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Physicswallah Ltd IPO

We offer test preparation courses for competitive examinations, and other courses such as for upskilling. Our channels of delivery include - (i) online, which includes our website and apps; (ii) tech-enabled offline centers (where our faculty conducts live classes in a physical center); or (iii) hybrid centers (our two-teacher model where a student attends a live online classes at a physical center and can benefit from another faculty that is present at the center to resolve questions and participate in revision classes).

Physicswallah Ltd IPO Details

Total Shares Offered

₹ 31,92,66,055

Offer to Public

3,48,62,385

Retail Max (Shares)

TBA

Pre Issue Promoters Holding

₹ 2,10,24,00,000

Exchange

BSE

Issue size

₹ 3480 Cr

IPO Open Date

Nov 11, 2025

Close Date

Nov 13, 2025

Lot Size

TBA

Min Investment

TBA

Issue Type

Book Building

Listing Date

Nov 18, 2025

Physicswallah Ltd IPO Dates

Nov 11, 2025

Opening date

Nov 13, 2025

Closing date

Nov 14, 2025

Basis of Allotment

Nov 17, 2025

Initiation of Refunds

Nov 17, 2025

Credit of Shares

Nov 18, 2025

Listing date

Details

Sector	Type
Sector	Miscellaneous
Sub Sector	NA
Issue Type	Book Building

Subscription Status

*Values are in Lakhs

Investor Type	Subscription Times	Shares Offered*
QIB	0x	0
NII	0x	0
Retail	0x	0
Employee	0x	0
Total	0x	319266055

Investor Type

QIB

NII

Retail

Employee

Total

Subscription Times

319266055

Physicswallah Ltd Financial Status

Income Statement

Particulars (In Rs. Crores)

Balance Sheet

Particulars (In Rs. Crores)

Particulars (in Rs. Crores)	FY23	FY22	FY21
Revenue from operations	1,940.71	744.32	134.25
EBITDA	-708.51	79.03	137.56
PAT	-1,070.97	-76.79	97.75
Total Assets	579.64	582.64	53.83
Share Capital	6.00	6.00	6.00
Total Borrowings	528.44	167.17	8.40
Operating Activities (Net Cash)	-859.69	3.26	101.06
Investing Activities (Net Cash)	515.47	488.55	32.26
Financing Activities (Net Cash)	528.44	167.17	8.40
Net Cashflow	53.60	485.88	40.09

About Physicswallah Ltd

Our Company was originally incorporated at Prayagraj, Uttar Pradesh as Physicswallah Private Limited, a private limited company under the provisions of the Companies Act, 2013 with the Registrar of Companies, Uttar Pradesh at Kanpur (RoC), pursuant to a certificate of incorporation dated June 6, 2020, issued by the Registrar of Companies, Central Registration Centre. Upon the conversion of our Company into a public limited company, pursuant to a resolution passed by the Board of Directors dated December 11, 2024, and a Shareholders' resolution dated December 13, 2024, the name of our Company was changed to Physicswallah Limited, and a fresh certificate of incorporation dated January 8, 2025 was issued by the Registrar of Companies, Central Processing Centre.

India's education sector ranks among the largest worldwide, driven by its scale and continued investment. India's test preparation market is projected to grow at a CAGR of approximately 13% to reach Rs.1.9 trillion to Rs.2.1 trillion by Fiscal 2030. The online education market is witnessing steady growth, with its penetration estimated to increase from ~2% in Fiscal 2022 to ~4% in Fiscal 2025. There is steady growth across sectors with a CAGR of 9%, ~7%, 7%, ~11% and ~19% for Higher Education, Test Preparation and Upskilling, respectively between Fiscals 2022 and 2025. The undergraduate market and the postgraduate markets are estimated to grow at a CAGR of approximately 10% and 13% by Fiscal 2030.

Peer Comparison:

No listted Industry Peers

Physicswallah Ltd Key Points

Strengths

We had 4.46 million Total Number of Paid Users in Fiscal 2025 which grew at a CAGR of 59.19% between Fiscals 2023 and 2025 and we had 2.43 million Paid Users in the three months ended June 30, 2025, driven by a student community-led approach.

We have a presence across 13 education categories in India with courses offered through multiple channels.

Our proprietary technology-stack enhances students' learning experience.

Our ecosystem generates network effects driven by our community based approach.

Specialized faculty members across categories, content and well-planned curriculum leading to successful results.

Risk

We have incurred restated loss for the period/year of Rs. 1,270.09 million, Rs. 718.12 million, Rs.2,432.58 million, Rs.11,311.30 million and Rs.840.75 million for the three months ended June 30, 2025 and June 30, 2024, and Fiscals 2025, 2024 and 2023, respectively, and have had negative net worth as at March 31, 2024 and negative EBITDA in Fiscal 2024 and the three months ended June 30, 2025. If we are unable to generate adequate revenue growth and manage our expenses and cash flows as we grow, we may continue to incur losses in the future, which may negatively affect our financial condition.

Our success depends on our ability to attract and retain students. Any failure to do so could adversely impact our business, reputation, financial conditions and cash flows.

Our success depends on our ability to attract and retain faculty members. Any failure to do so could adversely impact our business, operations, financial condition and cash flow.

Strategy

Increase student engagement leading to enhanced brand recall.

Expand and enhance our offerings across multiple Education Categories.

Develop our multi-channel presence by growing our offline and hybrid channels of delivery.

Scale operations and introducing new value added services to improve margins.

Strategically pursuing inorganic opportunities to strengthen our capabilities and broaden our market reach.

How To Apply for Physicswallah Ltd IPO Online?

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From the list of open IPOs, select the IPO you want to invest.

Step 3:

Go through the IPO details like lot size, price band, about the company, etc.

Step 4:

Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.

Step 5:

Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.

FAQs on IPO (Initial Public Offering)

What is the issue size of the Physicswallah Ltd IPO?

Physicswallah Ltd's IPO offers shares for up to 3,100 It begins on Nov 11, 2025 and ends on Nov 13, 2025.

What is the price of the Physicswallah Ltd IPO?

The price of Physicswallah Ltd IPO ranges between ₹103 to ₹109 per share.

What are the open and close dates for the Physicswallah Ltd IPO?

The Physicswallah Ltd IPO opens on Nov 11, 2025 and closes on Nov 13, 2025.

When will the Physicswallah Ltd IPO be allotted?

The allotment for the Physicswallah Ltd IPO will be finalised on Nov 14, 2025. The shares will be listed on BSE and NSE on Nov 18, 2025.

What is the minimum lot size required for Physicswallah Ltd IPO?

The minimum lot size for Physicswallah Ltd IPO is 0 shares, priced between ₹103 to ₹109 per share.

What is the GMP of Physicswallah Ltd IPO?

The GMP (Grey Market Premium) of Physicswallah Ltd IPO fluctuates based on market demand and sentiment.

How do you check the allotment status of Physicswallah Ltd IPO?

To check the allotment status of Physicswallah Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

Where is the Physicswallah Ltd IPO getting listed?

The Physicswallah Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Nov 11, 2025, and closes on Nov 13, 2025. The allotment is finalised on Nov 14, 2025.

How do you apply for the Physicswallah Ltd IPO?

To apply for the Physicswallah Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.