You surely must have seen him on YouTube teaching Physics with unmatched energy. Well, Alakh Pandey, better known as PhysicsWallah, is taking a huge step in his journey. What began as a single YouTube channel by Alakh Pandey to help students prepare for exams from their home has now grown into a full-fledged education empire reaching millions, and now the company is going public with its IPO – “PhysicsWallah IPO “.
The IPO opens on November 11, 2025, and closes on November 13, 2025. The ₹3,480 crore issue includes both a fresh issue and an offer for sale. Here’s a simple breakdown of the IPO details, company overview, financials, and what investors should know before applying.
About the Offer
The PhysicsWallah IPO is a book-built issue worth ₹3,480 crore, comprising a fresh issue of ₹3,100 crore and an offer for sale (OFS) of ₹380 crore.
Here are the PhysicsWallah IPO details.
| Detail | Information |
|---|---|
| IPO Size | ₹3,480 crore |
| Fresh Issue | ₹3,100 crore |
| OFS | ₹380 crore |
| IPO Dates | Opens Nov 11, 2025, closes Nov 13, 2025 |
| Price Band | ₹103 to ₹109 per share |
| Lot Size | 137 Shares |
| Retail Investors Min Lot & Amount | 1 lot & ₹14,933 |
| Retail Investors Max Lot & Amount | 13 lots & ₹1,94,129 |
| Small HNI Min Lot & Amount | 14 lots & ₹2,09,062 |
| Small HNI Max Lot & Amount | 66 lots & ₹9,85,578 |
| Big HNI Min Lot & Amount | 67 lots & ₹10,00,511 |
| Allotment Date | Nov 14, 2025 |
| Listing Date | Tentatively Nov 18, 2025 |
| Exchanges | NSE and BSE |
Objects of the Offer
The company plans to use the proceeds from the fresh issue for the following expansion and growth initiatives.
| Purpose | Amount (₹ crore) |
|---|---|
| Setting up and furnishing new offline & hybrid centers | 460.5 |
| Lease payments for existing offline centers | 548.3 |
| Investment in subsidiaries – Xylem Learning & Utkarsh Classes | 80.9 |
| Server & cloud infrastructure | 200.1 |
| Marketing initiatives | 710.0 |
| Additional stake in Utkarsh Classes | 26.5 |
| Inorganic growth & general corporate purposes | Remaining amount |
About the Company
PhysicsWallah started as a YouTube channel in 2014 when Alakh Pandey began teaching physics for free to students preparing for engineering and medical entrance exams. His teaching style, filled with passion, humor, and clarity, struck a chord with millions.
In 2020, Alakh Pandey, along with co-founder Prateek Boob, incorporated PhysicsWallah Pvt. Ltd. The goal was simple: to make high-quality education accessible and affordable.
Today, the company operates multiple learning models.
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Online platforms – via its website, app, and YouTube channels.
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Tech-enabled offline centers – live classes at physical centers with expert teachers.
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Hybrid centers – a unique two-teacher model where one teacher conducts live online sessions, and another is present in person to solve doubts.
Strong Community Reach
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Main YouTube channel (“Physics Wallah – Alakh Pandey”) has 13.7 million subscribers (as of July 2025).
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Across all channels, the subscriber base is nearly 99 million, growing at a CAGR of 41.8% over FY23–FY25.
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The company had 4.13 million unique online transacting users and 3.3 lakh offline enrollments in FY25.
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PhysicsWallah operated 198 offline centers as of March 31, 2025.
Industry Overview
India’s digital education market is booming, driven mainly by rising internet penetration and smartphone adoption. Also, there is a growing appetite for affordable and convenient learning options. The Indian education market is ₹15-16 trillion in Fiscal 2025, accounting for approximately 5% of India’s GDP, and is projected to grow at a CAGR of approximately 10% over the next five years to reach ₹24-26 trillion in Fiscal 2030.
Financial Performance
Let’s look at the financial performance of PhysicsWalla.
| Particulars | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 744 | 1,941 | 2,887 |
| Other income | 28 | 75 | 152 |
| Total income | 773 | 2,015 | 3,039 |
| Loss before tax | (89) | (1,193) | (259) |
| Loss for the year | (84) | (1,131) | (243) |
| EBITDA | 13.9 | (829.3) | 193.2 |
| EBITDA Margin | 1.86% | (42.73)% | 6.69% |
| Adjusted EBITDA Margin | 16.03% | 3.45% | 14.96% |
Industry Comparison
| Company | FY24 Revenue (₹ crore) |
|---|---|
| Allen Career Institute | 3,245 |
| Aakash (BYJU’s) | 2,385 |
| PhysicsWallah | 1,941 |
| Unacademy | 840 |
| Veranda Learning | 362 |
Verdict – PhysicsWallah IPO
PhysicsWallah IPO combines a powerful brand story with solid growth numbers.
Here’s a quick take:
Strengths
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Strong brand and loyal student base
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Rapid revenue growth and improving margins
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Balanced online and offline presence
Risks
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Still posting losses (though narrowing)
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Heavy spending on expansion may pressure short-term profits
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Competitive market with big players like Aakash, Allen, and Unacademy
PhysicsWallah is growing fast and building a strong brand in education. The IPO looks interesting for long-term investors, but short-term traders should wait and watch.
*Disclaimer: This blog is for informational purposes only and does not constitute investment advice. Investors should consult their financial advisor before investing. Read the company’s RHP for more information
About the Author
Sandip Desai is a stock market professional with over 18 years of experience in the Indian broking and investment space. He holds NISM certifications in Equity Derivatives, Currency Derivatives, Commodity Derivatives, and Mutual Fund Distribution. Sandip is passionate about simplifying financial concepts and helping investors navigate IPOs and capital markets with confidence.
For more information on the upcoming IPO, check the following link.