PHYSICSWALLAH LIMITED

11 Nov 2025 - 13 Nov 2025 Employee Category Main Board BSE NSE

Min Investment

₹14933

Price Band

₹103-₹109

Issue Size

1862.04 lakhs
Equity Shares

Lot Size

137 (per lot)

IPO Dates
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11 Nov 2025

Open Date

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13 Nov 2025

Close Date

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TBI

Allotment Date

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TBI

Listing Date

Know Before Investing

Strengths icon

  • India’s first ed-tech unicorn to emerge profitably with strong brand recall among STEM learners.
  • Robust hybrid model integrating online courses, offline centers, and learning products.
  • Deep regional penetration through localized content in multiple Indian languages.
  • Tech-enabled learning platform with data-driven personalization and engagement.
  • Strong founder-led vision with successful scaling across K–12, test prep, and skilling.

Weaknesses icon

  • Heavy dependence on a few star educators for revenue and student retention.
  • Intense competition from established ed-tech, offline, and hybrid education players.
  • Government regulations around education content and student data may impact operations.
  • Scaling offline centers exposes the company to high fixed costs and regional risks.
  • Negative publicity linked to exam-related controversies or legal issues can hurt reputation.

About Physicswallah Limited

We have sought to cultivate our student community by offering quality education. We provide content usingengaging and tech-enabled pedagogy (which means teaching methodologies). Further, a large portion of ourmaterials and courses are available in an open access or free format on our 207 YouTube channels (as at June 30,2025), with an option for students to sign up for free or paid courses on our website or our mobile applications(“apps”). Among the top 5 test preparation companies in terms of revenue as of Fiscal 2024, Some of our paidtest preparation courses focusing on Joint Entrance Examinations (“JEE”, an entrance exam of engineeringcolleges in India), National Eligibility cum Entrance Test (“NEET”, an entrance test for medical colleges in India)and civil service examinations such as Union Public Service Commission (“UPSC”) examinations, have the mostaffordable prices in India as at July 2025 (see, “Industry Overview” on page 240, para 2). For example, our basiconline “Batches” for JEE and NEET (our flagship offering), which includes “Arjuna JEE 3.0 2025”, “Prayas JEE2025”, “Lakshya NEET 2025”, “Arjuna NEET 3.0 2025”, “Yakeen NEET Hindi 3.0 2025”, and “Lakshya JEE 2.0 2025”, each of which is a one-year batch, are offered at a price range of ?2,199 to ?4,800 per Batch. Openaccess to quality education content along with affordable pricing for our paid courses have helped us create brandaffinity among students and encourage them to organically become our paid users.

IPO Objectives

The Offer comprises a Fresh Issue of Equity Shares of face value of ?1 each, aggregating up to ? 31,000.00 million by our Company and an Offer for Sale of up to [?] Equity Shares of face value of ?1 each, aggregating to ? 3,800.00 million by the Promoter Selling Shareholders.

Company Promoters

Alakh Pandey

Prateek Boob

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