[Fresh Issue ₹3,1,00 Cr + OFS ₹380 Cr]

Physicswallah ipo price is ₹103 – ₹109 per share

PhysicsWallah: History

The Company was originally incorporated as Physicswallah Private Limited, a private limited company under the Companies Act, 2013, at Prayagraj, Uttar Pradesh, India, on June 6, 2020.

The Company was then converted into a public limited company under a special resolution passed by the shareholders on December 13, 2024, and its name was changed to PhysicsWallah Limited under a fresh certificate of incorporation issued by the RoC on January 08, 2025.

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PhysicsWallah: Business

PhysicsWallah (PW) Ltd. provides test preparation courses for competitive exams, and other courses like upskilling.

The company’s channels of delivery include –

• Online: Which includes social apps, media channels, and website,
• Tech-enabled Offline Centers: Where faculty conducts live classes in a physical center,
• Hybrid Centers: Two-teacher model where a student attends a live online classes at a physical center

Acknowledging the need for quick resolution of questions (doubts), PW had launched an AI tool –

• AI Guru: It has the ability to resolve academic and support related questions without a teacher’s involvement
• AI Grader: It has the ability to grade written subjective answers to test questions quickly without a teacher’s involvement.

According to the Redseer Report, PW is the largest online education platform in India in terms of student community, with Physics Wallah-Alakh Pandey (main YouTube channelof the company), having 13.7 million subscribers as of July 15, 2025.

In FY 25, the company recorded 44.6 crore paid users and 41.3 crore unique transacting users online.

Network

As of June 30, 2025, PW operated 207 YouTube channels and 303 offline centers with a combined 9.88 crore subscribers, growing at a CAGR of 41.8 percent between FY 2023 and 2025.

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Strategies Ahead

• Increase student engagement and enhanced brand recall
• Enhance offerings across multiple Education Categories
• Develop multi-channel presence by growing hybrid and offline channels
• Scale operations and introducing new value added services to improve margins
• Pursuing inorganic opportunities to strengthen capabilities and broaden market reach

Company Promoters

1. Alakh Pandey
2. Prateek Boob

Refer to PhysicsWallah IPO DRHP for detailed Information.

IPO Details

PhysicsWallah IPO date = 11 – 13 Nov 2025

Minimum Amount = ₹14,933

Minimum Bid = 137 Shares

Face Value (FV) = ₹1

Listing On = NSE, BSE

Book Running Lead Managers

Kotak Mahindra Capital

J.P. Morgan India

Goldman Sachs (India)

Axis Capital

Financial

CONCLUSION

FinBlab recommends ‘AVOID‘ ratings (for the time being) on PhysicsWallah IPO

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