Indian edtech unicorn PhysicsWallah has launched its highly anticipated Initial Public Offering (IPO) on November 11, 2025, and it raised ₹1,563 crore by selling shares to anchor investors before the public subscription for its IPO opened. The IPO is scheduled to end on November 13, 2025, and the shares will be listed on BSE and NSE on November 18, 2025.
IPO Details
- Total Issue Size: ₹3,480 crore, comprising a fresh issue of ₹3,100 crore and an offer for sale (OFS) of ₹380 crore by founders Alakh Pandey and Prateek Boob.
- Price Band: ₹103 to ₹109 per share.
- Minimum Investment: ₹14,933 (137 shares per lot).
- Anchor Investor Raise: ₹1,563 crore from 57 institutional investors, including major domestic mutual funds and global names like Goldman Sachs, Fidelity, and Franklin Templeton.
Key Financials and Objectives
- FY25 Revenue: ₹2,887 crore, up from ₹1,941 crore in FY24.
- Net Loss (FY25): ₹243 crore, a significant improvement from ₹1,131 crore in FY24.
- Gross Margin (FY25): 30.9%, up from 18.6% in the previous year.
- Post-IPO Valuation: Approximately ₹31,500 crore (about $3.6 billion) at the upper price band.
- Use of Proceeds: Expansion of offline and hybrid learning centers, Investment in subsidiaries, cloud infrastructure, and strategic acquisitions.
Market Sentiment and Subscription
Institutional investors are very interested in the IPO; the anchor book was oversubscribed by almost 13 times. However, the public subscription on Day 1 has been relatively quiet, indicating that retail investors are cautious about new tech products.
Company Background
PhysicsWallah began as a YouTube channel and has since emerged as a leader in affordable and accessible education, boasting a digital community of over 10 crore users. WestBridge Capital, Lightspeed, and Hornbill are among the notable investors in the company.
Conclusion
The IPO of PhysicsWallah is a notable development for India’s edtech industry, opening the door for investors to be part of the growth story of a brand that has redefined digital learning. The IPO is unlikely to be followed by another this year, or in early 2025.