Archive · 6 Nov 2025
PhysicsWallah Sets IPO Price Band, Targets $3.5 Billion Valuation
PhysicsWallah, a company that helps students learn, is getting ready to sell shares to the public for the first time.
This is called an IPO.
They have set a price for these shares between ₹103 and ₹109.
If everyone buys at the highest price, the company would be worth about $3.5 billion.
They plan to use the money they raise from selling these shares to open more physical learning centers, pay for rent on their buildings, and invest in other parts of their business, like their subsidiary companies.
They also want to improve their computer systems and advertise more.
Even though they are growing and making more money, they also lost more money in the first part of this year compared to last year.
However, their overall revenue did increase.
Some of their early investors are choosing to keep their shares, which often means they believe the company will do well in the future.
The company is also growing its number of physical locations very quickly.
The shares will start trading on the stock market in mid-November.
PhysicsWallah has set an IPO price band of ₹103 to ₹109 per share, aiming for a valuation of approximately $3.5 billion.
The IPO will consist of a fresh issue of equity shares up to ₹3,100 crore and an offer for sale of up to ₹380 crore.
Proceeds will be used for expanding offline centers, lease payments, investments in subsidiaries (Xylem Learning, Utkarsh Classes), infrastructure, marketing, and potential acquisitions.
The company operated 303 centers by Q1 FY26, a 68% increase year-over-year, despite reporting a net loss of ₹125.5 crore in the same quarter.
Existing investors like WestBridge Capital and Lightspeed are not offloading stakes in the IPO, indicating confidence in the company's future.
- Who
- PhysicsWallah
- What
- PhysicsWallah has announced its IPO price band and is seeking a valuation of approximately $3.5 billion. The company plans to use the IPO proceeds for expansion, infrastructure, and strategic investments.
- When
- IPO anchor bidding opens on November 10, 2025, with the issue closing on November 13, 2025, and shares expected to list on November 18, 2025. Financials are for Q1 FY26 and FY25.
- Where
- India (for operations and IPO listing)
- Why
- To fund expansion of offline and hybrid centers, investments in subsidiaries, infrastructure upgrades, marketing initiatives, and potential acquisitions, as well as for general corporate purposes.
PhysicsWallah Management
Financial Performance Concerns
IPO Valuation and Objectives
PhysicsWallah Management
PhysicsWallah aims for a valuation of approximately $3.5 billion with its IPO, setting a price band of ₹103-109. The company plans to use the proceeds for expanding offline and hybrid centers, lease payments, investments in subsidiaries, infrastructure, marketing, and potential acquisitions.
Financial Performance Concerns
The company's IPO valuation is significantly higher than its last valuation of $2.8 billion in September 2024, raising questions about the justification given its recent financial performance.
Center Expansion vs. Profitability
PhysicsWallah Management
PhysicsWallah is rapidly expanding its physical presence, operating 303 centers by Q1 FY26, a 68% increase from the previous year, demonstrating a commitment to offline growth.
Financial Performance Concerns
Despite revenue growth, PhysicsWallah reported a net loss of ₹125.5 crore in Q1 FY26, an increase of 78% from the prior year, indicating challenges in translating expansion into profitability.
Stake Retention by Existing Investors
PhysicsWallah Management
Key existing investors like WestBridge Capital, Hornbill Capital, GSV Ventures and Lightspeed are not selling their stakes in the IPO, signaling confidence in the company's future prospects.
Financial Performance Concerns
While existing investors are holding stakes, the significant capital infusion through the IPO is partly to cover operational costs like lease payments, and the company has shown increasing net losses, which could be a concern for new investors.
- Company
- PhysicsWallah
- IPO Price Band
- ₹103-109
- Target Valuation
- Approx. ₹31,169 crore ($3.5 billion)
- Last Valuation
- $2.8 billion (September 2024)
- IPO Dates
- Anchor Bidding: Nov 10, 2025; Issue Opens: Nov 11, 2025; Issue Closes: Nov 13, 2025
- Expected Listing Date
- November 18, 2025
- Total Offer Size
- Up to ₹3,480 crore (Fresh Issue ₹3,100 crore + OFS ₹380 crore)
- Q1 FY26 Net Loss
- ₹125.5 crore
- Q1 FY26 Operating Revenue
- ₹847 crore
- Number of Centers (Q1 FY26)
- 303
Sources
PhysicsWallah IPO date announced: Rs 3,480 crore issue be launched on November 11 – Check all details
Alakh Pandey's PhysicsWallah Gears Up For Rs 3,480-Crore IPO Launch
IPO-Bound PhysicsWallah’s Q1 Loss Increases 78% To INR 125.5 Cr
Lenskart IPO Allotment LIVE: GMP falls; Know step-by-step guide to check share allotment status online
PhysicsWallah IPO opens on November 11: From price band to GMP – 7 ‘must know’ details
PhysicsWallah sets IPO price band of ₹103-₹109 per share, issue to open on Nov 11
With a war chest in place, PhysicsWallah seeks ‘comfort capital’ via IPO
‘Offline scale & new exam categories are our next growth drivers’: Prateek Maheshwari, co-founder, PhysicsWallah
