PhysicsWallah Restricted, one in every of India’s fastest-growing edtech unicorns, is arising with its maiden public difficulty. The PhysicsWallah IPO goals to lift ₹3,480 crore, consisting of a recent difficulty of ₹3,100 crore and a proposal on the market (OFS) of ₹380 crore. The IPO opens for subscription on November 11, 2025, and closes on November 13, 2025, with tentative itemizing on November 18, 2025 at each BSE and NSE. With a robust model recall, 13.7 million YouTube subscribers, and a rising hybrid studying mannequin, PhysicsWallah (PW) goals to develop aggressively in India’s test-preparation and ability growth sector. Let’s dive into detailed PhysicsWallah IPO assessment, evaluation, GMP, and whether or not you need to subscribe or keep away from this IPO.
About PhysicsWallah Ltd.
Based by Alakh Pandey and Prateek Boob, PhysicsWallah Restricted affords check preparation programs for JEE, NEET, UPSC, and several other upskilling packages in Information Science, Banking & Finance, and Software program Improvement. The corporate has constructed a robust presence throughout on-line, offline, and hybrid studying fashions.
Key Highlights:
- 13.7 million YouTube subscribers as of July 2025.
- 4.13 million on-line transacting customers.
- 303 offline and hybrid facilities throughout India.
- 6,267 college members and over 18,000 staff.
- Revealed over 4,382 books.
The corporate has diversified into a number of training classes and now competes instantly with Byju’s, Unacademy, and Vedantu in each on-line and bodily studying codecs.
Aggressive Strengths
- Robust Model Recall & Giant Consumer Base
PhysicsWallah’s robust YouTube group and reasonably priced studying mannequin have given it a loyal scholar base throughout India. - Hybrid Studying Mannequin
PW efficiently built-in on-line and offline ecosystems, giving it a aggressive edge over purely digital platforms. - Sturdy Tech Infrastructure
The corporate’s proprietary expertise stack ensures easy studying experiences and customized suggestions. - Specialised College & Curriculum
With hundreds of expert educators, PW ensures topic depth and powerful pedagogy in every course phase. - Confirmed Scalability
Fast growth into 300+ facilities demonstrates operational scalability.
PhysicsWallah IPO Challenge Particulars
| Particulars | Particulars |
|---|---|
| IPO Opening Date | November 11, 2025 |
| IPO Closing Date | November 13, 2025 |
| Worth Band | ₹103 – ₹109 per share |
| Face Worth | ₹1 per share |
| Lot Measurement | 137 shares |
| Minimal Funding (Retail) | ₹14,933 |
| Whole Challenge Measurement | ₹3,480 crore |
| Contemporary Challenge | ₹3,100 crore |
| Supply for Sale (OFS) | ₹380 crore |
| Itemizing At | BSE & NSE |
| Lead Managers | Kotak Mahindra Capital, JP Morgan, Goldman Sachs, Axis Capital |
| Registrar | MUFG Intime India Pvt. Ltd. |
Firm Financials
| Particulars (₹ Cr) | FY23 | FY24 | FY25 | Q1 FY26* |
|---|---|---|---|---|
| Whole Revenue | 772.5 | 2,015.3 | 3,039.1 | 905.4 |
| PAT | -84.1 | -1,131.1 | -243.2 | -127.0 |
| EBITDA | 13.8 | -829.3 | 193.2 | -21.2 |
| Web Price | 62.3 | -861.8 | 1,945.4 | 1,867.9 |
| Borrowings | 956.1 | 1,687.4 | 0.33 | 1.55 |
As per RHP, the corporate turned EBITDA optimistic in FY25 after a pointy enchancment in price construction. Nevertheless, it continues to report accounting losses resulting from aggressive investments and growth prices.
Key Ratios
- RoNW: -12.5%
- PAT Margin: -8.4%
- EBITDA Margin: 6.7%
- Worth to Ebook Worth: 14.1x
- Put up Challenge Market Cap: ~₹31,526 crore
Objects of the Challenge
The corporate plans to make the most of the web proceeds for:
- Capital expenditure for brand spanking new offline/hybrid facilities – ₹460.5 crore
- Lease funds for present facilities – ₹548.3 crore
- Server and cloud infrastructure – ₹200.1 crore
- Advertising and marketing initiatives – ₹710 crore
- Inorganic progress and acquisitions
- Basic company functions
P/E Ratio Comparability with Friends
| Firm | P/E Ratio (x) | Remarks |
|---|---|---|
| Byju’s (Unlisted) | N/A | Heavy losses |
| UpGrad (Unlisted) | N/A | Loss-making |
| NIIT Ltd. | 42x | Worthwhile participant in skilled training |
| Aptech Ltd. | 38x | Regular margins |
| PhysicsWallah (Put up IPO) | N/A | Loss-making |
The edtech trade common P/E is ~35x for worthwhile friends. Since PW is at present loss-making, conventional P/E valuation doesn’t apply; buyers ought to contemplate EV/Income multiples as a substitute.
