PhysicsWallah IPO GMP, PhysicsWallah Subscription Status Live: The wait is finally over for investors looking to participate in the PhysicsWallah IPO. The issue is opening for subscription today, November 11. The company, known for its online and hybrid learning programs for competitive exams, is entering the market with a price band of Rs 103-109 per share. Subscription will remain open until Thursday, November 13.
| PhysicsWallah IPO | Key Details |
| Price Band | Rs 103-109 per share |
| IPO Date | November 11-November 13 |
| GMP | 3% |
| IPO Allotment date | November 14 |
| Listing date | November 17 |
PhysicsWallah IPO Allotment and Listing Date
Investors can expect the basis of allotment to be finalised on Friday, November 14, with refunds scheduled for Monday, November 17. Shares will be credited to the demat accounts of successful applicants on the same day. The company is tentatively set to list on the BSE and NSE on Tuesday, November 18.
PhysicsWallah IPO: Know the book running lead managers, registrar
The company has appointed leading investment banks to manage the process. Kotak Mahindra Capital Company, J.P. Morgan India, Goldman Sachs (India) Securities, and Axis Capital are serving as book-running lead managers.
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PhysicsWallah IPO Subscription Status, GMP Live: Student enrollment count Q1FY26
For Q1FY26, the Physics Wallah had over 24 lakh paid users, which is inclusive of people using its online channels and students enrolled in the company’s offline centres. Of this 21 lakh were users transacting through its online channels while 3.3 lakh students were enrolled in either offline or hybrid courses.
PhysicsWallah IPO Subscription Status, GMP Live: Revenue generation from online and offline channels
For Q1FY26, the company generated a revenue of Rs 398.7 crore from its online channels, which includes online classes on its apps and websites. For the same quarter, the company generated Rs 412.9 crore from its offline operations, this includes offline face-to-face classes at the physical centres. The total revenue generation for Q1FY26 stood at Rs 847 crore.
PhysicsWallah IPO Subscription Status, GMP Live: Paid users of PhysicsWallah
For FY25, PhysicsWallah’s Total Number of Paid Users was 4.5 million, which grew at a CAGR of 59.2% between FY23 and FY25 and in the three months ended June 2025, the company had 2.4 million Paid Users, which increased from 1.9 million Paid Users in three months ended June 2024. Their founders started “Physics Wallah” with an aim to increase the accessibility of education at affordable prices by leveraging technology.
PhysicsWallah IPO Subscription Status, GMP Live: Subscription details
Physics Wallah’s IPO has been subscribed to a total of 10% so far. The retail segment has seen a subscription of 49% while the employees segment has been subscribed 1.52 times. The subscription in the QIB segment remains largely flat, while the NII segment has been subscribed 4%.
PhysicsWallah IPO Subscription Status, GMP Live: Provides counselling to students
To enable effective delivery of classes, Physics Wallah use smart boards and 3D models. Recognising the need for students to plan their studies for successful outcomes, the company carefully curates its course curriculum and plans and offer counselling services to help students select courses suited to their requirements and current level of preparation.
PhysicsWallah IPO Subscription Status, GMP Live: A look at the key risks
A look at the key risks with regards to the PhysicsWallah IPo include, “continued losses and uncertain profitability, heavy dependence on student enrolments and key faculty, and execution challenges from rapid offline expansion.”
Angel One added that “rising competition and high operating costs further add to profitability and scalability risks.” According to them, this is also a key factor to watch out for.
PhysicsWallah IPO Subscription Status, GMP Live: Expanding reach
Of the raised capital via fresh issue, company will invest Rs 28 crore for its subsidiary Utkarsh classes. PhysicsWallah’s subsidiary Utkarsh classes is a coaching platform for the preparation of government exams like UPSC, SSC, NDA, etc. The edutech firm will also use this amount for the lease payments of the offline centres of Utkarsh.
PhysicsWallah IPO Subscription Status, GMP Live: Teaching strategy
PhysicsWallah has carefully curated a pool of teachers trained to deliver classes while keeping the learning habits of the current generation of students in mind. The company’s classrooms are equipped with tools that enable teachers to make classes engaging and interactive through live polls (called ‘Dangal’) and question-and-answer sessions, among others.
PhysicsWallah IPO Subscription Status, GMP Live: Expanding offline centres
Of the proceeds raised via fresh issue, the company will utilise Rs 200.1 crore to fund its server and cloud related infrastructure costs. Further, the company will utilise Rs 47.1 crore in its subsidiary Xylem Learning, of which Rs 31.6 crore will go towards the opening of new offline Xylem centres , and Rs 15.5 crore will be spent towards the lease payments of the existing Xylem centres.
