Mumbai: Physicswallah Limited has announced that its Initial Public Offering (IPO) will open for public subscription on Tuesday, November 11, 2025, and close on Thursday, November 13, 2025. The Physicswallah IPO has set a price band of ₹103 to ₹109 per equity share with a face value of ₹1 each.
The Anchor Investor Bidding Date has been scheduled for Monday, November 10, 2025, one working day prior to the opening of the offer.
Bids can be placed for a minimum of 137 equity shares and in multiples thereafter. Eligible employees applying under the employee reservation portion will receive a discount of ₹10 per equity share.
Details of the Physicswallah IPO Offer Structure
The Physicswallah IPO includes a total issue size of ₹3,480 crore, comprising a fresh issue of equity shares worth ₹3,100 crore and an offer for sale (OFS) of equity shares worth ₹380 crore.
The price band has been fixed at ₹103–₹109 per share, and the offer is being made through the Book Building Process in accordance with SEBI’s ICDR Regulations.
Utilization of Proceeds from the Physicswallah IPO
The company intends to allocate the net proceeds from the Physicswallah IPO towards various strategic and operational initiatives:
- ₹460.55 crore for capital expenditure on fit-outs of new offline and hybrid centers.
- ₹548.30 crore for lease payments for identified existing centers.
- ₹47.17 crore investment in subsidiary Xylem Learning Private Limited, including ₹31.65 crore for new centers and ₹15.52 crore for lease payments.
- ₹28 crore investment in Utkarsh Classes & Edutech Private Limited to meet lease obligations.
- ₹200.10 crore allocated towards upgrading server and cloud infrastructure.
- ₹710 crore earmarked for marketing initiatives.
- ₹26.5 crore to acquire additional stake in Utkarsh Classes & Edutech.
- The remaining funds will support inorganic growth opportunities and general corporate purposes.
Allocation and Reservation Structure
The Physicswallah IPO is being conducted under Rule 19(2)(b) of the Securities Contracts (Regulation) Rules and Regulation 31 of the SEBI ICDR Regulations.
75% of the net offer is reserved for Qualified Institutional Buyers (QIBs), with up to 60% of this portion potentially allocated to Anchor Investors.
- 15% is available for Non-Institutional Bidders (NIIs), with specific sub-reservations based on bid sizes.
- 10% is available for Retail Individual Investors (RIIs).
- Eligible employees will receive an allocation under the Employee Reservation Portion, with the applicable discount.
All investors, except Anchor Investors, are required to apply using the Application Supported by Blocked Amount (ASBA) process, including UPI ID details for UPI-based bidders.
Book Running Lead Managers
The Book Running Lead Managers (BRLMs) to the Physicswallah IPO are:
- Kotak Mahindra Capital Company Limited
- J.P. Morgan India Private Limited
- Goldman Sachs (India) Securities Private Limited
- Axis Capital Limited
Investors can access the Red Herring Prospectus (RHP) here: Physicswallah Limited RHP
