Physics Wallah IPO launches today: What do analysts say?
Physics Wallah Limited has launched an initial public offering (IPO) to raise funds for expansion, attract new customers and update its digital infrastructure. The IPO consists of fresh issuance of 28.44 billion equity shares worth Rs. 3,100 crore and offer for sale of 349 crore existing shares worth Rs. A total of 38 billion won, a total of 380 million won, 348 billion won.
Rs. The $348 billion initial public offering (IPO) of education technology platform PhysicsWallah opened for subscription in the primary market at 10 am today. The company raised Rs. A day ago, it received $156.285 billion from 57 anchor investors. Major foreign investors include Capital Group, Goldman Sachs, Fidelity, Abu Dhabi Investment Council and PineBridge.
What are analysts’ views on the IPO?
SBI Securities
Designated by SBI Securities. ‘neutral’ It rates IPOs and says it prefers to monitor a company’s performance after listing. The brokerage said that over the past three years, PhysicsWallah has achieved a revenue and EBITDA CAGR of 96.9% and 88.8% respectively.
However, the company’s net loss increased from 500 billion won to 100 billion won. 81 crore in FY23 to Rs 216 million in FY25 primarily due to increased depreciation and impairment losses on financial assets.
Incred stock
InCred Equities ‘Subscribe’ Obtaining an IPO rating highlights the company’s significant growth in both online and offline business segments.
At the upper price range, the IPO is valued at an EV/sales multiple of 10.7x post-issue capital. Although the valuation appears stretched, the brokerage noted that the company’s strong moat and continued business expansion could disrupt the education technology sector. As the business scale increases, profitability is expected to improve in the mid to long term.
angel one
Angel One pointed out that PhysicsWallah’s financials are not comparable on a P/E basis. That’s because the company is still loss-making and has no listed peers in the Indian edtech sector.
Although the company continues to report strong revenue growth and enjoy high brand recall, its profitability is constrained by increased competition and rising expansion costs. As a result, Angel One ‘neutral’ evaluate and advise investors to wait for clearer return visibility before taking long-term positions.
GMP in Physics Wallah Limited IPO
As of November 11, 2025, shares of Physics Wallah Limited are trading at a premium of 2.75% in the gray market. The gray market price is Rs. 112 per share, i.e. Rs. It is three times higher than the issue price. 109.
Wallah about physics
Physics Wallah Limited is an educational technology company that offers test preparation courses for exams like JEE, NEET, UPSC and skill enhancement courses in fields like data science, banking, finance, and software development.
We provide online training through social media, apps, websites, as well as tech-enabled offline and hybrid centers. Ranked among the top five edtech companies in India by revenue, the company has 13.7 million subscribers on YouTube as of July 15, 2025.
finance
Between FY24 and FY25, the company showed strong improvement across key financial metrics. Total assets increased significantly from 20 billion won. 2,480.74 crore in FY24 to Rs. 4,156.38 crore in FY25.
Total income also increased significantly from 10 million won. 2,015.35 crore ~ Rs. During the same period, it was 303.99 billion won. Losses came down and profit after tax improved to a loss of Rs. 1,131.13 crore in FY24, reducing the loss by Rs. -243.26 crore in FY25.
Written by Sridhar J
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