PhysicsWallah Ltd. IPO Issue Size: ₹3,820 crore.
SEBI Approval Date: July 18, 2025 (valid for 12 months)
IPO Type: Book Build Issue
Total Issue Size: ₹3,820 crore
Fresh Issue: ₹3,100 crore
Offer for Sale (OFS): ₹720 crore
Face Value: ₹1 per share
Listing: NSE & BSE
Lead Manager: Kotak Mahindra Capital Co. Ltd.
Registrar: MUFG Intime India Pvt. Ltd.
📊 Reservation Breakdown
Category Reservation %
QIB (Qualified Institutional Buyers) ≥ 75%
NII (Non-Institutional Investors) ≤ 15%
Retail (RII) ≤ 10%
Employee quota: Separate reservation with potential discount for up to ₹2 lakh bid.
🧮 Company Financials (₹ in Crore)
Metric FY25 FY24 FY23
Revenue 3,039.09 2,015.35 772.54
PAT -243.26 -1,131.13 -84.08
EBITDA 193.20 -829.35 13.86
Assets 4,156.38 2,480.74 2,082.18
Net Worth 1,945.37 -861.79 62.29
Total Borrowing 0.33 1,687.40 956.15
📉 Despite posting losses, the company has significantly reduced its losses and turned EBITDA-positive in FY25.
📌 Key Financial Ratios
RoNW: -12.50%
PAT Margin: -8.43%
EBITDA Margin: 6.69%
💡 Objects of the Issue
S.No Use of Funds Amount (₹ Cr)
1 New offline/hybrid centers (fit-outs) 460.55
2 Lease payments for existing centers 548.31
3-5 Xylem & Utkarsh Classes offline infra ~80
6 Server & cloud infra 200.11
7 Marketing 710.00
8 Buy more stake in Utkarsh Classes 26.50
9 Inorganic growth & general purposes Remaining
🧠 Major chunk going into marketing (₹710 Cr) and offline center infra.
🏢 Company Overview
Promoters: Alakh Pandey, Prateek Boob
Pre-IPO Promoter Holding: 96.13%
YouTube Subscribers: 13.7 million (as of July 15, 2025)
Employees: 15,775
Offline Centers: 198
Paid Users (FY25): 4.46 million (CAGR of 59.19% from FY23)
📅 Important Dates (To Be Announced):
IPO Closing Date
Price Band
Lot Size
Listing Date
📫 Contact Info
Website: https://www.pw.live/
Investor Email: investorsrelation@pw.live
Registrar Email: physicswallah.ipo@in.mpms.mufg.com
✅ Summary & Investment Consideration
✔ Strengths:
Strong user growth & brand recognition
Asset-light model moving toward profitability
Diversified offerings (JEE, NEET, UPSC, upskilling, etc.)
Hybrid model scaling offline centers
❗ Risks:
Still in losses (though declining)
Highly competitive edtech space
Marketing & infra-heavy capex plan → pressure on cash flows
Would you like:
📈 A valuation estimate based on current data?
📝 A checklist for retail investors before applying?
🔍 Updates once price band & IPO dates are announced?