PhysicsWallah, the sole prominent pure-play EdTech company to launch an Initial Public Offering (IPO) in India, has opened its subscription window for investors. This highly anticipated IPO commenced on Tuesday, November 11, 2025, and will conclude on November 13, 2025. Investors looking to capitalize on this opportunity can place their bids starting today. The company successfully garnered Rs 1,563 crore from anchor investors just a day prior to the public opening, signaling strong institutional confidence. The funds raised through this IPO are earmarked to fuel PhysicsWallah's ambitious expansion and development initiatives.
IPO Price Band and Valuation
The price band for the PhysicsWallah IPO has been set between Rs 103 and Rs 109 per equity share, while at the upper end of this band, the company is targeting a valuation exceeding Rs 31,500 crore. The IPO structure comprises a fresh issue of equity shares worth Rs 3,100 crore, alongside an Offer-for-Sale (OFS) component where promoters will offload shares up to Rs 380 crore, while this combination allows the company to raise capital for its future while providing an exit route for existing shareholders.
Strong Anchor Investor Participation
A significant highlight of the IPO's pre-opening phase was the strong participation from anchor investors. According to a circular uploaded on the BSE website, 57 funds participated in the anchor book. This impressive list includes leading domestic mutual funds such as ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund, Aditya Birla Sun Life, Motilal Oswal Mutual Fund, Tata Mutual Fund, and DSP Mutual Fund, while Plus, prominent global investors like Goldman Sachs, Fidelity, and Templeton also joined the anchor book, underscoring the global interest and confidence in PhysicsWallah's business model and growth prospects.
Listing Timeline and Share Allocation
Promoter Share Offloading
PhysicsWallah is scheduled to make its debut on the stock market on November 18, 2025, marking a significant milestone for the EdTech firm. The allocation of shares for the IPO has been strategically structured to ensure broad participation. Qualified Institutional Buyers (QIBs) have been reserved 75 percent of the issue, while Non-Institutional Investors (NIIs) will receive 15 percent. The remaining 10 percent of the issue is allocated for retail investors, ensuring. That individual investors also have a chance to participate in the company's growth story.
As part of the Offer-for-Sale (OFS) component, both promoters of PhysicsWallah, Alakh Pandey and Praveen Boob, are each offloading shares worth Rs 190 crore. This move is a standard practice in IPOs, allowing promoters to partially monetize their holdings. Currently, Alakh Pandey and Praveen Boob collectively hold a 40. 31 percent stake in the company, demonstrating their continued significant ownership even after the IPO.
Regulatory Journey and Strategic Filing
Noida-based PhysicsWallah initiated its IPO journey by confidentially pre-filing with SEBI in March. The company subsequently received approval from the market regulator in July, paving the way for its public offering. Following the approval, an updated Draft Red Herring Prospectus (DRHP) was filed in September, which was then succeeded by the Red Herring Prospectus (RHP). The decision to opt for the confidential pre-filing route allowed PhysicsWallah to delay the public disclosure of its IPO details, strategically revealing them in later stages of the process. This approach can offer flexibility in market timing and investor engagement.
Company Profile and Growth Trajectory
PhysicsWallah stands out as a leading EdTech platform specializing in test preparation courses for highly competitive examinations, including JEE, NEET, GATE, and UPSC. Beyond competitive exams, the company also offers various upskilling programs. Its educational content and services are delivered through a multi-channel approach, leveraging online platforms such as YouTube, its dedicated website, and mobile applications, alongside technology-enabled offline centers and hybrid learning centers. The company's primary YouTube channel, "Physics Wallah-Alakh Pandey," boasted approximately 13. 7 million subscribers as of July 15, 2025. Its broader YouTube network had an impressive 98. 8 million subscribers by June 30, 2025, showcasing a remarkable Compound Annual Growth Rate (CAGR) of 41. 8 percent between FY23 and FY25, highlighting its significant digital reach and rapid audience expansion. The successful IPO will provide the necessary capital to further accelerate. These growth plans and solidify its position in the competitive EdTech landscape.
