PhysicsWallah Limited IPO

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Physics Wallah (PW) is one of India’s leading education-technology (edtech) companies, offering affordable and high-quality test preparation and upskilling courses through a blend of online, offline, and hybrid learning models. PW began with Alakh Pandey’s popular YouTube channel, Physics Wallah – Alakh Pandey, which today has over 13.7 million subscribers. Across all its channels, PW has built a 98.8 million-member online community, growing at a CAGR of 41.8 % between FY 2023 and FY 2025.

Business Model and Delivery Channels

PW operates through three key delivery formats:

1. Online learning – via its website, mobile apps, and social-media channels offering live and recorded lectures.
2.Offline centers (Vidyapeeth) – physical classrooms with live sessions conducted by PW faculty.
3. Hybrid centers (Pathshala) – the two-teacher model combining live online lectures with in-person academic support.

Course Offerings

PW offers a broad range of courses across 13 education categories, including:

1. Competitive exam preparation: JEE, NEET, UPSC, GATE, and other government exams.
2. Foundation courses for school students.
3. Skill-development programs in data science, analytics, banking, finance, and software development.

PW’s paid online batches, such as Arjuna JEE 3.0 2025 and Lakshya NEET 2025, are priced between ₹ 2,199 and ₹ 4,800 — making them among the most affordable in India. This combination of free access and low-cost paid content has built strong brand loyalty and large-scale adoption.

Technology and Innovation

PW has developed a scalable, AI-driven learning management system (LMS) backed by a 548-member technology and product team. Its proprietary tools enhance learning outcomes and engagement through AI Guru: automated academic doubt-resolution assistant, AI Grader: evaluates written subjective answers, AI Sahayak & PW Drona: track progress for students, teachers, and parents, and Smart classrooms equipped with 3D models and live polls (“Dangal”) for interactive teaching.

Scale and Reach

i) Unique Transacting Users (Online): 4.13 million in FY 2025
ii) Offline Enrolments: 0.33 million students
iii) Paid Users: 4.46 million in FY 2025 ( 59.2 % CAGR between FY 2023–25 )
iv) Faculty Strength: 6,267 (including teachers, content developers, and doubt-solving experts)
v) Content Library: 4,382 books and 8.66 million question banks

Objects of the PhysicsWallah Limited IPO:

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: 1. Capital expenditure for fit-outs of new offline and hybrid centers (₹460.5 cr) 2. Expenditure towards lease payments of existing identified offline and hybrid centers (₹548.3 cr) 3. Investment in Subsidiary, Xylem Learning Pvt. Ltd. for expenditure (₹47.1 cr) 4. Investment in Subsidiary, Utkarsh Classes & Edutech Pvt.Ltd. for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers (₹28 cr) 5. Expenditure towards server and cloud related infrastructure costs (₹200.1 cr) 6. Expenditure towards marketing initiatives (₹710 cr) 7. Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited (₹26.5 cr) 8. Funding inorganic growth through unidentified acquisitions and general corporate purposes
DRHP of PhysicsWallah Limited IPO
RHP of PhysicsWallah Limited IPO

PhysicsWallah Limited IPO Details:

Open Date: Nov 11 2025
Close Date: Nov 13 2025
Total Shares: 31,92,66,054
Face Value: ₹ 1 Per Equity Share
Issue Type: Book Building
Issue Size: 3480 Cr.
Lot Size: 137 Shares
Issue Price: ₹ 103-109 Per Equity Share
Listing At: NSE,BSE
Listing Date: Nov 18 2025

Promoters And Management:

1. Alakh Pandey, Promoter and CEO, has been associated with the company since inception. A Bishop Johnson School alumnus from Prayagraj, he has over five years of experience in the edtech industry. He provides strategic direction and oversees overall business decisions. Alakh has received multiple accolades, including Entrepreneur of the Year – Education (ET, 2024), Forbes India cover (2023), and Edtech CEO of the Year (BW Business World, 2023). 2. Prateek Boob, Promoter and Whole-Time Director, joined the company in July 2020. An IIT-BHU Mechanical Engineering graduate, he drives strategy and innovation and has over a decade of edtech experience. He earlier worked with Caterpillar India Pvt. Ltd. 3. Deepak Amitabh, Chairperson and Independent Director, joined in February 2025. A science graduate from the University of Delhi, he brings over 40 years of public sector experience, having served with the Ministry of Finance and as Chairman, Power Trading Corporation of India.

Financials of PhysicsWallah Limited IPO:

Particulars (Cr) 3M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Online Channel 399 1404 965 456
Revenue from Offline Channel 413 1352 928 281
Revenue from others 35 131 48 7
Total Revenue from Operations 847 2887 1941 744
Adjusted EBITDA 26 432 67 119
Adjusted EBITDA Margins 3.13% 14.96% 3.45% 16.03%
Loss -127 -243.2 -1131 -84
Loss Margins -14.90% -8.43% -58.28% -11.30%
Operating Cash Flows 967 507 212 270

Comparison With Peers:

According to RHP their is no Listed Peers Existed in the Same Business Segment.

Lead Manager of PhysicsWallah Limited IPO:

  1. Axis Capital Limited
  2. Goldman Sachs (India) Securities Private Limited
  3. J.P. Morgan India Private Limited
  4. Kotak Mahindra Capital Company Limited

Registrar of PhysicsWallah Limited IPO:

  1. MUFG Intime India Private Limited

Discussion on PhysicsWallah Limited IPO:

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