Company Overview
PhysicsWallah (PW), one of India's most recognized edtech unicorns, is launching a ₹3,480 crore initial public offering from November 11-13, 2025, with listing expected on November 18, 2025. The company targets a valuation of ₹31,500 crore ($3.6 billion) at the upper price band of ₹109 per share.
Offer Details
| Category | Amount (₹ Cr) |
|---|---|
| Fresh Issue | ₹3,100 crore Crore |
| Offer for Sale (OFS) | ₹380 crore (₹190 crore each from co-founders Alakh Pandey and Prateek Maheshwari) |
| Total | 89% Fresh and OFS of 11% |
IPO Use of Proceeds (Fresh Issue)
| Purpose | Amount (₹ Cr) |
|---|---|
| New Offline Centers | ₹460.5 |
| Marketing & Brand | ₹710 |
| Technology Infrastructure | ₹200.1 |
| Investments & Acquisitions | 134.9 |
Why Invest in PhysicsWallah?
- PhysicsWallah's IPO presents a MIXED OPPORTUNITY requiring careful evaluation of individual risk tolerance and investment horizon.
- 97% revenue CAGR (FY22-FY25)
- 98.80M YouTube subscribers
- EBITDA profitable since FY23
- Hybrid delivery model (online + offline)
- Strong founder brand equity
- Proven market execution
Disclaimer: All information provided on this page is for educational purposes only and should not be considered as financial advice.
Financial Performance
| Metric | FY 2024 | FY 2025 | Q1 FY26 |
|---|---|---|---|
| Total Income (₹ Cr) | ₹1,941 | ₹2,887 | ₹847 |
| Revenue Growth YoY | 161% | 49% | 33% |
| PAT (₹ Cr) | -₹1,131 | -₹243 | -₹125.5 |
Key Valuation Metrics
| Metric | Value |
|---|---|
| Estimated Market Cap (Upper Band) | ~₹31,500 Cr |
| FY25 Revenue | ₹2,887 Cr |
| FY25 PAT | -₹243 Cr |
Investment Highlights
PhysicsWallah's IPO presents a MIXED OPPORTUNITY requiring careful evaluation of individual risk tolerance and investment horizon.
Key Strengths
- 97% revenue CAGR (FY22-FY25)
- 98.80M YouTube subscribers
- EBITDA profitable since FY23
- Hybrid delivery model (online + offline)
- Strong founder brand equity
- Proven market execution
Risk Factors
- IIntense competitive pressure.
- Regulatory uncertainty (DPDP, advertising norms)
- Economic slowdown impact
- AI-powered learning disruption
Leadership & Investors
Pre-IPO Investor Base