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₹109 - 109
Physicswallah Ltd
EducationIPO
₹109 - 109
We offer test preparation courses for competitive examinations, and other courses such as for upskilling. Our channels of delivery include - (i) online, which includes our website and apps; (ii) tech-enabled offline centers (where our faculty conducts live classes in a physical center); or (iii) hybrid centers (our two-teacher model where a student attends a live online classes at a physical center and can benefit from another faculty that is present at the center to resolve questions and participate in revision classes).
Lot137Min Invest₹14,933Face Value₹1Issue Size₹3,480 CrFresh Issue₹3,100 CrOffer for Sale₹380 CrListing Price₹143CMP₹120
Timeline
11 Nov
Bidding opens
13 Nov
Bidding closes
14 Nov
Allotment
17 Nov
Refund & demat credit
18 Nov
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹3,480 Cr31.93 Cr shares
Fresh Issue₹3,100 Cr
Offer for Sale₹380 Cr
Face Value₹1
Lot Size137 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,9331-13 lots
sNII₹2,09,062from 14 lots
bNII₹10,00,511from 67 lots
Managers & Registrar
Lead ManagerKotak Mahindra Capital Company Limited
Co-ManagerJ.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, Axis Capital Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrAlakh PandeyPRMTR1,74,31,192190.00Prateek BoobPRMTR1,74,31,192190.00Total3,48,62,384380.00
Shareholding
CategoryPre IPOPost IPOPromoter Group80.62%72.3%Public19.38%27.7%
Objects of the Issue
- Capital expenditure for fit-outs of new offline and hybrid centers of the Company
- Expenditure towards lease payments of existing identified offline and hybrid centers operated by its Company
- Investment in our Subsidiary, Xylem Learning Private Limited for expenditure towards
- Lease payments for Xylem's existing identified offline centers and hostels
- Investment in the company Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes' existing identified offline centers
- Expenditure towards server and cloud related infrastructure costs
- Expenditure towards marketing initiatives
- Acquisition of additional shareholding in the company Subsidiary, Utkarsh Classes & Edutech Private Limited
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 744 | 1,940 | 2,887 | 3,900 | 4,106 |
| Operating ProfitCr | -22 | -975 | 74 | 370 | 389 |
| OPM% | -2.9 | -50.3 | 2.5 | 9.5 | 9.5 |
| PBTCr | -89 | -1,193 | -259 | 10 | 78 |
| PATCr | -84 | -1,131 | -243 | -24 | 15 |
| EPS | -14 | -173 | -1 | 0 | 0 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 6 | 6 | 218 | 286 | - |
| ReservesCr | -189 | -1,253 | 472 | 3,411 | - |
| BorrowingsCr | 956 | 1,687 | 997 | 1,052 | - |
| Fixed AssetsCr | - | - | 1,589 | 1,833 | - |
| Total AssetsCr | 2,082 | 2,481 | 4,156 | 7,677 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 270 | 212 | 507 | 833 | - |
| Investing Cash FlowCr | -1,076 | -43 | -1,513 | -3,283 | - |
| Financing Cash FlowCr | 848 | -165 | 1,007 | 2,755 | - |
| Net Cash FlowCr | 42 | 4 | 1 | 306 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- We had 4.46 million Total Number of Paid Users in Fiscal 2025 which grew at a CAGR of 59.19% between Fiscals 2023 and 2025 and we had 2.43 million Paid Users in the three months ended June 30, 2025, driven by a student community-led approach.
- We have a presence across 13 education categories in India with courses offered through multiple channels.
- Our proprietary technology-stack enhances students' learning experience.
- Our ecosystem generates network effects driven by our community based approach.
- Specialized faculty members across categories, content and well-planned curriculum leading to successful results.
- We have an experienced management team led by our visionary founders.
Strategies · as stated in the DRHP
- Increase student engagement leading to enhanced brand recall.
- Expand and enhance our offerings across multiple Education Categories.
- Develop our multi-channel presence by growing our offline and hybrid channels of delivery.
- Scale operations and introducing new value added services to improve margins.
- Strategically pursuing inorganic opportunities to strengthen our capabilities and broaden our market reach.
Risks · as stated in the DRHP
- The company has incurred restated loss for the period/year of Rs. 1,270.09 million, Rs. 718.12 million, Rs.2,432.58 million, Rs.11,311.30 million and Rs.840.75 million for the three months ended June 30, 2025 and June 30, 2024, and Fiscals 2025, 2024 and 2023, respectively, and have had negative net worth as at March 31, 2024 and negative EBITDA in Fiscal 2024 and the three months ended June 30, 2025. If the company is unable to generate adequate revenue growth and manage its expenses and cash flows as the company grow, its may continue to incur losses in the future, which may negatively affect its financial condition.
- Its success depends on the company ability to attract and retain students. Any failures to do so could adversely impact its business, reputation, financial conditions and cash flows.
- The company success depends on its ability to attract and retain faculty members. Any failures to do so could adversely impact its business, operations, financial condition and cash flow.
- The company business depends substantially on the continued leadership of its founders (also the company Promoters), Alakh Pandey and Prateek Boob, members of its management and the company employees. Any discontinuation of their services with it could adversely impact its business.
- The company's success depends on the company ability to provide updated and relevant content across Education Categories. Any failures to do so could have an adverse impact on student outcomes, student enrolments, business, financial condition and cash flows.
- 26.64%, 15.63%, 12.33% and 17.61% of its Number of Unique Transacting Users (Online Channel) are enrolled for courses across NEET, JEE, Other government examinations and Foundation Education Categories for the three months ended June 30, 2025. Its failures to offer these Education Categories or increase enrolments across its other Education Categories could have an adverse impact on the company operations and cash flows.