pvt. Ltd.
The balance proceeds will be used for inorganic growth and general corporate purposes.
Offer Details
The IPO will be conducted through the Book Building Process as per SEBI (ICDR) Regulations, 2018, with the following allocation structure:
-
Not less than 75% of the net offer will be available for Qualified Institutional Buyers (QIBs).
-
Not more than 15% will be allocated to Non-Institutional Investors (NIIs).
-
Not more than 10% will be available for Retail Individual Investors (RIIs).
-
A reserved portion will be allocated to eligible employees at the discounted price.
All non-anchor investors are required to participate through the Application Supported by Blocked Amount (ASBA) process, including UPI for retail bidders.
Lead Managers
The Book Running Lead Managers (BRLMs) to the issue are Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, and Axis Capital Limited.
The Red Herring Prospectus (RHP) is available for public access here.
About PhysicsWallah Limited
Founded by Alakh Pandey, PhysicsWallah began as a YouTube-based education platform and has grown into one of India’s leading edtech companies. It offers affordable learning solutions for competitive exams through its digital and offline platforms. With subsidiaries such as Xylem Learning and Utkarsh Classes & Edutech, the company continues to expand its footprint in India’s education ecosystem, combining technology, quality teaching, and accessibility.