Causes to Put money into PhysicsWallah IPO
1. Robust Model & Low-Value Disruption
PhysicsWallah’s distinctive positioning as a high-quality but reasonably priced studying model makes it a disruptive participant in India’s training house.
2. Diversified Income Base
The corporate derives revenue from on-line programs, offline facilities, books, and upskilling packages – making certain decreased dependency on anybody phase.
3. Aggressive Enlargement Plan
The IPO funds will help the growth of latest facilities, notably in Tier-II and Tier-III cities, rising market penetration.
4. Constructive EBITDA Turnaround
From a lack of ₹829 crore in FY24 to a optimistic EBITDA in FY25, PW is exhibiting monetary enchancment and price optimization.
5. Large Consumer Ecosystem
With 13M+ followers and hundreds of thousands of lively customers, PhysicsWallah enjoys one of many largest training communities in India.
Danger Elements of PhysicsWallah IPO
1. Continued Web Losses
Though EBITDA optimistic, the corporate stays loss-making, indicating operational effectivity nonetheless wants enchancment.
2. Intense Competitors
Edtech is a fiercely aggressive market with heavyweights like Byju’s, Unacademy, Vedantu, and conventional teaching manufacturers getting into hybrid studying.
3. Regulatory Dangers in Training Sector
Altering authorities insurance policies or restrictions on non-public training may influence enterprise fashions.
4. Dependence on Founders
Alakh Pandey’s robust model persona is core to the corporate. Any reputational influence may have an effect on PhysicsWallah’s market standing.
5. Financial Sensitivity
Financial downturns could cut back spending on training, affecting enrollments and profitability.
Apply for PhysicsWallah IPO
You’ll be able to apply for this IPO by means of:
- UPI-based ASBA by way of web banking (ICICI, HDFC, SBI, Axis, and so on.)
- Dealer Platforms: Zerodha, Groww, Angel One, or Upstox
- Offline by means of banks by filling ASBA kinds
Guarantee UPI mandates are accredited earlier than 5 PM on November 13, 2025.
Gray Market Premium (GMP) – PhysicsWallah IPO
As per market observers, PhysicsWallah IPO GMP is at present round ₹15–₹20 per share (topic to market fluctuations). This means reasonable investor curiosity forward of itemizing.
Be aware: GMP can change each day primarily based on subscription developments and market situations. It’s an unofficial indicator, not a assure of itemizing beneficial properties.
PhysicsWallah IPO – Conclusion: Ought to You Make investments or Keep away from?
PhysicsWallah’s IPO presents a blended image:
- Positives: Robust model presence, rising offline community, and diversified studying mannequin.
- Considerations: Steady losses, excessive valuation, and unsure profitability.
Traders could keep away from this IPO for now.
Incessantly Requested Questions (FAQs)
1. What are PhysicsWallah IPO dates?
IPO opens on November 11, 2025, and closes on November 13, 2025.
2. What’s PhysicsWallah IPO worth band?
The value band is mounted at ₹103 to ₹109 per share.
3. What’s the minimal funding for retail buyers?
Retail buyers can apply for one lot (137 shares) costing ₹14,933.
4. Who’re the promoters of PhysicsWallah Ltd.?
Alakh Pandey and Prateek Boob are the promoters.
5. Is PhysicsWallah a worthwhile firm?
The corporate is EBITDA optimistic however nonetheless studies accounting losses.
6. What’s the PhysicsWallah IPO GMP right now?
GMP is round ₹15–20 per share as per market information.
7. Ought to I apply for the PhysicsWallah IPO?
Apply provided that you imagine within the long-term progress of the edtech sector and are comfy with short-term volatility.
Disclaimer: Investing in IPOs entails market threat. This text is for instructional functions solely and never a advice to take a position. Traders ought to learn the Pink Herring Prospectus (RHP) and seek the advice of monetary advisors earlier than investing.
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