Rs 3,480-crore PhysicsWallah IPO opens: Should you apply? Know what Anil Singhvi suggests

PhysicsWallah IPO: The initial public offering (IPO) of the Edtech unicorn, PhysicsWallah Limited, opens for public subscription today, November 11, and will remain open till November 13, 2025. The issue comprises a fresh issue and an offer for sale (OFS) of shares worth Rs 3,480 crore. Through OFS, the promoters, Alakh Pandey and Prateek Maheshwari, are offloading their stakes.

The basis of allotment of the IPO shares is expected to be finalised on November 14, 2025, and the stock is likely to list on both the stock exchanges (BSE and NSE) on November 18, 2025, tentatively.

Market guru Anil Singhvi's views on PhysicsWallah IPO

Add Zee Business as a Preferred Source

Earlier on Tuesday, Zee Business Managing Editor Anil Singhvi shared his views on PhysicsWallah Ltd and said that the edtech company has a unique business model. Operationally, its EBITDA is positive but yet to become profitable.

On recent listings, the market analyst noted that nowadays, the market is not very excited about the IPOs and cautioned investors not to invest with an expectation of big listing gains.

He suggests risk-taking investors can apply from a 2-year perspective.

Key positives

1) Young, dynamic and energetic promoters

2) Strong brand recognition and trust

3) Strong growth track record

4) Scalable business model due to the use of technology

5) Amazingly affordable pricing of courses

6) Wide reach in smaller cities and in international markets as well

7) Company repaid all debts in FY25, now debt-free

8) Healthy positive cash flow

9) Low marketing expenses, only 10 per cent of revenue

10) Huge cost advantages due to the use of AI

11) Big expansion plan into physical classes

Key negatives

1) It’s a loss-making company, though it’s positive at the adjusted EBITDA level

2) Huge dependence on the brand of promoters

3) Overdependence on the JEE and NEET segments

4) Offline expansion is a big risk due to the rise in capex and operational expenses

5) Risk of pressure on margins due to aggressive pricing

6) Regulatory uncertainties

7) Competition risk due to a very low entry barrier

8) Integration risk due to M&A

PhysicsWallah IPO anchor investors

PhysicsWallah IPO garnered around Rs 1,562.85 crore in its anchor investor round on November 10, 2025. The anchor investment saw participation from ICICI Prudential MF, Kotak MF, Nippon India MF, Aditya Birla Sun Life MF, DSP MF, 360 ONE, Motilal Oswal MF, Tata MF, Bharti AXA MF, Edelweiss MF, and Canara Robeco MF, Capital Research, Goldman Sachs Asset Management (GSAM), Fidelity, Franklin Templeton Global, Eastspring Investments, PineBridge, and White Oak Capital.

PhysicsWallah IPO details

The PhysicsWallah IPO is a book-build issue of Rs 3,480 crore, comprising a fresh issue of 28.44 crore shares (Rs 3,100 crore) and an offer-for-sale (OFS) of 3.49 crore shares (Rs 380 crore).

Alakh Pandey and Prateek Maheshwari are the company's promoters who are offloading shares worth Rs 190 crore each through the OFS.

Kotak Mahindra Capital Co Ltd is the book-running lead manager of the issue, while MUFG Intime India Pvt Ltd is the registrar of the issue.

The IPO has allocated 75 per cent, 15 per cent and 10 per cent of the net offer for the QIB, NII and retail investor categories, respectively.

PhysicsWallah IPO price band: Rs 103 to Rs 109 per equity share

PhysicsWallah IPO subscription date: From November 11 to November 13, 2025

PhysicsWallah IPO lot size: 137 shares (minimum investment of Rs 14,933)

PhysicsWallah IPO allotment date: November 14, 2025 (tentatively)

PhysicsWallah IPO listing date: November 18, 2025 (tentatively)

PhysicsWallah Limited company profile

PhysicsWallah offers test preparation courses for competitive exams focusing on JEE, NEET, GATE and UPSC, along with upskilling programs, delivered through online platforms (YouTube, website, and apps), tech-enabled offline centres, and hybrid centres that combine online teaching with in-person support.

The company narrowed its losses to Rs 243 crore in FY25 from Rs 1,131 crore in FY24, while the revenue rose to Rs 2,887 crore from Rs 1,941 crore in the same period.