PhysicsWallah IPO - Listing Performance & Details

PhysicsWallah Limited was incorporated in June 2020 and is headquartered in Noida, Uttar Pradesh. It works in the education technology sector, offering test preparation and upskilling courses through online, offline and hybrid formats.

The company began as a YouTube channel started by Alakh Pandey in 2016 before being formally incorporated as a company in 2020 along with co-founder Prateek Boob. It offers coaching for competitive examinations such as JEE, NEET, GATE, NDA and UPSC, along with upskilling programmes in areas including data science, banking and finance, and software development. Its offerings are delivered through its app and website, tech-enabled offline centres, and hybrid centres, and its subsidiaries include Xylem Learning and PW Skills. As of mid-2025 it had 13.7 million subscribers on YouTube and reported 44.6 lakh paid users in FY25. The promoters are Alakh Pandey and Prateek Boob, who each held about 40.35% of the company before the IPO.

Revenue from operations rose 48.7% to Rs 2,886.6 crore in FY25 from Rs 1,940.7 crore in FY24, while the company narrowed its net loss to Rs 243.2 crore in FY25 from Rs 1,131.1 crore in FY24, as per the RHP. The IPO was a mainboard book-built issue of about Rs 3,480 crore on the NSE and BSE, comprising a fresh issue of Rs 3,100 crore and an offer for sale of about Rs 380 crore by the promoters, and it listed on 18 November 2025. Net proceeds from the fresh issue were earmarked for fit-outs of new offline and hybrid centres (about Rs 460.5 crore), lease payments for existing centres (about Rs 548.3 crore), investment in subsidiary Xylem Learning (about Rs 47.2 crore), and general corporate purposes including organic and inorganic growth.