PhysicsWallah IPO 2025: Complete Guide on Date, Price, GMP, Review & Should You Invest?

The PhysicsWallah IPO is set to open on November 11, 2025, marking a historic moment as India’s first major pure-play edtech company goes public. Founded by YouTuber-turned-entrepreneur Alakh Pandey, this ₹3,480 crore mainboard offering has captured the attention of retail investors, institutions, and market analysts alike. But is the PhysicsWallah IPO worth your investment? Let’s dive deep into every crucial detail you need to know before applying.

PhysicsWallah IPO Overview: The Big Picture

The PhysicsWallah IPO represents a landmark event in India’s education technology sector. This is a book-build issue of ₹3,480 crores, combining a fresh capital infusion of ₹3,100 crores through 28.44 crore new shares and an offer for sale (OFS) of ₹380 crores from existing shareholders selling 3.49 crore shares.

What makes the PhysicsWallah IPO particularly interesting for Indian investors is its positioning as the country’s first major pure-play edtech IPO. Unlike other education companies with diversified businesses, PhysicsWallah focuses exclusively on test preparation and upskilling courses—a market segment with massive growth potential in India’s competitive examination landscape.

PhysicsWallah IPO Key Dates & Timeline You Cannot Miss

Timing is everything when it comes to IPO applications. The PhysicsWallah IPO timeline is packed into just over a week, from subscription opening to listing. Here’s your complete schedule:

PhysicsWallah IPO Price Band & Lot Size: Investment Requirements

The PhysicsWallah IPO price band has been strategically set between ₹103 to ₹109 per share, making it accessible for retail investors while valuing the company at approximately ₹31,500 crores at the upper end. This pricing positions PhysicsWallah among the top-valued edtech companies in India.

Minimum Investment Requirements

The PhysicsWallah IPO lot size is 137 shares, which translates to a minimum investment of ₹14,933 at the upper price band. This retail-friendly lot size ensures that small investors can participate in this potentially lucrative opportunity without stretching their budgets.

Employee Discount Benefit

PhysicsWallah employees get a special discount of ₹10 per share, allowing them to apply at ₹99 instead of ₹109. Employees can invest up to ₹5 lakhs under this category, and they’re also permitted to apply in the retail or HNI category alongside their employee application.

About PhysicsWallah: From YouTube to Stock Market

Understanding the PhysicsWallah business model is crucial before investing in the PhysicsWallah IPO. Founded by Alakh Pandey, a physics teacher who started teaching on YouTube, PhysicsWallah has transformed into one of India’s most recognized edtech brands with over 13.7 million YouTube subscribers as of July 2025.

What Does PhysicsWallah Do?

PhysicsWallah operates as a comprehensive test preparation and upskilling platform catering to India’s massive competitive examination market. The company offers courses for:

• Competitive Exams: JEE (Joint Entrance Examination), NEET (National Eligibility cum Entrance Test), UPSC (Union Public Service Commission), and various other government job examinations
• Upskilling Programs: Data science and analytics, banking and finance, software development, and other professional skill development courses
• Delivery Channels: Online courses through website and mobile apps, offline tech-enabled learning centers, and hybrid centers combining online and offline advantages

The company ranks among the top 5 edtech companies in India by revenue, teaching over 45 lakh (4.5 million) students annually, with 42 lakh enrolled in online courses. This massive reach gives PhysicsWallah a competitive edge in the crowded edtech space.

PhysicsWallah Financial Performance: The Reality Check

Before you invest in the PhysicsWallah IPO, understanding the company’s financial health is non-negotiable. While PhysicsWallah shows impressive revenue growth, the company is currently loss-making—a critical factor for conservative investors.

Revenue Growth Story

The PhysicsWallah revenue trajectory demonstrates remarkable growth. Between FY2024 and FY2025, the company’s total income increased by 51%, jumping from ₹2,015.35 crores to ₹3,039.09 crores. This growth reflects strong demand for affordable quality education in India’s competitive exam preparation market.

The Loss-Making Reality

Despite strong revenue growth, PhysicsWallah reported a net loss of ₹243.26 crores in FY2025. However, there’s a positive indicator: the company achieved positive EBITDA of ₹193.20 crores in FY2025, suggesting improving operational efficiency. The EBITDA margin stands at 6.69%, indicating the company is moving toward profitability.

Key Performance Indicators

PhysicsWallah IPO GMP (Grey Market Premium): What Signals Are Markets Sending?

