PhysicsWallah IPO Details
SEBI has granted its approval to the Initial Public Offer (IPO) of PhysicsWallah Ltd. on July 18, 2025.
The PhysicsWallah Ltd. IPO is a Book-Build Issue of Rs. 3,480 crore, comprising a fresh issue of Rs. 3,100 crore and an offer for sale (OFS) of Rs. 380 crore.
The IPO will open for subscription on November 11, 2025, and close on November 13, 2025. The price band is fixed between Rs. 103 and Rs. 109 per share, with a lot size of 137 shares, requiring a minimum investment of Rs. 14,933 for retail investors. For small HNIs, the minimum application size is 1918 shares (Rs. 2,09,062) and for large HNIs 9,179 shares (Rs. 10,00,511). The allotment is likely on November 14, and listing is expected on November 18, 2025, on both BSE and NSE.
Kotak Mahindra Capital Co. Ltd. is the Book Running Lead Manager, and MUFG Intime India Pvt. Ltd. is the Registrar to the issue.
🕗 Last Update: 18 November 2025, 6.00 AM
IPO Key Dates
| IPO Opens on | 11 Nov, 2025 |
| IPO Closes on | 13 Nov, 2025 |
| Allotment on | 14 Nov, 2025 |
| Initiation of Refunds | 17 Nov 2025 |
| Credit of Shares | 17 Nov 2025 |
| Listing Date | 18 Nov. 2025 |
Subscription updates:
The promoters
Alakh Pandey and Prateek Boob are the company promoters.
The promoters hold 96.13 % shares in the pre-IPO capital of the company.
Objects of IPO
The IPO consists fresh issue of capital and an offer for sale
| Objects of the Issue | Rs. in crores |
| Capital expenditure for fit-outs of new offline and hybrid centers of our Company | 460.55 |
| Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company | 548.31 |
| Capital expenditure for fit-outs of new offline centers of Xylem | 31.65 |
| Lease payments for Xylem’s existing identified offline centers and hostels | 15.52 |
| Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers | 33.7 |
| Expenditure towards server and cloud related infrastructure costs | 200.11 |
| Expenditure towards marketing initiatives | 710 |
| Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited | 26.5 |
| Funding inorganic growth through unidentified acquisitions and general corporate purposes |
Business :
IPO Details
| Opens On | 11 November 2025 |
| Closes on | 13 November 2025 |
| Face Value | Rs.1 |
| Issue Price Band | Rs. 103-109 |
| Lot Size | ? Shares |
| Sale Type | Fresh issue & Offer for Sale |
| Total Issue Size | 31926605 shares |
| Total Issue Size | Rs. 3480 Cr |
| Employee Discount | Rs. 10 per share |
| Shareholder Discount | Rs. 0 |
| Listing At | BSE, NSE |
How are the shares offered?
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
| NII Shares Offered | Not more than 15% of the Net Offer |
How Shares can be applid?
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | 1 | 137 | 14,933 |
| Retail (Max) | 13 | 1,781 | 1,94,129 |
| S-HNI (Min) | 14 | 1,918 | 2,09,062 |
| S-HNI (Max) | 66 | 9,042 | 9,85,578 |
| B-HNI (Min) | 67 | 9,179 | 10,00,511 |
How to check Allotment Status
Allotment of this IPO will be announced on 14 November 2025 and the link to check allotment is given below:
https://linkintime.co.in/Initial_Offer/public-issues.html
| Registered Office of the company PhysicsWallah Ltd. B 8, Block B, Industrial Area, Sector 62, Noida, Uttar Pradesh 201309 Noida, Uttar Pradesh, 201309 Email: investorsrelation@pw.live |
|
| The Lead Managers Kotak Mahindra Capital Co.Ltd. JP Morgan India Pvt.Ltd. Goldman Sachs (India) Securities Pvt.Ltd. Axial Capital Pvt.Ltd. |
|
| Registrar to IPO | |
| Mufg Intime India Pvt ltd |
Financial Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 4,156.38 | 2,480.74 | 2,082.18 |
| Total Income | 3,039.09 | 2,015.35 | 772.54 |
| Profit After Tax | -243.26 | -1,131.13 | -84.08 |
| EBITDA | 193.2 | -829.35 | 13.86 |
| NET Worth | 1,945.37 | -861.79 | 62.29 |
| Reserves and Surplus | 467.06 | -1,254.74 | -187.65 |
| Total Borrowing | 0.33 | 1,687.40 | 956.15 |
| Amount in Rs. Crore | |||
Key Performance Indicators
| KPI | Values |
| RoNW | -12.50% |
| PAT Margin | -8.43% |
| EBITDA Margin | 6.69% |
Peer Comparison
IPO Concise Review by Paresh Gordhandas, CA & Research Analyst
PhysicsWallah Ltd., one of India’s fastest-growing edtech companies, is launching its maiden IPO at an upper price band of Rs. 109 per share (Face Value Rs. 1). The company has built a strong hybrid education model combining online platforms and physical centers to cater to competitive exams such as JEE, NEET, and UPSC, and professional upskilling in Data Science, Finance, and Tech.
