Edtech Unicorn Physics Wallah Opens IPO on Nov 11 to Fuel Expansion of Hybrid Learning Network
Physics Wallah IPO: ₹3,480 Crore Offer Aims to Strengthen Offline Presence and Tech Infrastructure
From YouTube to Unicorn: Physics Wallah’s ₹3,480 Crore IPO Opens This Diwali Week
Alakh Pandey & Prateek Maheshwari‘s Physics Wallah Announces IPO at ₹103–₹109 Per Share; To List on BSE and NSE
Physics Wallah IPO Opens on November 11; Price Band Fixed at ₹103–₹109 Per Share
Ahmedabad, November 7, 2025: Physics Wallah Limited (PW), India’s fast-growing edtech unicorn, has announced the launch of its Initial Public Offering (IPO), which will open for subscription on Tuesday, November 11, 2025, and close on Thursday, November 13, 2025. The Anchor Investor Bidding Date is set for Monday, November 10, 2025.
Price Band and Offer Details
The company has set the price band at ₹103 to ₹109 per equity share of face value ₹1 each. The IPO comprises a fresh issue aggregating up to ₹3,100 crore and an offer for sale (OFS) of up to ₹380 crore, bringing the total issue size to ₹3,480 crore.
Investors can bid for a minimum of 137 shares and in multiples thereafter. A ₹10 per share discount will be offered to eligible employees under the Employee Reservation Portion.
Utilisation of Proceeds
The company plans to deploy the net proceeds strategically to strengthen its hybrid education infrastructure, expand its subsidiaries, and enhance technological and marketing capabilities.
₹460.55 crore: Capital expenditure for new offline and hybrid centers
₹548.31 crore: Lease payments for existing centers
₹47.17 crore: Investment in subsidiary Xylem Learning Pvt. Ltd.
₹28.00 crore: Lease payments for Utkarsh Classes centers
₹200.10 crore: Server and cloud infrastructure
₹710 crore: Marketing initiatives
₹26.5 crore: Additional shareholding in Utkarsh Classes
Remaining proceeds will fund acquisitions and general corporate purposes
Offer Structure
The IPO is being made under Rule 19(2)(b) of the Securities Contracts (Regulation) Rules through the Book Building Process.
75% of the offer is reserved for Qualified Institutional Buyers (QIBs)
15% for Non-Institutional Investors (NIIs)
10% for Retail Individual Investors (RIIs)
Anchor investors can be allocated up to 60% of the QIB portion, while employees are eligible for a special discounted category.
Company Background
Founded in 2016 by Alakh Pandey, Physics Wallah began as a YouTube channel teaching JEE and NEET aspirants and has since grown into a multinational edtech enterprise headquartered in Noida, Uttar Pradesh.
Co-founded by Prateek Maheshwari in 2020, PW has diversified its offerings to include courses across multiple competitive exams, skill development, and higher education. As of September 2024, the company was valued at $2.8 billion, backed by investors like WestBridge Capital, Hornbill Capital, and GSV Ventures.
With over 180 locations and 67 offline centers, PW reaches more than 36 million learners through 80 YouTube channels in 8 languages and 10 million paid app users.
Leadership Speak
Speaking at the IPO announcement in Ahmedabad, Prateek Maheshwari, Whole-Time Director of Physics Wallah Limited, said, “Our mission has always been to make quality education affordable and accessible to every student in India. The IPO marks a new chapter in our journey to expand our reach and impact through both online and offline ecosystems.”
Amit Sachdeva, Chief Financial Officer, added, “This offering strengthens our capital base and allows us to invest further in technology, infrastructure, and innovation. Our focus remains on sustainable growth and long-term value creation for stakeholders.”
Arjun Jani, Senior Manager, Axis Capital Limited, one of the Book Running Lead Managers, noted, “Physics Wallah’s IPO comes at a time when the Indian edtech sector is maturing. The company’s hybrid model and strong brand equity position it well for continued success.”
Lead Managers and Listing
Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, and Axis Capital Limited are the Book Running Lead Managers (BRLMs) to the issue.
Upon completion, the equity shares will be listed on both the BSE and NSE.
Company Snapshot
Founded: 2016
Headquarters: Noida, Uttar Pradesh
Founders: Alakh Pandey & Prateek Maheshwari
Valuation: $2.8 billion (Sept 2024)
Paid Users: 10 million+
Offline Centers: 67 (across 34 cities)
YouTube Subscribers: 13.3 million
App Downloads: 10 million+
Disclaimer: This news is for informational purposes only. Please refer to official offer documents and consult a financial advisor before investing.
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