PhysicsWallah is set to enter the stock market with its first-ever public issue. The company, known for helping students prepare for competitive exams, will r 11, 2025, and close on November 13, 2025.
The share allotment is expected to be finalised on November 14, and the stock may list on both the BSE and NSE on November 18, 2025.
The PhysicsWallah IPO is a book-building issue of Rs 3,480 crore. This includes a fresh issue worth Rs 3,100 crore and an offer for sale of Rs 380 crore, where early investors will sell a portion of their holdings. The company has set the price band at Rs 103 to Rs 109 per share.
The IPO price band for PhysicsWallah is fixed at Rs 103–Rs 109 per share. Retail investors can apply for a minimum of 137 shares, costing Rs 14,933 at the top price. sNIIs (small Non-Institutional Investors) must invest in 14 lots (1,918 shares) worth Rs 2,09,062, while bNIIs (big Non-Institutional Investors) need 67 lots (9,179 shares), amounting to Rs 10,00,511.
Kotak Mahindra Capital is steering the issue as the main book-running lead manager, while MUFG Intime India has been appointed as the registrar for the IPO process.
Even before the IPO officially opens, market chatter around the stock has gained momentum. The latest grey market premium (GMP) stands at Rs 7 per share, suggesting early positive sentiment.
Based on this premium and the upper price band of Rs 109, the estimated listing price hints at Rs 116, which could translate to a gain of around 6.4% if the stock lists at current expectations.
PhysicsWallah first became popular through its founder’s online lessons on YouTube and soon grew into a mainstream learning brand.
Today, it offers coaching for some of India’s toughest exams, including JEE, NEET and UPSC. Beyond test preparation, the company also runs skill-based courses in areas like data science, analytics, banking, finance and software development.
Between March 2024 and March 2025, PhysicsWallah reported a 51% rise in revenue, while its profit after tax grew by 78%, reflecting stronger earnings and better operational performance.