A Fresh Chapter in India’s EdTech Story: PhysicsWallah Goes Public
A new milestone is unfolding in India’s booming edtech sector—PhysicsWallah (PW) is going public, and how. With its anchor investor book locked at a massive ₹1,562.85 crore just hours before the IPO opens, excitement is in the air. But as the saying goes: heavy hype doesn’t always mean smooth sailing. PW is stepping into the spotlight—and with it, the pressure.
Strong Start with Anchor Investors
PW’s IPO details are now official: price band ₹103–₹109 per share, public subscription open from November 11 to 13, 2025. At the upper end, the company aims for a valuation of about ₹31,500 crore.
What’s impressive is the anchor response—57 investors came on board at ₹109/share, taking up 14.33 crore shares against bids worth nearly ₹20,000 crore, meaning an oversubscription of ~13×.
Domestic mutual funds bagged 55.48% of the anchor allocation (7.95 crore shares), with big names like ICICI Prudential, Kotak, Nippon India, Aditya Birla Sun Life, DSP, and Tata MF in the mix. Global giants like Goldman Sachs, Fidelity, and Franklin Templeton also showed confidence.
In simple words: institutional investors believe in the PW story—a sign of strength that gives retail investors both confidence and curiosity.
What’s the Business? Why the Buzz?
PW rose from humble beginnings on YouTube to become one of India’s most-loved affordable learning platforms for competitive exams like JEE, NEET, and government exams.
As of June 2025, the company had 4.13 million online users and 0.33 million offline students. Its appeal lies in combining accessibility, affordability, and authenticity, with founder Alakh Pandey’s charismatic presence giving it a community feel few edtechs can match.
The IPO funds are expected to fuel offline/hybrid centre expansion, cloud infrastructure, marketing, and potential acquisitions—all aimed at scaling operations while staying true to its mission of education for all.
But Wait—There Are Risks
Even with the excitement, analysts are sounding cautious notes:
- Loss-making business: PW is still not profitable. Expanding offline means higher operating costs that could squeeze margins further.
- Edtech turbulence: The sector has seen major ups and downs—ranging from funding crunches to regulatory changes. PW must prove it’s not just another hype story.
- Offline overheads: Leasing spaces, managing staff, and maintaining infrastructure—all add fixed costs. If growth slows, profits could take a hit.
- Valuation risks: While strong anchor interest is positive, it doesn’t guarantee long-term returns. Execution and consistent results will matter most.
For retail investors, this means: do your homework. Oversubscription shows demand, but fundamentals determine sustainability.
My Take from the Ground
Having covered IPOs and edtech for years, one thing is clear: a strong brand and loyal base can get you listed—but numbers sustain you afterward.
PhysicsWallah has captured hearts and minds, but now it must impress balance sheets. The next few quarters will reveal if it can manage the shift from emotional connection to economic strength.
Here’s what I’ll be watching:
- Listing day trend: Will it open at a premium or discount to ₹103–₹109?
- Quarterly results: Are revenues rising faster than costs?
- Offline rollout: Are new centres profitable or just expanding footprint?
- Retention and conversion: How many free users turn into paying customers?
Looking Ahead: Implications & Outlook
- For the sector: PW’s IPO could be a bellwether. Strong performance might inspire other edtech firms to follow suit; a weak debut could cool investor sentiment.
- For investors: It’s an opportunity—but not a guaranteed win. With high valuation, execution risk is real.
- For the education ecosystem: The IPO marks a shift—hybrid learning could become India’s dominant education model.
In Short
PhysicsWallah’s IPO is more than just a market event—it’s a test of the edtech dream. It’s a story of how grit, innovation, and affordability reshaped education—and now, how that story fares under market scrutiny.
Whether PW’s listing becomes a masterclass in success or a cautionary tale, one thing is certain: India’s education revolution just entered a new phase.