Updated on 18.11.2025 @ 10.07 AM
Initial Public Offering (IPO) of Physicswallah Limited is set to open for subscription on November 11, 2025. The company aims to raise a massive ₹3,480 crores through a combination of a fresh issue and an Offer for Sale (OFS).
The price band for the IPO has been fixed at ₹103 to ₹109 per share, with a lot size of 137 shares. While the "PW" brand commands immense loyalty, investors must note that the company is loss-making.
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Early signals from the grey market show a mild interest, with the GMP at around ₹9.
In this article, you will find Physicswallah IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.
Check the latest Grey Market Premium (GMP) trends and updates here
Briefs of Physicswallah IPO Details
- Price Band: ₹103 – ₹109 per share
- IPO Open / Close Dates: November 11, 2025 – November 13, 2025
- Lot Size: 137 Shares
- Issue Size: ₹3,480 Crores (Fresh Issue of ₹3,100 Cr + OFS of ₹380 Cr)
- Fresh Issue / OFS: Both
- Registrar: MUFG Intime India Pvt.Ltd.
- Listing Exchange: BSE & NSE
What is Physicswallah IPO GMP Today?
- Update daily: ₹9
- Note: The current Grey Market Premium (GMP) of ₹9 suggests a potential listing premium of around 8-9% over the upper price band. GMP is an unofficial indicator and changes frequently based on market sentiment and subscription demand.
What are The Key Physicswallah IPO Dates & Allotment Schedule?
- IPO Open & Close Date: November 11, 2025 – November 13, 2025
- Basis of Allotment Date: November 14, 2025
- Refund Initiation Date: November 17, 2025
- Credit of Shares: November 17, 2025
- Listing Date: November 18, 2025
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Listing Updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 109 | 143.1 | 31.3 |
Source: NSE India
What Are The Objectives of Physicswallah IPO?
The company intends to utilise the net proceeds from the fresh issue for its aggressive expansion and consolidation strategy:
- Capital Expenditure: To fund the fit-outs and setup of new offline and hybrid learning centers across India.
- Acquisitions: To acquire additional shareholding in its subsidiary, Utkarsh Classes, and to fund future unidentified inorganic growth opportunities.
- General Corporate Purposes: The balance amount will be used for other strategic and day-to-day business requirements.
What is The Status of Financial Performance of Physicswallah?
(Amounts in ₹ Crores)
Particulars | FY25 | FY24 | FY23 |
Revenue from Operations | ₹2,886.64 | ₹1,940.71 | ₹744.32 |
Profit/ (Loss) After Tax (PAT) | (₹243.26) | (₹1,131.13) | (₹84.08) |
The financial story of Physicswallah is one of rapid, aggressive growth but with a complete absence of profitability.
While the company's revenue has grown at a phenomenal pace, its losses have also widened significantly, peaking at over ₹1,100 crores in FY24.
Source: RHP
The company has a history of sustained losses across all reported periods.
A key point to note is that its net worth had turned negative in FY24, although it has become positive in FY25.
The company is coming to the market under a special provision that allows loss-making companies to list, which requires a mandatory 75% allocation to institutional investors (QIBs).
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Industry Outlook
- Physicswallah is a dominant player in India's massive and highly competitive education sector, covering test preparation (for exams like NEET and JEE) and upskilling.
- The market is driven by the aspirations of millions of students and is expected to grow at a healthy double-digit CAGR.
- Physicswallah's strategy has been to disrupt this market with affordable online courses and then rapidly expand into the offline space through its own centers and a string of acquisitions.
What Are The Strengths and Risks of Physicswallah IPO?
Strengths:
- Phenomenal Brand and Founder-led Appeal: The "PW" brand, led by founder Alakh Pandey, enjoys a cult-like following among students, driving high organic growth.
- Explosive Revenue Growth: The company has demonstrated an incredible ability to scale its operations and grow its top line at a rapid pace.
- Hybrid (Online + Offline) Model: A strong presence in both online and offline channels provides a wide reach and a diversified business model.
- Aggressive Expansion Strategy: A clear roadmap to capture market share through new centers and acquisitions.
Risks:
- History of Sustained and Widening Losses: This is the biggest red flag. The company is not profitable and has a track record of burning cash to achieve growth.
- Acquisition and Integration Risk: The company's "growth-by-acquisition" strategy is risky. Integrating multiple acquired companies with different cultures and making them profitable is a major challenge. Some acquisitions have already led to significant goodwill write-offs.
- Auditor's Concerns: The company's auditors have pointed out several issues in the past, including discrepancies in asset verification and the use of short-term funds for long-term purposes in a subsidiary.
- Intense Competition: The ed-tech space is fiercely competitive, with pressure on pricing and high marketing spends.
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What are The Expert Recommendations – Should You Apply?
High Risk (Apply for Listing Gains)
The Physicswallah IPO is a classic case of a high-growth, high-burn, loss-making new-age company coming to the public market. The investment thesis is a bet on the brand and its future growth, not its current financial health.
- For Long-Term Investors: This is a very high-risk bet. Investing in a company with a history of significant losses requires a strong belief in its ability to turn profitable in the future, a path that is currently unclear.
- For Listing Gains: The mild Grey Market Premium of around ₹9 indicates some investor interest, but it is not a sign of a blockbuster listing. The IPO's success will heavily depend on the sentiment of institutional investors (QIBs), who have a 75% reservation.
- Our View: This is a pure "brand-driven" IPO. The financials are weak, but the brand is immensely powerful. We recommend "Apply for Listing Gains with Caution". This is not a stock for the faint of heart. A safer strategy would be to wait and watch the company's performance and path to profitability for a few quarters after listing.
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Key Takeaways
- IPO Price Band: ₹103 – ₹109 per share
- Lot Size: 137 Shares (Minimum Investment: ₹14,933)
- GMP Today: ₹9 (Indicating a mild premium of ~8-9%)
- Allotment & Listing Dates: Tentative listing on November 18, 2025.
- Recommendations of experts: A very high-risk issue. Recommended to apply with caution, primarily for potential listing gains, given the company's sustained losses.
FAQs on Physicswallah IPO
What is Physicswallah IPO price band?
The price band for the IPO is set at ₹103 to ₹109 per equity share.
What is Physicswallah IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Friday, November 14, 2025.
How to check Physicswallah IPO allotment status?
You can check the allotment status on the website of the IPO registrar or at the respective exchange once the basis of allotment is finalized.
What is Physicswallah IPO listing date?
The company's shares are tentatively scheduled to be listed on the BSE and NSE on Tuesday, November 18, 2025.
Should I apply for Physicswallah IPO?
This is a very high-risk IPO as the company is consistently loss-making. While the brand is very strong, the weak financials suggest that only investors with a very high-risk appetite, possibly looking for listing gains, should consider it. I am not going to invest in it.
Disclaimer:
This content is for informational purposes only and does not constitute financial advice. Please consult a professional before making any investment decisions.
