PhysicsWallah Ltd

PhysicsWallah Ltd offers a range of edtech solutions for competitive exams like JEE, NEET, UPSC etc. In addition, PhysicsWallah Ltd also offers upskilling courses in data science and analytics so that employees of various organizations can upgrade their kills and improve their prospects in the employment market. The delivery of education is done through online platforms, offline centres, and hybrid methodologies. Its YouTube channel alone has more than 1.37 crore subscribers. It has 303 offline centres across India and a 6,200 strong faculty for teaching courses as well as for development of educational content. 

The IPO will be a combination of a fresh issue and an offer for sale (OFS). The fresh funds will be used for capex of offline and hybrid centres, lease payments, Investment in Utkarsh Classes subsidiary, tech stack infrastructure, and marketing and brand building. The issue is being lead-managed by Kotak Mahindra Capital, JP Morgan, Goldman Sachs, and Axis Capital; while MUFG Intime India Private Ltd will be the registrars to the IPO. Alakh Pandey and Prateek Boob are the promoters; and both are participating in the OFS portion. 

Highlights of the IPO Issue

Here are the key highlights of the public issue of PhysicsWallah Ltd. 

1. The IPO of will be open from November 11th, 2025 to November 13th, 2025. It has a face value of ₹1 per share and IPO price band is set in range of ₹103 to ₹109 per share.
2. The IPO of PhysicsWallah Ltd will be a combination of a fresh issue and an offer for sale of shares by the promoters of the company.
3. The fresh portion comprises the issue of 28,44,03,669 shares (2,844.04 lakh shares), which at the upper price band of ₹109 per share translates into ₹3,100 crore.
4. The OFS of the IPO comprises the sale of 3,48,62,385 shares (348.62 lakh shares), which at the upper price band of ₹109 per share translates into ₹380 crore.
5. The overall IPO will comprise of a fresh issue and OFS of 31,92,66,054 shares (3,192.66 lakh shares) worth ₹3,480 crore at the upper band price of ₹109 per share. 

The IPO of PhysicsWallah Ltd will be listed on the NSE and the BSE on the IPO mainboard. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of PhysicsWallah Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of PhysicsWallah Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 137 shares) 

Financial Highlights

The table captures the key financials of PhysicsWallah Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

Edtech continues to be a business with a lot of front-loading of costs and investing quality content creation. Hence, costs are high. The company has been making losses over the last 3 years and even had negative equity as of FY24 and FY23 end. Hence, the traditional metrics of P/E and return ratios may not be too relevant. 

Valuation Metrics

As stated earlier, the company has been consistently making losses over the years and hence traditional valuation metrics cannot be applied. However, there is one thing that investors must keep in mind. In a short span of time, the company has emerged as among the top 5 Edtech companies in India with a fairly meaningful business model that combines offline, online, and hybrid education delivery.  

There are several qualitative factors that investors must focus on when looking at PhysicsWallah Ltd from an investment perspective. The company has close to 45 lakh paying subscribers and growing at close to 60% CAGR. That ensures a solid funnel for future growth. The company tech stack is entirely proprietary, so they have much better control over user experience as well as over the feedback loop. The company has invested in quality faculty and research resources to enhance the quality of content. IPO investors have to bet on these factors for now, as profits may still be some time away. 

A Brief on the Anchor Allocation

The anchor issue of PhysicsWallah Ltd saw a strong response on 10th November 2025 with 43.50% of the IPO size absorbed by anchors. Out of 32,95,84,876 shares (3,295.85 lakh shares) on offer in the IPO, anchors picked up 14,33,80,733 shares (1,433.81 lakh shares) accounting for 43.50% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹109 per share. This includes the face value of ₹1 per share plus a share premium of ₹108 per share. The anchor bidding process opened and closed on 10th November 2025. 

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of PhysicsWallah Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 10th November 2025, PhysicsWallah Ltd allotted 14,33,80,733 shares to 57 anchor investors. The allocation was done at the upper IPO price band of ₹109 per share which resulted in overall anchor allocation of ₹1,562.85 crore. The anchors have already absorbed 43.50% of the total issue size of ₹3,592.48 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹774.47 crores, or, 49.55% of the overall anchor allocation of shares in PhysicsWallah Ltd done on November 10, 2025. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251110-57&attachedId=f778380b-e39b-4da6-8635-82ca22998503 

Out of the 14,33,80,733 shares allocated to the anchors in the IPO, there were a total of 7,95,48,091 shares allocated to mutual funds registered with SEBI. The allocation was made to 35 mutual fund schemes across 14 AMCs. Mutual funds accounted for 55.48% of the total anchor allocation of the IPO. Global FPIs, Sovereign Funds, AIFs, and insurance companies were also active in participating in the anchor allocation of PhysicsWallah Ltd. 

Next Step in the IPO

Post the closure of the IPO subscription on 13th November 2025, the basis of allotment will be finalized on 14th November 2025 and the refunds will be initiated on 17th November 2025. In addition, the demat credits are expected to also happen on 17th November 2025 and the stock will list on 18th November 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 17th November 2025 under ISIN (INE0LP301011). 

IPO Subscription Status On Day-1

As of 5.15 pm on 11th November 2025, out of the 1,862.04 lakh shares on offer in the IPO (excluding anchor portion), PhysicsWallah Ltd saw bids for 131.23 lakh shares. This implies an overall subscription of 0.07X or 7% at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of PhysicsWallah Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to November 13, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-2

As of 5.30 pm on 12th November 2025, out of the 1,862.04 lakh shares on offer in the IPO (excluding anchor portion), PhysicsWallah Ltd saw bids for 238.35 lakh shares. This implies an overall subscription of just 0.13X or 13% at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of PhysicsWallah Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to November 13, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-3

As of 7.60 pm on 13th November 2025, out of the 1,862.04 lakh shares on offer in the IPO (excluding anchor portion), PhysicsWallah Ltd saw bids for 3,314.97 lakh shares. This implies an overall subscription of just 1.78X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of PhysicsWallah Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the QIB investors in that order. Both the HNI / NII portion and the Retail portion got undersubscribed in the IPO. Normally, the QIB and NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO of PhysicsWallah Ltd was open up to November 13, 2025, and has closed for subscription as of the close of trading hours on November 13, 2025. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO, although a higher subscription is not an automatic guarantee of a strong listing of the IPO stock. 

About the PhysicsWallah Ltd

The IPO of PhysicsWallah Ltd opened on November 11th, 2025 and closed on November 13th, 2025. The overall IPO comprised entirely of a fresh issue and an offer for sale (OFS) of 32,95,84,876 shares (3,295.85 lakh shares) worth ₹3,592.48 crore at the upper price band of ₹109 per share. The allotment status will be finalized by end of day (EOD) of November 14, 2025. Here is how to check your allotment status for the IPO of PhysicsWallah Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd). 

Checking The Allotment Status of IPO on BSE Website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option 
2. Under Issue Name – Select PhysicsWallah Ltd   from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip OR 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of PhysicsWallah Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits. 

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select PHYSICS from the dropdown box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip AND 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of PhysicsWallah Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking Allotment Status of IPO on MUFG Intime India Private Limited

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below: 

https://in.mpms.mufg.com/Initial_Offer/public-issues.html 

There are 4 options available to you to access the allotment status, and you can use any of these options to query.   

1. You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book. 

Finally, click on the SUBMIT button.  

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to [email protected] or you can call on (0)-81081-14949 for voice call.