PhysicsWallah (PW) is an education technology (edtech) unicorn founded by Alakh Pandey in 2020 that has grown explosively in the JEE and NEET circles to encompass hybrid centres, test-prep classes, and learning technologies. As the company continues on its aggressive growth, the PhysicsWallah IPO has turned into one of the most hyped in the Indian edtech sector, and many investors are asking: Should I invest in this IPO?

This is a comprehensive analysis of the financial, company strengths, risks, and valuation expectations, competitive, and other relevant information of the company to ensure that you make an informed decision.

Company Overview

PhysicsWallah Ltd., a 2020-incorporated company, runs a blended learning platform that offers test preparation and upskilling courses on a broad variety of exams and professional fields. The company provides JEE, NEET, UPSC, SSC, and state board courses, and other new courses like data science, banking and finance, and software development.PW has a multi-channel learning platform, which provides education on its website, mobile applications, and tech-based offline and hybrid centres in India.

As of June 30, 2025, PhysicsWallah had:

• 4.13 million unique online transacting users
• 0.33 million students enrolled across offline centres
• 303 total offline centres
• 6,267 faculty members
• 18,028 employees
• 4,382 books published
• 13.7 million YouTube subscribers (as of July 15, 2025)

The company is among India’s top five edtech players by revenue, serving learners across 13 education categories.

Why Is the PhysicsWallah IPO in the News?

Investors are closely watching the PhysicsWallah IPO because:

• PW is one of the few lucrative edtech businesses in India.
• The identity of the brand is in the high-teacher, which makes it highly recalled.
• Offline growth has increased the revenue significantly.
• Indian edtech valuations are stabilising following several years of instability.

It is believed that the IPO will assist the company in building stronger infrastructure, establishing new centres, improving technology and even branching out to other countries.

Expected PhysicsWallah IPO Date and Price Band

The subscription period of the IPO will be from November 11, 2025, to November 13, 2025. The allotment is also likely to be completed on November 14, 2025, and the shares are expected to be listed on the BSE and NSE on November 18, 2025.

Key Highlights

• IPO Dates: Opens on 11 November 2025 and closes on 13 November 2025.
• Allotment Date: Expected finalisation on 14 November 2025.
• Listing Date: Proposed listing on BSE and NSE on 18 November 2025.
• Price Band: Set between ₹103 – ₹109 per share.
• Retail Minimum Investment: 1 lot = 137 shares, costing ₹14,933 at the upper band.
• sNII Minimum Investment: 14 lots = 1,918 shares, requiring ₹2,09,062.
• bNII Minimum Investment: 67 lots = 9,179 shares, requiring ₹10,00,511.
• Lead Manager: Kotak Mahindra Capital Co. Ltd.
• Registrar: MUFG Intime India Pvt. Ltd.

Business Model and Revenue Streams

PhysicsWallah is a diversified education company which is founded on digital learning, offline expansion, and strategic acquisitions to scale up and grow its revenues.

• Online Courses: Low-cost JEE, NEET, UPSC, SSC, banking and other exam courses.
• Offline Centres: The revenue is boosted with the high number of PW Vidyapeeth and Pathshala centres.
• Books & Publishing: PW is an entity that manufactures and markets textbooks, modules, and mock test series.
• Edtech Products: Applications, learning solutions, doubt-solving applications, and smart classroom solutions.
• Acquisitions: PW has bought businesses in upskilling, K-12 learning, and digital content- it is not just test prep anymore.

Financial Performance: Is PhysicsWallah Profitable?

PhysicsWallah has strong financial fundamentals, high profitability, with a stable investor confidence despite the recent turbulence in the market due to its hybrid model and pricing strategy, which is affordable.

Key Highlights

• The share had been priced at 33 per cent at its highest valuation of 46,300 crore.
• It was followed by a sharp correction where the shares plummeted by 9% to 130.65, amounting to 8,609 crore.
• Even though it has fallen, PW continues to trade at 20%+ its IPO price, indicating confidence in the company.
• Analysts observe that the decline is due to profit-booking and valuation issues and not deteriorating fundamentals.

Risks and Challenges for Investors

Despite strong fundamentals, potential investors should also consider the risks:

• High Competition: BYJU, Unacademy, Allen, Aakash (BYJU/AESL), and Vedantu are in the same field. Some competitors have deeper pockets.
• High Reliance on Test-Prep Industry: A decrease in the quantity of exams, or alterations in regulations, or NEET/JEE reforms could also have short-term revenue effects.
• Offline Expansion Costs: To expand centres in India, costs are required to expand the business, and this may strain profit margins.
• Teacher Dependence: PW heavily relies on the brand name of its best teachers.
• Regulatory Uncertainty: The government policies on edtech, GST, and coaching institutes can have an impact on the operations.

By knowing about these risks, you will be able to determine the long-term viability of the PhysicsWallah IPO.

Competitive Landscape: Where Does PW Stand?

Compared to other edtech and coaching players:

PW’s unique advantage is the value-for-money model that appeals to a large base of aspirants.

Should You Apply? Expert Opinion

The general opinion of market analysts on the potential of the PhysicsWallah IPO is varied yet supported by data, as it points out the opportunities and warning signs to potential investors.

When Applying May Be Suitable

• Real-life exposure to the growing education industry in India: The company has one of the few large edtech players with provable profitability, and it presents a relatively less risky option for entering into the segment.
• Outlook long term: The test-prep and K-12 markets are experiencing growth in demand and especially in Tier-II and Tier-III areas where the company is well penetrated.
• Reasonable valuation: A priced issue that has equal shareholding of investors can offer consistent listing and long-term growth.

When Caution May Be Warranted

• High-risk returns with high expectations: The high-risk returns that were anticipated as extreme listing premiums in previous tech IPO cycles might not be realised.
• Regulatory or expansion-related risk sensitivity: The regulation of the coaching sector, costs of operations, and the ability to scale offline centres could be a factor in future performance.

Conclusion

The PhysicsWallah IPO is set to attract a large number of investors, given that it has a powerful brand, a growing hybrid learning concept, and a market stance based on affordability. However, inasmuch as the firm has exhibited a high rate of scale and operational efficiency, the suitability of investment lies in the long-term perspective and risk-taking attitude of an individual concerning the long-term growth of the Indian education industry. In case of a reasonable valuation at the listing date, the IPO can be a suitable addition in a diversified long-term portfolio.

DISCLAIMER: The information given in this blog is for educational purposes only. Any content of this blog is not investment advice.