PhysicsWallah IPO: All you need to know about the edtech unicorn's public issue

Physicswallah Ltd., the edtech services provider has fixed the price band for its upcoming ₹3,480 crore Initial Public Offering (IPO) on Thursday, November 6.

Here's a detailed FAQ-style guide to help you understand all about

PhysicsWallah's IPO

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[faq][ques]What is the IPO date for PhysicsWallah and when does bidding open and close?[/ques][ans]The IPO opens for public subscription on Tuesday, November 11, 2025 and closes on November 13. Anchor investor bidding begins on November 10. The listing is expected on November 18 on the stock exchanges (NSE & BSE).[/ans][/faq]

[faq][ques]What is the price band and expected valuation of PhysicsWallah's IPO?[/ques][ans]The company has fixed a price band of ₹ 103 to ₹ 109 per share (face value ₹1 each) for the IPO. At the upper end of the price band, the implied valuation is approximately ₹31,169 crore for the company[/ans][/faq]

[faq][ques]How much is PhysicsWallah looking to raise in its IPO, and how is the issue size structured (fresh issue vs offer for sale)?[/ques][ans]Physicswallah's IPO will be a combination of a fresh issue of shares worth ₹3,100 crore, along with an Offer For Sale (OFS) component worth ₹380 crore. About 75% of the issue has been reserved for Qualified Institutional Bidders (QIBs), as has been the trend with some of the recent IPOs, while only 10% of the issue is reserved for retail investors.[/ans][/faq]

[faq][ques]Who are the promoters and institutional investors, and how much are they selling?[/ques][ans]Promoters: The company is backed by founders Alakh Pandey and Prateek Boob (co-founder). The OFS component is being sold by the promoters: each hold a 40.31% stake, which is 105.12 crore shares, which is valued at Rs 11,458 crore at the upper price band. Other major backers include firms such as WestBridge Capital, Hornbill Capital and others; note these are not off-loading in this issue.[/ans][/faq]

[faq][ques]What are the business fundamentals, financials, and risks for investors?[/ques][ans]Business fundamentals PhysicsWallah offers test-preparation courses (JEE, NEET, GATE, UPSC) plus upskilling programs. Delivery via online (YouTube, apps), offline centres and hybrid models. In FY25, revenue surged 49% to about ₹ 2,887-3,000 crore from ₹ 1,940 crore in FY24. Risks for investors The company still remains loss-making (though narrowing) and will need to sustain growth and eventually profitability. Student safety, faculty retention, offline centre expansion risks (a safety incident is disclosed). HDFC Sky Competitive pressures in edtech (many players, evolving business models). High dependence on founder/management, scaling from online to offline/hybrid adds complexity. Execution risk: fundraising, expansion into offline centres, marketing, infrastructure all require large spends (and the IPO proceeds will be used accordingly).[/ans][/faq]

[faq][ques]What is the market reaction and latest GMP (grey market premium)?[/ques][ans]Given the size and the edtech sector’s troubles, there’s strong interest in the offering. For example the grey market premium (GMP) is indicated at about ₹9 per share above the upper price band (₹109). GMP is a non-regulated indicator and must be taken with caution.[/ans][/faq]

[faq][ques]How to apply for PhysicsWallah IPO and what is the lot size?[/ques][ans]You need a demat account + trading account (or through your broker). During the subscription window (11-13 Nov 2025) you apply via your broker’s IPO application window (ASBA process), select number of lots, quote the bid price within the band (₹103-109), and submit UPI/mandate for payment. Lot size: Minimum lot size is 137 shares (and in multiples thereof). At upper price band (₹109) the minimum investment works out to ₹14,933.[/ans][/faq]

[faq][ques]Will PhysicsWallah's IPO lead to index inclusion and what does its listing mean for the edtech sector?[/ques][ans]Index inclusion: While specific index inclusion (e.g., in the Nifty 50 or others) will depend on the company's market cap post listing and securities regulator / index provider criteria, the size of this IPO (₹3,400-3,500 crore). Sector meaning: This IPO is huge for India's edtech sector: it is among the largest listings for an ed-tech company in India and comes at a time when peers have faced headwinds. A successful listing could signal renewed investor appetite for ed-tech, encourage other players to list, and provide a benchmark for valuations. Conversely if listing performance is weak it could dampen sentiment.[/ans][/faq]