Physicswallah Ipo
PhysicsWallah IPO Review & Key Points
Review: May Apply
Capital Market Rating: 40
Peer Group Comparison
There are no listed peers of the Company.
IPO Lead Managers aka Merchant Bankers
Kotak Mahindra Capital Co. Ltd.
JP Morgan India Pvt. Ltd
Goldman Sachs (India) Securities Pvt. Ltd.
Axial Capital Pvt. Ltd.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 137 | ₹14,933 |
| Retail Maximum | 13 | 1,781 | ₹1,94,129 |
| S-HNI Minimum | 14 | 1,918 | ₹2,09,062 |
| S-HNI Maximum | 66 | 9,042 | ₹9,85,578 |
| B-HNI Minimum | 67 | 9,179 | ₹10,00,511 |
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | 9,55,38,505 Shares | 75% |
| NII Shares Offered | 4,77,83,848 Shares | 15% |
| Retail Shares Offered | 3,18,55,898 Shares | 10% |
| Employee Shares Offered | 7,07,071 Shares | -% |
| Anchor Bidding Date | November 10, 2025 |
| Anchor Investors List | |
| Shares Offered | 7,95,48,091 Shares |
| Anchor Size | 1562.85 Cr. |
| lock-in period end date 50% shares (30 Days) | December 14, 2025 |
| lock-in period end date 50% shares (90 Days) | February 12, 2026 |
| IPO Open Date: | November 11, 2025 |
| IPO Close Date: | November 13, 2025 |
| Basis of Allotment: | November 14, 2025 |
| Refunds: | November 17, 2025 |
| Credit to Demat Account: | November 17, 2025 |
| IPO Listing Date: | November 18, 2025 |
| IPO Bidding Cut-off Time: | November 13, 2025 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 2,60,79,56,938 | 81.64% |
| Promoter Holding Post Issue | 2,89,23,60,607 | 73.61% |
| Purpose | Crores |
| Capital expenditure for fit-outs of new offline and hybrid centers of our Company | ₹460.55 |
| Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company | ₹548.31 |
| Capital expenditure for fit-outs of new offline centers of Xylem | ₹31.65 |
| Lease payments for Xylem’s existing identified offline centers and hostels | ₹15.52 |
| Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers | ₹33.70 |
| Expenditure towards server and cloud related infrastructure costs | ₹200.11 |
| Expenditure towards marketing initiatives | ₹710.00 |
| Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited | ₹26.50 |
| Funding inorganic growth through unidentified acquisitions and general corporate purposes | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹772.54 | ₹861.99 | ₹84.08 | ₹2,082.18 |
| 2024 | ₹2,015.35 | ₹3,279.26 | ₹1,131.13 | ₹2,480.74 |
| 2025 | ₹3,039.09 | ₹3,264.85 | ₹243.26 | ₹4,156.38 |
| June 2025 | ₹905.41 | ₹1,057.48 | ₹127.01 | ₹5,075.67 |
| KPI | Values |
| ROE: | (12.50)% |
| ROCE: | -% |
| EBITDA Margin: | 6.69% |
| PAT Margin: | (8.43)% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹(0.86) (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | (12.50%) |
| Net Asset Value (NAV): | ₹7.73 |
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Face Value | ₹1 Per Equity Share |
| IPO Price Band | ₹103 to ₹109 Per Share |
| Issue Size | Approx ₹3,480 Crores |
| Fresh Issue | Approx ₹3,100 Crores |
| Offer for Sale: | Approx 3,48,62,385 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |