PhysicsWallah Limited came to market through an IPO that opened on 11 November 2025 and closed on 13 November 2025, and the shares listed on 18 November 2025 on BSE, NSE. The price band was ₹103 to ₹109 per share and one lot was 137 shares, so the minimum application was ₹14,933. The issue size was ₹3480 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
MUFG Intime India Pvt Ltd was the registrar to the issue, and Kotak Mahindra Capital, J.P. Morgan, Goldman Sachs, Axis Capital were the lead managers.
As of 13 November 2025.
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PhysicsWallah Limited is an Indian education technology start-up founded by Alakh Pandey in 2016 in the form of a YouTube channel dedicated to physics education. The firm was officially incorporated as PhysicsWallah Private Limited on June 6, 2020. It offers both online and offline education solutions to students in class 6 to class 12 and students preparing for competitive exams like JEE, NEET, and UPSC. Major Offerings:
Online Courses– Video lectures, live interactive sessions, and doubt-clearing sessions for JEE, NEET, UPSC, and board exams. Offline Learning– More than 100 offline coaching centers spread throughout India, in addition to hybrid learning models. Study Material– Books, notes, and test series for assisting exam preparation. Mobile App & Website– Digital platforms providing affordable and accessible education. Key Numbers: 4.13 million Unique Transacting users (Online) and 0.33 million students enrolled for offline centers. Average collection per user:
3,930.55 as of June 30, 2025 Multiple courses across 13 education categories 303 total offline centers as of June 30, 2025 6,267 Faculty members as of June 30, 2025 18,028 employees as of June 30, 2025 4382 books published
As described in the offer document.
| Metric | 30-Jun-25 | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
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PhysicsWallah raises Rs 1,563 crore via anchor book. The marquee global investors who participated in the anchor book were Goldman Sachs, Smallcap World Fund, Franklin Templeton, FundPartner Solutions, Fidelity Funds, TIMF Holdings, Pinebridge Global Funds, and Eastspring Investments.
Other domestic institutional investors such as ICICI Prudential MF, Kotak Mahindra AMC, Nippon Life India, 360 ONE, Aditya Birla Sun Life AMC, Motilal Oswal AMC, Tata MF, Invesco India, Edelweiss, Canara Robeco MF, PGIM India, IIFL Asset Management, Axis Max Life Insurance and Bharti Axa Life Insurance also showed strong interest in the edtech company by investing in the anchor book.
Alakh Pandey, Prateek Boob. Promoter holding 81.64% before the issue and 72.30% after.
Work out the listing gain for this IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
PhysicsWallah IPO was a ₹3,480 crore book-built issue, comprising a fresh issue of ₹3,100 crore and an offer for sale of ₹380 crore. It was priced at ₹103–₹109 per share with a lot size of 137 shares (₹14,933). The IPO was open from November 11 to November 13, 2025 and was subscribed 1.91x. Shares listed on BSE and NSE on November 18, 2025 at ₹145, a 33.0% premium to the issue price of ₹109.
MUFG Intime India Pvt Ltd is the registrar. Kotak Mahindra Capital and 3 other book running lead managers manage the issue.
The price band of PhysicsWallah IPO is ₹103 to ₹109 per share.
The lot size of PhysicsWallah IPO is 137 shares.
The minimum investment for PhysicsWallah IPO is approximately ₹14,933 based on the upper price band.
The allotment date of PhysicsWallah IPO is Nov 14, 2025.
PhysicsWallah IPO's final recorded GMP before listing was ₹10 per share (a 9% premium over the ₹109 upper price band). The shares listed at ₹145. GMP is unofficial and does not forecast or guarantee the actual listing price.
PhysicsWallah IPO listed on Nov 18, 2025. It was issued at ₹145.0(NSE) and is currently around ₹129.52 as on 2-Nov-2026 3:30 PM, which is approximately 18.8% versus issue price. The 52-week high is ₹161.99.
You can check PhysicsWallah IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the PhysicsWallah IPO allotment status on Rupix for quick and easy access.
₹103 to ₹109 per share, against a face value of ₹1. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 137 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹14,933.
₹14,933, for one lot of 137 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 11 November 2025 and closed on 13 November 2025.
The basis of allotment was published on 14 November 2025 by MUFG Intime India Pvt Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 18 November 2025 on BSE, NSE.
The issue size was ₹3480 crore. The fresh issue was 28,44,03,669 shares (aggregating up to ₹3100 crore). The offer for sale was 3,48,62,385 shares (aggregating up to ₹380 crore).