PhysicsWallah IPO Subscription Status, GMP Live: Financing new centres
The edtech which will raise Rs 3,100 crore via fresh issue, aims to utilize Rs 406.5 crore of this towards the opening of new offline and hybrid centres across the country.
It will use the proceeds for a wide range of expansion activities. The company will spend Rs 710 crore towards marketing initiatives. For the lease payments of its current centres the company will spend Rs 548.3 crore.
PhysicsWallah IPO Subscription Status, GMP Live: High dependency on founders
The company is highly dependent on its founders, Alakh Pandey and Prateek Boob. Alakh Pandey is responsible for the overall business health of the company, and Prateek Boob is responsible for directing strategies and innovation planning. Hence, if these founders discontinue their services, or join competitors or start new test preparation centres, then Physics Wallah’s brand, reputation, student enrolments and business could be adversely affected.
PhysicsWallah IPO Subscription Status, GMP Live: Aim is to offer quality content
Physics Wallah’s aim is to offer quality courses and content across all its channels. The company has a dedicated content development team of subject matter specialists, who have designed their content. By leveraging the technology stack and tech-enabled tools, the company is able to keep its content library up to date with information on various topics, including recent question banks.
PhysicsWallah IPO Subscription Status, GMP Live: Expansion on track
PhysicsWallahhas expanded rapidly, now operating a total of 303 offline centers nationwide as of June 30. According to the data available, the platform had amassed 13.7 million YouTube subscribers as of July 15 this year, establishing a robust online presence.
The customer base includes a large volume of transacting users, with 4.13 million unique online users and an additional 0.33 million students enrolled across its physical center network.
PhysicsWallah IPO Subscription Status, GMP Live: Outlook for Edtech industry by Angel One
According to Angell One, “the Indian education market is a dominant global sector, valued at Rs 15-16 trillion in FY25 and is projected to expand significantly at a CAGR of approximately 10% to reach Rs 24-26 trillion by FY30.”
The brokerage house highlighted that this growth is underpinned by substantial infrastructural expansion, evidenced by the increase in universitiesfrom 903 to 1,168 and colleges from 39,050 to 45,473 between FY18-FY22.
According to them, momentum is strengthened by the NEP 2020, targeting wider access, better quality and global competitiveness.
With the GER in higher education at 33% (2022), ample growth potential remains. The sector thus offers strong investment prospects with organized players poised to benefit from policy reforms and rising demand.
PhysicsWallah IPO Subscription Status, GMP Live: Use of AI tools
The company had published 4,382 books and developed over 8.66 million question banks. Leveraging technologies like AI, big data, and machine learning, they offer students innovative tools that enhance learning both during live sessions and independently, as of June 2025. These tools are designed to deliver personalised learning experiences and ensure content is accessible in the most effective format. For instance, they introduced “AI Guru,” an AI-powered tool that resolves academic and support queries instantly, and “AI Grader,” which evaluates subjective test answers efficiently without teacher involvement.
PhysicsWallah IPO Subscription Status, GMP Live: Highly skilled faculty
The company had 6,267 total faculty members (including employees and consultants), comprising teachers, doubt-resolution faculty, and content developers, as of June 2025. PhysicsWallah faculty members specialise across multiple disciplines, contributing to teaching, content creation, batch planning, and curriculum delivery. They have built a vast, high-quality content library that includes books, digital materials, question banks, micro-videos, classes, and tests.
PhysicsWallah IPO Subscription Status, GMP Live: Growth of offline centres
The company operated 303 total offline centres as of June 2025, which grew at a CAGR of 165.92% between Fiscals 2023 and 2025. They aim to leverage their proprietary technology stack to deliver content at scale, integrate new offerings, and provide tech-backed tools for efficient learning and teaching. Their founder, Alakh Pandey, began the “Physics Wallah” YouTube channel in 2014, offering free physics lessons.
PhysicsWallah IPO Subscription Status, GMP Live: IPO overview
PhysicsWallah’s IPO marks the first major public issue by a homegrown edtech company in India. The Rs 3,480 crore book-built issue includes a fresh issue of Rs 3,100 crore and an offer for sale (OFS) of Rs 380 crore, reflecting both growth ambitions and partial promoter exit.
PhysicsWallah IPO Subscription Status, GMP Live: Details of the issue
This is the first major public issue by a homegrown edtech company in India. The Rs 3,480 crore book-built issue includes a fresh issue of Rs 3,100 crore and an offer for sale (OFS) of Rs 380 crore, reflecting both growth ambitions and partial promoter exit.
PhysicsWallah IPO Subscription Status, GMP Live: Lead managers
The book-running lead managers for the issue are Kotak Mahindra Capital, JP Morgan, Goldman Sachs, and Axis Capital, with MUFG Intime India handling the role of registrar.
