Market Performance
The PhysicsWallah IPO continued to stay in focus on the final day of subscription, drawing attention across Dalal Street. The issue, which opened on November 11 and closes on November 13, has seen a gradual improvement in participation, especially from retail investors.
By the end of Day 2, the IPO was 12% subscribed, reflecting a measured yet steady response. The retail portion was booked at 57%, while the Non-Institutional Investor (NII) segment stood at 5%. The employee quota saw strong traction, with a 1.75x subscription.
Main News: PhysicsWallah IPO Subscription and Details
The PhysicsWallah IPO has set a price band between ₹103 and ₹109 per share. The offer comprises:
- Fresh issue: ₹3,100 crore
- Offer for Sale (OFS): ₹380 crore by promoters
Both Alakh Pandey and Prateek Boob, the company’s promoters, are offloading shares worth ₹190 crore each as part of the OFS. Currently, both hold around 40.31% stake in the company.
The IPO is structured with the following reservations:
- Qualified Institutional Buyers (QIB): up to 75%
- Non-Institutional Investors (NII): up to 15%
- Retail Investors: up to 10%
- Employees: ₹70 million worth of shares reserved
Company Overview: PhysicsWallah Limited
PhysicsWallah Ltd (PW) is one of India’s largest and most trusted edtech platforms, known for its strong student-led community and wide-ranging educational content.
As of July 2025, the company’s flagship YouTube channel had over 1.37 crore subscribers, making it one of the most followed education channels in the country.
The company delivers learning through three models:
- Online: via YouTube, app, and website
- Offline: through tech-enabled live classes at centers
- Hybrid: combining online learning with in-person guidance and revision sessions
PW’s physical presence includes:
- 112 Vidyapeeth centers
- 78 Pathshala centers (of which 54 are franchised)
- 47 additional centers across India
It is supported by a strong faculty and content team of 6,267 professionals and has produced 4,382 books and an extensive question bank of over 0.87 crore.
Financial and Business Snapshot
As per recent company data:
- Operates 303 offline centers, growing at a CAGR of ~165.9% between FY23–FY25
- Has 4.13 million unique paying users on its digital platforms
- Offers services across 13 education categories and 7 regional languages
Its revenue model is well-diversified across:
- Services: including teaching, hostel, transportation, and content licensing
- Product sales: books, tablets, and stationery
- Ancillary income: advertisements and other fees
This diversified model has helped PW strengthen its ecosystem while maintaining scalability and operational efficiency.
Operational Risks and Considerations
While PhysicsWallah’s growth momentum remains strong, the company’s operations are concentrated in specific geographies.
- Six cities contributed ~40% of offline revenue in FY25, with Patna and Delhi alone accounting for 20.7%.
This creates sensitivity to local disruptions.
Additionally, as several centers operate through a franchise model, maintaining consistent quality standards will be key. The company also faces challenges in faculty retention and scaling offline centers while preserving its quality of education and student experience.
IPO Timeline and Key Dates
- IPO Opened: November 11, 2025
- IPO Closes: November 13, 2025
- Allotment Finalization: November 14, 2025
- Refunds Initiation: November 17, 2025
- Demat Credit: November 17, 2025
- Expected Listing: November 18, 2025
- Exchanges: BSE and NSE
Summary
The PhysicsWallah IPO has gathered traction as it heads into its final day of subscription. With its strong brand presence, vast student community, and growing offline reach, the company continues to hold a central spot in India’s expanding edtech ecosystem.
The IPO’s steady subscription across retail and employee segments reflects investor curiosity around one of the country’s fastest-growing education platforms.
As markets await the final subscription figures and listing, PhysicsWallah’s IPO journey stands as one of the most talked-about offerings in the education sector this year.
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