Physicswallah Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹109
Per ShareLot Size
137 Shares
Minimum Investment
₹14,933
Issue Size
₹3,480 Cr
Face Value
₹1
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Physicswallah Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
80.62%
Promoter Holding (Post-Issue)
72.3%
Issue Type
Book Building
ISIN
INE0LP301011
About the Company
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).
Industry Overview
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.
Company History
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.
Products & Services
- The Company offers test preparation courses for competitive examinations, and other courses such as for upskilling.
Growth 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.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 319,330,921 equity shares of face value of Re. 1/- each ("equity shares") of Physicswallah Limited (the "company" or the "issuer") for cash at a price of Rs. 109^ per equity share including a securities premium of Rs. 108^ per equity share (the "offer price") aggregating to Rs. 3480.00 crores (the "offer"). The offer comprises a fresh issue of 284,468,537 equity shares of face value of Re.1/- by the company aggregating to Rs. 3100.00 crores ("fresh issue") and an offer for sale of 34,862,384 equity shares of face value of Rs. 1/- each aggregating to Rs. 380.00 crores ("offer for sale") comprising an offer for sale of 17,431,192 equity shares of face value of Re.1/- each aggregating to Rs. 190.00 crores by Alakh Pandey and 17,431,192 equity shares of face value of Re. 1/- each aggregating to Rs. 190.00 crores by Prateek Boob ("promoter selling shareholders" together with the such equity shares, the "offered shares").
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- 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.
- The company has 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 the company is unable to generate adequate revenue growth and manage its expenses and cash flows as the company grow, its may continue to incur losses in the future, which may negatively affect its financial condition.
- Its success depends on the company ability to attract and retain students. Any failures to do so could adversely impact its business, reputation, financial conditions and cash flows.
- The company success depends on its ability to attract and retain faculty members. Any failures to do so could adversely impact its business, operations, financial condition and cash flow.
- The company business depends substantially on the continued leadership of its founders (also the company Promoters), Alakh Pandey and Prateek Boob, members of its management and the company employees. Any discontinuation of their services with it could adversely impact its business.
- The company's success depends on the company ability to provide updated and relevant content across Education Categories. Any failures to do so could have an adverse impact on student outcomes, student enrolments, business, financial condition and cash flows.