PhysicsWallah is gearing up for its inaugural public issue as it ventures into the stock market. The esteemed company, renowned for aiding students in their preparation for competitive examinations, will commence its Initial Public Offering (IPO) for public subscription on November 11, 2025, with the subscription period concluding on November 13, 2025.
The allotment of shares is anticipated to be finalized by November 14, paving the way for the stock to potentially debut on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on November 18, 2025.
The PhysicsWallah IPO is structured as a book-building issue valued at Rs 3,480 crore. This sum encompasses a fresh issue valued at Rs 3,100 crore and an offer for sale totaling Rs 380 crore, enabling early investors to divest a portion of their existing holdings. The company has set the price range for shares at Rs 103 to Rs 109.
Interested retail investors have the opportunity to apply for a minimum of 137 shares, with the total cost amounting to Rs 14,933 at the upper end of the price range. Small Non-Institutional Investors (sNIIs) are required to invest in 14 lots (1,918 shares) valued at Rs 2,09,062, while large Non-Institutional Investors (bNIIs) must commit to 67 lots (9,179 shares), totaling Rs 10,00,511.
The IPO is being managed by Kotak Mahindra Capital as the lead manager for book-running, with MUFG Intime India appointed as the registrar for overseeing the IPO process.
Ahead of the IPO launch, there is growing market speculation surrounding PhysicsWallah’s stock. The current grey market premium (GMP) is pegged at Rs 7 per share, indicating a positive early sentiment.
Considering this premium alongside the upper price limit of Rs 109, the projected listing price is estimated at Rs 116, potentially yielding a gain of approximately 6.4% if the stock debuts in line with current expectations.
PhysicsWallah initially gained prominence through its founder’s online instructional videos on YouTube, evolving into a prominent educational brand. Presently, the company provides coaching services for some of India’s most challenging exams, including JEE, NEET, and UPSC. In addition to exam preparation, PhysicsWallah offers specialized courses in fields such as data science, analytics, banking, finance, and software development.
From March 2024 to March 2025, PhysicsWallah recorded a notable 51% surge in revenue, accompanied by a 78% increase in profit after tax, signaling enhanced earnings and improved operational efficiency.