The company is gearing up for its next phase of growth as it prepares to enter the public market. PhysicsWallah has set the price band for its ₹3,480 crore Initial Public Offering (IPO) at ₹103-₹109 per share.
The three-day issue will open on Tuesday, November 11, and close on Thursday, November 13. The IPO includes a fresh issue of shares worth ₹3,100 crore and an Offer for Sale (OFS) component of ₹380 crore.
Read Here | Physicswallah fixed price band for ₹3,480 crore IPO; Details here
Despite its affordable course pricing — with an average ARPU of around ₹4,000 for online programs and ₹40,000 for offline PhysicsWallah remains confident in its profitability.
Prateek Maheshwari, Co-Founder & Whole-Time Director, Physicswallah explained that PhysicsWallah has maintained a cash-positive business model with more than ₹500 crore in cash flow from operations last year and a $300 million treasury, saying the company has “always generated cash from operations” and operates on a “negative working capital cycle.”
A significant part of the ₹3,100 crore IPO issue will be allocated for marketing, especially in southern India, where PhysicsWallah aims to strengthen its presence.
On operations, each new centre typically breaks even within 18 months, with further improvements expected as the company scales.
Pandey reiterated that the company’s low pricing is not a discount strategy but a long-term vision to make education accessible to every student.
He emphasised that the company will not raise prices even after listing, as its focus remains on expanding reach rather than maximising short-term profits.
Looking ahead, PhysicsWallah plans to leverage artificial intelligence to enhance learning. Its AI-driven tools such as AI Guru are already helping in doubt-solving and personalised student support. “AI will empower, not disrupt, our business,” Pandey said.
In the next five years, PhysicsWallah aims to be the largest education company in India by reach, with a focus on Tier-3 and smaller towns. “Wherever there is a mobile phone and internet, there should be access to quality education,” Pandey said.
For the entire discussion, watch the accompanying video
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