The PhysicsWallah IPO GMP (Grey Market Premium) provides valuable insights into market sentiment before the official listing. As of November 10, 2025, the GMP ranges between ₹4 to ₹7 per share across different grey market sources, indicating a modest premium of approximately 3-6% over the upper price band of ₹109.

What Does This GMP Mean?

A GMP of ₹4-7 suggests that shares are trading at ₹113-116 in the unofficial grey market. This translates to an expected listing gain of 3.66% to 6.42%, which is relatively muted compared to some recent blockbuster IPOs. The neutral-to-positive GMP indicates investors are cautiously optimistic but not overly euphoric about the PhysicsWallah IPO.

However, it’s crucial to understand that GMP is not a guaranteed indicator of listing performance. Many factors—including overall market conditions, subscription levels, and last-minute investor sentiment—can significantly impact actual listing prices. Smart investors use GMP as one data point among many, not as the sole decision-making criterion.

Want to understand the psychology behind IPO investments and why some investors succeed while others fail? Check out our detailed guide on Why People Lose Money in Stock Market: 7 Critical Reasons Indian Investors Must Know.

PhysicsWallah IPO Subscription Details & Reservations

The PhysicsWallah IPO allocation follows SEBI’s standard reservation pattern, ensuring fair distribution across different investor categories. Understanding these allocations helps you gauge your chances of getting shares.

Understanding Your Application Category

• Retail Investors (RII): If you’re investing up to ₹2 lakhs, you fall in this category. You can bid at the cut-off price, letting the company determine your final application price within the band.
• Small NII (sNII): Investments between ₹2 lakhs and ₹10 lakhs qualify you as a small non-institutional investor. You must bid at a specific price—cut-off bidding isn’t allowed.
• Big NII (bNII): Investments above ₹10 lakhs place you in this category, requiring specific price selection without cut-off options.

Objects of the PhysicsWallah IPO Issue: Where Will Your Money Go?

Transparency in fund utilization is crucial for IPO investors. The PhysicsWallah IPO clearly outlines how the ₹3,100 crores from the fresh issue will be deployed across strategic growth initiatives.

Strategic Focus Areas

The fund allocation reveals PhysicsWallah’s strategic priorities:

• Offline Expansion (47%): Nearly half the capital (₹1,089.73 crores) targets offline and hybrid center development, indicating PhysicsWallah’s belief in blended learning models
• Marketing (23%): A massive ₹710 crores allocated for marketing shows aggressive plans to capture market share and build brand presence
• Technology Infrastructure (6.5%): Investment of ₹200.11 crores in servers and cloud infrastructure ensures scalability as student base grows
• Acquisitions: Reserved funds for strategic acquisitions signal plans for inorganic growth and market consolidation

PhysicsWallah Competitive Strengths & Risk Factors

Why PhysicsWallah Stands Out

The PhysicsWallah business model offers several competitive advantages that justify investor interest:

• Strong Brand Equity: With 13.7 million YouTube subscribers and recognition as one of India’s top 5 edtech brands, PhysicsWallah enjoys significant mindshare among students
• Affordable Positioning: PhysicsWallah built its reputation on offering quality education at accessible prices—a crucial differentiator in price-sensitive Indian markets
• Hybrid Model: Unlike pure online players, PhysicsWallah’s combination of online, offline, and hybrid centers provides flexibility and broader market reach
• Improving Unit Economics: The journey from negative EBITDA to positive ₹193.20 crores demonstrates improving operational efficiency
• Massive Market Opportunity: India’s competitive examination and upskilling markets continue expanding, driven by demographic dividends and aspirational youth

Risk Factors to Consider

However, the PhysicsWallah IPO also carries significant risks that prudent investors must evaluate:

• Current Losses: Despite improvements, PhysicsWallah remains loss-making with negative PAT of ₹243.26 crores in FY2025
• Intense Competition: The edtech space is crowded with well-funded players like Unacademy, BYJU’S, and traditional coaching institutes going digital
• Regulatory Uncertainties: Government regulations around edtech operations and marketing practices continue evolving, creating compliance challenges
• Customer Acquisition Costs: High marketing spends (₹710 crores allocated) suggest customer acquisition isn’t cheap in this competitive landscape
• Economic Sensitivity: During economic downturns, discretionary spending on education courses often sees cutbacks

Understanding investment fundamentals is crucial before committing to any IPO. Our comprehensive guide on Stock Trading vs Stock Investing: Which is Better for You in 2025 can help you determine the right approach for your financial goals.