PhysicsWallah IPO Subscription Status, GMP Live: About the company
PhysicsWallah is an edtech company that provides courses for competitive exams such as JEE, NEET, UPSC, and more. In addition, it offers upskilling programs in areas like data science, analytics, banking, finance, and software development. The company delivers its content primarily online through social media, websites, and apps, while also running tech-enabled offline and hybrid learning centers.
PhysicsWallah IPO Subscription Status, GMP Live: PhysicsWallah subscription status
The IPO of PhysicsWallah was subscribed to a total of 0.07 times, receiving muted interest across sections. Except for the employee section, which was subscribed 1.12 times, none of the category was near to 50% booking. The retailers booked the issue 0.34 times, the NIIs 0.02 times, and the QIBs are yet to jump in.
PhysicsWallah IPO Subscription Status, GMP Live: Brand image depends on students’ results
The quality of results obtained by students availing PhysicsWallah’s courses impacts its number of student enrolments. If students do not score favourably in their exams or are not satisfied with the company’s services, they may decide to drop out of the courses. Consequently, a rise in student dropouts could adversely impact the company’s business, reputation and financial condition.
PhysicsWallah IPO Subscription Status, GMP Live: Success depends on retaining talent
PhysicsWallah’s success depends on its ability to attract new and retain existing faculty members and students. Faculty members who are employees have employment contracts with the company, whereas faculty members hired as consultants typically enter into consultancy agreements for a term of up to 5 years.
PhysicsWallah IPO Subscription Status, GMP Live: Offline and hybrid courses
A majority of PhysicsWallah’s hybrid centres are operated by its franchisee partners. Fees for offline and hybrid courses are collected at the time of enrolment or on an instalment basis. The offline channel also includes revenue from providing hostel or residential services to students. During FY25, PhysicsWallah operated 216 residential hostels, of which 192 were operated under the Xylem brand and 24 were operated for its Vidyapeeth students through third-party hostels.
PhysicsWallah IPO Subscription Status, GMP Live: Who is managing the issue
The IPO got the green light from SEBI on July 18, 2025, after an earlier confidential filing. The book-running lead managers for the issue are Kotak Mahindra Capital, JP Morgan, Goldman Sachs, and Axis Capital, with MUFG Intime India handling the role of registrar.
PhysicsWallah IPO Subscription Status, GMP Live: Brokerage take on this IPO
“At the upper price band, the company is valued at 10.8x FY25 P/S, implying a post-issue market capitalization of Rs 3,11,699 million. They aim to grow their student community by offering engaging free content across platforms and converting users into paying customers through better technology, targeted marketing, and expert-led high-quality content. The company plans to broaden its course portfolio and launch new Education Categories in multiple Indian languages to reach a wider student audience. They intend to keep innovating to introduce valueadded services that enable upselling of additional offerings at minimal incremental cost. They plan to expand into new regions and enhance their offerings and tech tools by acquiring strong, student-focused businesses. Considering these factors, the IPO appears fully priced and is rated “Subscribe – Long Term,” said Anand Rathi Research in its IPO note.
PhysicsWallah IPO Subscription Status, GMP Live: About the company
PhysicsWallah is an edtech company that provides courses for competitive exams such as JEE, NEET, UPSC, and more. In addition, it offers upskilling programs in areas like data science, analytics, banking, finance, and software development. The company delivers its content primarily online through social media, websites, and apps, while also running tech-enabled offline and hybrid learning centers.
As of July 15, 2025, PhysicsWallah has a strong digital presence with 13.7 million subscribers on YouTube. In terms of revenue, it is counted among the top five edtech companies in India, reflecting its reach and scale in the country’s online education market.
PhysicsWallah IPO Subscription Status, GMP Live: Deven Choksey Research take on this IPO
“PhysicsWallah’s IPO is priced at a P/Revenue multiple of 7.5x on TTM basis, reflecting its rapid growth in subscriptions and user base. Despite historical losses and governance concerns, the company’s strong brand, community-driven model, and expansion strategy support subscription for listing gains. The fresh issue proceeds will fund inorganic growth and technology enhancements, aligning with sector tailwinds like hybrid learning and digital penetration. We recommend “Subscribe,” said Deven Choksey Research in its IPO note.
PhysicsWallah IPO Subscription Status, GMP Live: Subscription so far
The PhysicsWallah IPO issue subscribed 0.05 times so far on Day 1 as bidding continues.
The retail investor portion has been subscribed 0.22 times, while the Qualified Institutional Buyers (QIB) segment has yet to see any bids. The Non-Institutional Investors (NII) category has drawn 0.01 times subscription so far.
Bidding for the IPO is still underway.
