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| IPO Listing At | BSE, NSE |
| IPO Issue Type | Book Build Issue |
| Issue Size | ₹3480.00 Cr |
| Fresh Issue | ₹3100.08 Cr |
| Offer for Sale | ₹379.92 Cr |
| Face Value | ₹1 Per Equity Share |
| Price Band | ₹103.00-109.00 per share |
| Discount | Employee: 10.00 |
| BSE Code | 544609 |
| NSE Code | PWL |
| Registrar | MUFG Intime India Pvt.Ltd. |
| Lead Managers | Kotak Mahindra Capital Co.Ltd. |
Disclaimer: GMP is sourced from grey market dealers and is indicative only. Always conduct your own due diligence.
* Allotment, Refund, Demat Credit & Listing dates are tentative and subject to change.
Minimum bid: 137 shares and in multiples thereof
Physicswallah is an edtech company offering test preparation courses for various competitive examinations like JEE, NEET, UPSC, etc. and upskilling courses like Data science and analytics, banking and finance, software development, etc. It offers online services via social media channels, website and apps and also offers techenabled offline centers and hybrid centers. It is among the top 5 edtech companies in terms of revenues in India and has 13.7 million subscribers on YouTube as of July 15, 2025.
Key Numbers:
Competitive strengths
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Capital expenditure for fit-outs of new offline and hybrid centers of our Company | 460.55 |
| 2 | Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company | 548.31 |
| 3 | Capital expenditure for fit-outs of new offline centers of Xylem | 31.65 |
| 4 | Lease payments for Xylem’s existing identified offline centers and hostels | 15.52 |
| 5 | Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers | 28.00 |
| 6 | Expenditure towards server and cloud related infrastructure costs | 200.11 |
| 7 | Expenditure towards marketing initiatives | 710.00 |
| 8 | Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited | 26.50 |
| 9 | Funding inorganic growth through unidentified acquisitions and general corporate purposes | 941.15 |
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 5,075.67 | 4,156.38 | 2,480.74 | 2,082.18 |
| Total Income | 905.41 | 3,039.09 | 2,015.35 | 772.54 |
| Profit After Tax | -127.01 | -243.26 | -1,131.13 | -84.08 |
| EBITDA | -21.22 | 193.20 | -829.35 | 13.86 |
| NET Worth | 1,867.92 | 1,945.37 | -861.79 | 62.29 |
| Reserves and Surplus | 787.92 | 467.06 | -1,254.74 | -187.65 |
| Total Borrowing | 1.55 | 0.33 | 1,687.40 | 956.15 |
| Amount in ₹ Crore | ||||
| KPI | Mar 31, 2025 |
|---|---|
| RoNW | -12.50% |
| PAT Margin | -8.43% |
| EBITDA Margin | 6.69% |
| Price to Book Value | 14.10 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | -0.93 | -ve |
| P/E (x) | -116.86 | -ve |
| Promoter Holding | 81.64% | 71.48% |
| Market Cap | ₹31526.73 Cr. | |