In FY2025, PhysicsWallah reported Rs. 3,039 crore revenue, a 51% YoY growth, backed by 4.13 million online learners and 0.33 million offline students across 198 centers. Despite robust topline expansion, it posted a loss of Rs. 243 crore in FY25 — a sharp improvement from Rs. 1,131 crore loss in FY24, reflecting strong cost optimization and turnaround in operations.
EBITDA turned positive at Rs. 193 crore, indicating early signs of profitability. Borrowings dropped drastically to Rs. 0.33 crore from Rs. 1,687 crore a year ago, showcasing a clean balance sheet and healthy net worth of Rs. 1,945 crore.
The company enjoys one of the highest brand equities in Indian edtech, with 13.7 million YouTube subscribers and a diversified content portfolio of 3,582 books. However, sustainability of margins and offline scalability remain key watchpoints.
Chanakya View: With strong revenue visibility, brand loyalty, and a sharp financial turnaround, the IPO offers long-term growth potential, though near-term valuations hinge on sustained profitability.
| Final Subscription Tally | |||||
| Size – Rs 3480 Cr | |||||
| (Closed on 13 November 2025) | |||||
| QIB | B HNI | S HNI | HNI | RII | Total |
| 2.86 | 0.58 | 0.37 | 0.51 | 1.14 | 1.92 |
| Subscription Review – 203927 applications Retail subscription trend improved on Day-3, QIB support will sail through this IPO soon. |
|||||
PhysicsWallah IPO dates
PhysicsWallah IPO price & Lot
Quick Links
Quicklinks
# This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Emmvee Photovoltaic IPO
SEBI has granted its observation letter for the Initial Public Offer (IPO) of Emmvee Photovoltaic Power Ltd. The company will proceed with its IPO launch, subject to market conditions and regulatory clearances.
The Emmvee Photovoltaic IPO is a Book-Built Issue of Rs. 2,900 crore, comprising a fresh issue of Rs. 2,143.86 crore and an Offer for Sale (OFS) of Rs. 756.14 crore. The IPO will open for subscription on November 11, 2025, and close on November 13, 2025. The price band is fixed between Rs. 206 and Rs. 217 per share, with a lot size of 69 shares, requiring a minimum investment of Rs. 14,973 for retail investors. For small HNIs, the minimum application size is 966 shares (Rs. 2,09,622) and for large HNIs 4,623 shares (Rs. 10,03,191). The allotment is likely on November 14, and listing is expected on November 18, 2025, on both BSE and NSE.
JM Financial Ltd., IIFL Capital Services Ltd., Jefferies India Pvt. Ltd., and Kotak Mahindra Capital Co. Ltd. are the Book Running Lead Managers, while KFin Technologies Ltd. is the Registrar to the issue.
🕗 Last Update: 18 November 2025, 6.00 AM
👉 GMP | Reviews | Subscription | Allotment
IPO Key Dates
| Event | Date |
|---|---|
| IPO Opens on | 11 Nov. 2025 |
| IPO Closes on | 13 Nov. 2025 |
| Allotment on | 14 Nov. 2025 |
| Initiation of Refunds | 17 Nov. 2205 |
| Credit of Shares | 17 Nov. 2025 |
| Listing Date | 18 Nov. 2025 |
Promoters
The promoters of the company are Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha, and Sumanth Manjunatha Donthi.
Promoter Holding (Pre-Issue): 100%
Promoter Holding (Post-Issue): To be updated after equity dilution.
Objects of the Issue
| Particulars | Rs. in Crores |
|---|---|
| Repayment / prepayment of certain borrowings (including those of subsidiary) | 1,607.90 |
| General Corporate Purposes | — |
Business
Emmvee Photovoltaic Power Ltd., incorporated in March 2007, is an integrated solar PV module and cell manufacturer.
As of May 31, 2025, it has 7.80 GW solar module capacity and 2.94 GW solar cell capacity — among the largest in India.
The company produces bifacial and mono-facial TOPCon modules, Mono PERC modules, and operates four manufacturing units across two Karnataka locations spanning 22.44 acres.
Its customers include leading IPPs, C&I players, and EPC firms such as Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power, Zodiac Energy, and Prozeal Green Energy.
Competitive Strengths:
-
Second largest pure-play integrated solar PV module & cell manufacturer in India.
-
Among the top solar PV module manufacturers with strong order book and proven quality.
