PhysicsWallah IPO is set to make history as the first Indian edtech company to go public after the sector’s recent struggles. 

The ₹3,480 crore issue will open for subscription on November 11, 2025, and close on November 13, 2025. Shares are expected to list on both the NSE and BSE on November 18.

Key Takeaways

• PhysicsWallah IPO opens on November 11, 2025, and closes on November 13, 2025.
• The price band is ₹103-₹109 per share, targeting a ₹31,500 crore valuation.
• The IPO includes a ₹3,100 crore fresh issue and ₹380 crore OFS.
• Funds will be used for offline expansion, marketing, and tech upgrades.
• Founders Alakh Pandey and Prateek Maheshwari maintain strong promoter control.
• FY25 revenue rose 49% YoY, while losses narrowed by nearly 80%.
• The IPO marks a major comeback moment for India’s edtech industry.

PhysicsWallah IPO Overview

According to the Red Herring Prospectus (RHP), the PhysicsWallah IPO includes a fresh issue worth ₹3,100 crore and an offer for sale (OFS) of ₹380 crore by existing shareholders.

Co-founders Alakh Pandey and Prateek Maheshwari will each sell shares worth ₹190 crore.

The IPO’s anchor book will open on November 10, a day before the public issue.

PhysicsWallah IPO Price Band and Valuation

The price band for the PhysicsWallah IPO is set between ₹103 and ₹109 per share.

At the upper end, the company aims for a post-money valuation of ₹31,500 crore, surpassing its previous valuation of $2.8 billion from September 2024, when it raised funds from Hornbill Capital and Lightspeed Venture Partners.

Utilization of IPO Proceeds

PhysicsWallah plans to use the funds raised from the PhysicsWallah IPO to fuel its offline and hybrid expansion and strengthen its technology backbone.
Here’s the allocation plan:

• ₹460.5 crore to set up new PW Vidyapeeth and Pathshala centres
• ₹548.3 crore for lease payments on existing and upcoming facilities
• ₹710.3 crore for marketing and brand-building
• ₹200.1 crore for server and cloud upgrades
• ₹47.2 crore for investment in Xylem Learning
• ₹26.5 crore for increasing stake in Utkarsh Classes JV

These strategic moves aim to enhance the company’s reach, brand recognition, and technological infrastructure.

Business Performance Ahead of PhysicsWallah IPO

Founded in 2020, PhysicsWallah has rapidly emerged as a leading edtech unicorn in India.

It operates 198 offline learning centres under the PW Vidyapeeth and Pathshala brands and serves over 1 crore monthly active users across its digital platforms.

In FY25, the company reported revenue of ₹2,887 crore, up from ₹1,940 crore in FY24.

Losses significantly narrowed to ₹243 crore, compared to ₹1,131 crore in the previous year, a strong turnaround before the PhysicsWallah IPO launch.

In Q1 FY26, PhysicsWallah recorded ₹847 crore in revenue with a ₹127 crore loss, showing continued operational improvement.

Promoter and Investor Shareholding Before IPO

Before the PhysicsWallah IPO, co-founders Alakh Pandey and Prateek Maheshwari hold a combined 80.7% stake, one of the highest founder holdings among Indian startups.

Other key shareholders include WestBridge Capital with 6.4% and Hornbill Capital with 4.41%.

The PhysicsWallah IPO will slightly dilute promoter holding but maintain strong founder control.

Competition in the Edtech Market

PhysicsWallah IPO comes at a time when the Indian edtech market is consolidating.

The company competes with major players like Aakash Institute, Allen Career Institute, and Unacademy in the test-prep and hybrid learning space.

Unlike its peers, PhysicsWallah’s focus on affordability and hybrid expansion has helped it build sustainable profitability, even amid sector challenges.

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