PhysicsWallah IPO to Open on November 11: Check Price Band, Lot Size, and More

One of India’s top-five education companies (in terms of revenue), PhysicsWallah, is gearing up for a ₹3,480 crore initial public offering (IPO). The company has filed its red herring prospectus (RHP) on November 4, 2025. 

The IPO will open for public subscription on November 11, 2025, and close on November 13, 2025.

IPO Details

• Issue Structure: As per the RHP, the IPO is a book-building issue of ₹3,480 crore, consisting of a fresh issue of ₹3,100 crore and an offer for sale (OFS) of ₹380 crore worth of shares from promoters Alakh Pandey and Prateek Boob.
   
• Price Band: The price band is set between ₹103 and ₹109 per share.
   
• Lot Size (for retail investors): 137 shares per lot
  
  
• Minimum Investment (for retail investors): ₹14,933 per lot
  
  
• Allotment & Listing: The basis of allotment will be finalised by November 14, 2025, and tentative listing on BSE and NSE is November 18, 2025.
   
• Book-running Lead Managers: Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, and Axis Capital Limited are the book-running lead managers for the IPO.
   
• Registrar: MUFG Intime India Private Limited
   
• Use of Proceeds: The net proceeds from the fresh issue will be used towards the following objectives:
  
  • Fund capital expenditure towards 
    • • Fit-outs of company’s new offline and hybrid centers; 
      • Lease payments of existing identified offline and hybrid centers
      • Server and cloud-related infrastructure costs
      • Marketing initiatives

• • Invest in subsidiaries
    • Xylem Learning Private Limited to fund capital expenditure for fit-outs of new offline centers of Xylem and lease payments for Xylem’s existing identified offline centers and hostels
    • Utkarsh Classes & Edutech Private Limited to fund capital expenditure for Utkarsh Classes’ existing identified offline centers
      
  • Funding inorganic growth through unidentified acquisitions 
  • General corporate purposes
  • Acquire additional shareholding in the subsidiary, Utkarsh Classes & Edutech Private Limited

About the Company 

PhysicsWallah is a leading education technology (ed-tech) company in India that offers courses through multiple learning formats: online, tech-enabled offline centers, and hybrid centres. 

Recognised among the top five education companies in India by revenue, PhysicsWallah has built one of the largest student communities in the country. Their flagship YouTube channel, Physics Wallah, Alakh Pandey, has garnered approximately 13.7 million subscribers as of July 15, 2025, while their overall YouTube ecosystem reached 98.80 million subscribers as of June 30, 2025. Overall, it has grown at a robust CAGR of 41.80% between FY 2023 and FY 2025 (as per the Redseer Report).

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