-
Early mover in advanced TOPCon technology.
-
Strong promoter-led management and diverse client base.
-
Sustainable and efficient production footprint.
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 2 per share |
| Issue Price Band | Rs.206-217 |
| Lot Size | 69 Shares |
| Sale Type | Fresh Issue + Offer for Sale |
| Total Issue Size | Rs. 2,900 crore |
| Fresh Issue | Rs. 2,143.86 crore |
| Offer for Sale | Rs. 756.14 crore |
| Listing At | BSE, NSE |
How are the Shares Offered?
| Investor Category | Shares Offered |
|---|---|
| QIB | Not less than 75% of the Net Offer |
| Retail | Not more than 10% of the Net Offer |
| NII | Not more than 15% of the Net Offer |
How Shares can be applid?
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | 1 | 69 | 14,973 |
| Retail (Max) | 13 | 897 | 1,94,649 |
| S-HNI (Min) | 14 | 966 | 2,09,622 |
| S-HNI (Max) | 66 | 4,554 | 9,88,218 |
| B-HNI (Min) | 67 | 4623 | 10,03,191 |
Financial Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
|---|---|---|---|
| Assets | 3,913.94 | 2,189.99 | 840.79 |
| Total Income | 2,360.33 | 954.44 | 644.37 |
| Profit After Tax | 369.01 | 28.90 | 8.97 |
| EBITDA | 721.94 | 120.44 | 56.27 |
| Net Worth | 531.41 | 162.77 | 133.97 |
| Reserves & Surplus | 529.37 | 160.73 | 131.93 |
| Total Borrowing | 519.62 | 1,441.30 | 1,949.69 |
| Amount in Rs. Crore |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 104.60% |
| ROCE | 23.33% |
| Debt/Equity | 3.63 |
| RoNW | 69.44% |
| PAT Margin | 15.80% |
| EBITDA Margin | 30.91% |
-
PAT jumped 12.7x YoY, with margins and debt ratios improving sharply.
-
Debt reduced by Rs. 900+ crore in FY25, indicating strong internal cash generation.
-
ROE stands at a robust 104.6%, one of the highest in the renewable energy sector.
Peer Comparison
| Company | FY25 Income (Rs. Cr) | PAT (Rs. Cr) | ROE (%) | PE Ratio |
|---|---|---|---|---|
| Emmvee Photovoltaic | 2,360 | 369 | 104.6 | 34.89 |
| Waaree Energies* | — | — | 28.06 | 50.47 |
| Premier Energies* | — | — | 54.03 | 51.30 |
Valuation & Peer Comparison
At the upper price band of Rs. 217, the issue is valued at a P/E of 34.89x, which appears moderate when compared to peers:
-
Waaree Energies: 50.47x
-
Premier Energies: 51.30x
Given Emmvee’s superior return ratios and sharp financial turnaround, the valuation looks reasonable and leaves scope for listing gains.
IPO Concise Review by Paresh Gordhandas, CA & Research Analyst
Emmvee Photovoltaic has successfully transformed from a modest solar equipment player into a large-scale integrated renewable enterprise. The consistent rise in revenue, sharp profit expansion, and debt reduction reflect strong operational efficiency. The IPO is attractively priced relative to industry peers, considering the fast-growing solar energy market and government-backed manufacturing incentives.
Investment Verdict: Apply for strong listing and medium-term gains.
Solid fundamentals, improving balance sheet, and favorable policy tailwinds make this IPO one of the most promising renewable energy plays of FY26.
| Final Subscription Tally | |||||
| Size – Rs 2900 Cr | |||||
| (Closed on 13 November 2025) | |||||
| QIB | B HNI | S HNI | HNI | RII | Total |
| 1.33 | 0.20 | 0.54 | 0.32 | 1.16 | 1.02 |
| Subscription Review – 1,75,754 applications Retail subscription trend improved on Day-3, QIB support will sail through this IPO soon. |
|||||
Registered Office
Emmvee Photovoltaic Power Ltd.
13/1, International Airport Road, Bettahalasur Post,
Bengaluru, Karnataka – 562157
Phone: +91 80 2217 4524
Email: investorrelations@emmvee.in
Website: www.emmveepv.com
Registrar to IPO
KFin Technologies Ltd.
Phone: 040-6716 2222 / 040-7961 1000
Email: emmvee.ipo@kotak.com
Website: ipostatus.kfintech.com
Lead Managers
JM Financial Ltd. | IIFL Capital Services Ltd. | Jefferies India Pvt. Ltd. | Kotak Mahindra Capital Co. Ltd.
Quick Links
👉 IPO GMP
👉 IPO Guidance
👉 IPO Listing Estimate
Affiliates: Staffavailable.com | BigGaddi.com | Sahifund.com | Magajmari.com
