PhysicsWallah Limited IPO Opens On 11 November 2025 Price Band Set At Rs. 103-109 Per Share
PhysicsWallah Limited IPO Opens On 11 November
POSTED BY: MRUNALI, 06 NOVEMBER 2025 📞 8108510506
MUMBAI, (RMN.IN): PhysicsWallah an Edtech unicorn has fixed the price band of Rs 103-109 per share for its IPO with an Issue Size of Rs 3480 Crores at the upper end.The company’s maiden IPO will open on November 11 and close on November 13. The anchor book will open on November 10.
The IPO consists of a fresh issue of Rs 3,100 crore and an offer for sale amounting to Rs 380 crore. Promoters Alakh Pandey and Prateek Boob will each offload shares worth Rs 190 crore through the OFS. At present, both hold a 40.31% stake, representing 105.12 crore shares, which is valued at Rs 11,458 crore at the upper price band.
The Company Promoters Mr. Alakh Pandey, Co-Founder, Whole Time Director and CEO; Mr. Prateek Maheshwari, Co-Founder and Whole Time Director; alongwith Mr.Amit Sachdeva, CFO interacted with GPN.
The Noida-based company filed draft papers in March with Sebi for an IPO through a confidential pre-filing route and had received the market regulator’s approval in July. Following this, the company filed an updated DRHP in September before filing an RHP.The company opted for the confidential pre-filing route, which allowed it to withhold public disclosure of IPO details until later stages.
Institutional investors in PhysicsWallah include WestBridge AIF, holding a 6.4% stake (16.8 crore shares) valued at Rs 1,820 crore; Hornbill Capital Partners with 4.41% (11.52 crore shares) valued at Rs 1,255 crore; Lightspeed Opportunity Fund with 4.66 crore shares (Rs 509 crore); and Setu AIF Trust with 3.64 crore shares (Rs 396 crore).
Funds will be based to fuel the company’s expansion and growth initiatives. From the proceeds of the fresh issue, PhysicsWallah said Rs 460.5 crore will go towards fit-outs of new offline and hybrid centers and Rs 548.3 crore will be used for lease payments of existing centers.Also, the company will invest Rs 47.2 crore in its subsidiary Xylem Learning, including Rs 31.6 crore for new centers and Rs 15.5 crore for lease payments and hostels.
A further Rs 33.7 crore will be directed to Utkarsh Classes & Edutech for lease payments of its centers. Additionally, Rs 200.1 crore is earmarked for server and cloud infrastructure, Rs 710 crore for marketing initiatives, and Rs 26.5 crore for acquiring additional stake in Utkarsh Classes. PhysicsWallah provides preparation courses for competitive exams such as JEE, NEET, GATE, and UPSC, as well as upskilling programs, available through online platforms, tech-enabled offline centers, and hybrid centers that blend online teaching with in-person assistance.
Its main YouTube channel, “Physics Wallah-Alakh Pandey,” had about 13.7 million subscribers as of July 15, 2025, while its overall YouTube network had 98.8 million subscribers by June 30, 2025, growing at a CAGR of 41.8 per cent between FY23 and FY25. Apart from its strong digital presence, PhysicsWallah has also built a significant offline footprint.
The company, which is backed by WestBridge Capital, Hornbill, and GSV Ventures, narrowed its losses to Rs 243 crore in the year ended March 2025 from Rs 1,131 crore in the preceding year. However, revenue rose to Rs 2,887 Crore, from Rs 1,941 crore in the same period.According to the company, 75 per cent of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.PhysicsWallah will make its stock market debut on November 18.
Kotak Mahindra Capital Company Limited, JP Morgan India Private Limited, Goldman Sachs India Securities Private Limited and Axis Capital Limited are the Book Running Lead Managers to the issue.