How to Apply for PhysicsWallah IPO? Step-by-Step Guide

Applying for the PhysicsWallah IPO is straightforward, whether you use your bank’s ASBA facility or your broker’s UPI-based application. Here’s your complete application guide:

Method 1: Apply Through Your Broker (UPI)

1. Log into Your Trading Account: Access your broker’s platform (Zerodha, Upstox, Angel One, etc.)
2. Navigate to IPO Section: Find the IPO application section in your dashboard
3. Select PhysicsWallah IPO: Choose the PhysicsWallah IPO from available offerings
4. Enter Application Details: Specify number of lots, bid price (or select cut-off), and category
5. Submit Application: Complete the application and wait for UPI mandate
6. Approve UPI Mandate: Check your UPI app and approve the mandate by 5 PM on November 13, 2025

Method 2: Apply Through Net Banking (ASBA)

1. Log into Net Banking: Access your bank’s net banking portal
2. Find ASBA/IPO Section: Navigate to the investment or IPO application section
3. Select PhysicsWallah IPO: Choose from the list of open IPOs
4. Complete Application Form: Enter your demat account details, bid information, and other required data
5. Submit Application: Your funds will be blocked in your account until allotment

Important Application Tips

• Apply early to avoid last-minute technical glitches
• For retail investors, bidding at cut-off ensures your application isn’t rejected due to price selection
• Double-check your UPI ID and ensure sufficient balance for UPI applications
• Keep your PAN card, demat account details, and bank information handy
• Set reminders for UPI mandate approval deadline (5 PM, November 13)

PhysicsWallah IPO Review & Expert Recommendations

Market experts and analysts have mixed views on the PhysicsWallah IPO, reflecting the complex risk-reward equation this offering presents.

Broker and Member Recommendations

Expert Opinion: Dilip Davda

According to market analyst Dilip Davda: “PWL offers test preparation courses for competitive exams and upskilling courses through offline and online channels. Though it has been leading the segment with rising income, it is still in red on net earnings. It has posted losses for the reported periods, and thus the IPO is with a negative P/E. It is a pure long-term story and well-informed/cash surplus/risk seekers may park moderate funds; others may ignore.“

Our Analysis

The PhysicsWallah IPO presents a classic growth versus value dilemma:

• For Growth Investors: If you believe in India’s edtech story, have a 5+ year horizon, and can stomach volatility, PhysicsWallah offers exposure to a leading brand with improving metrics
• For Value Investors: The current losses, negative P/E, and premium valuation (Price to Book Value of 14.10) make this unattractive for value-focused strategies
• For Conservative Investors: The risk profile is too high—consider waiting for the company to achieve consistent profitability before investing

Many investors make critical mistakes that turn promising IPO investments into losses. Learn from others’ experiences in our article: Why Investors Fail in Stock Market: 10 Critical Reasons That Cost Indians Crores Every Year.

PhysicsWallah IPO: Frequently Asked Questions (FAQs)

Final Verdict: Should You Invest in PhysicsWallah IPO?

The PhysicsWallah IPO represents a unique opportunity to invest in India’s first major pure-play edtech company with a strong brand, massive student base, and improving financial metrics. However, it’s far from a risk-free investment.

Invest If You:

• Believe in India’s long-term edtech and test preparation market potential
• Have a minimum 5-7 year investment horizon and can weather volatility
• Possess high risk appetite and surplus capital
• Understand that profitability may take several quarters to achieve
• Can afford potential short-term losses without affecting your financial goals

Avoid If You:

• Seek immediate returns or short-term trading opportunities
• Prefer investing only in profitable companies with proven track records
• Have low to moderate risk tolerance
• Cannot afford to potentially lose your invested capital
• Are investing borrowed money or funds needed for near-term expenses

The PhysicsWallah IPO opens tomorrow, November 11, 2025, giving you just three days to make your decision. Don’t rush into this IPO based on hype or FOMO (fear of missing out). Carefully evaluate whether it aligns with your financial goals, risk tolerance, and investment philosophy.

Remember, the stock market rewards patient, informed investors who make decisions based on fundamentals rather than emotions or market buzz. Whether you decide to apply for the PhysicsWallah IPO or wait for better opportunities, make sure your decision is rooted in thorough analysis and self-awareness of your investment capacity.

Have you decided whether to apply for the PhysicsWallah IPO? What factors influenced your decision? Share your thoughts and questions in the comments below—we’d love to hear your perspective on this landmark edtech offering!

Disclaimer: This blog post is for informational and educational purposes only and should not be construed as investment advice. IPO investments carry market risks. Please conduct your own research and consult with a qualified financial advisor before making any investment decisions. Past performance does not guarantee future results.