PhysicsWallah Limited

LISTED

Mainboard IPO · IPO Guide

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Issue Price

₹103 – ₹109

Listed On

18 Nov 2025

Listing Price

₹145 (+33.03%)

Current Price LIVE

₹145 (+33.03%)

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Lot Size Calculator

Application	Lots	Shares	Amount
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

Retail: ≤ ₹2L • S-HNI: ₹2L–₹10L • B-HNI: > ₹10L Cap Price: ₹109/sh

As per financials, Midwest Limited has shown good growth, RoNW is 37.5% and P/E is NA, 33.84, 33.11 and 40.79 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced when compared with peers. Company is a direct-to-customer digital investment platform that provides wealth creation opportunities to customers through multiple financial products and services, which is highly competitive business segment. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

As on Date	QIB	NII	RII	Employee	Total
Shares Offered / Reserved	10,11,55,340	5,05,77,669	3,37,18,446	7,52,688	18,62,04,143
Day 1 11-11-25	6,302 (0)	12,55,331 (0.02)	1,10,24,938 (0.33)	8,36,111 (1.11)	1,31,22,682 (0.07)
Day 2 12-11-25	6,302 (0)	28,02,335 (0.06)	1,96,94,298 (0.58)	13,32,325 (1.77)	2,38,35,260 (0.13)
Day 3 13-11-25	27,35,75,848 (2.7)	2,44,24,223 (0.48)	3,55,99,998 (1.06)	26,26,701 (3.49)	33,62,26,770 (1.81)

Open Date	Nov 11, 2025
Close Date	Nov 13, 2025
Allotment Date	Nov 17, 2025
Listing Date	Nov 18, 2025
Face Value	₹ 1 Per Equity Share
Issue Price	₹ 103 to ₹ 109 Per Equity Share
Issue Size	Total Equity Shares of 31,92,66,054 with aggregating up to Rs 3,480/- Cr Fresh Issue of Up to 28,44,03,669 with aggregating up to Rs 3,100/- Cr Offer for sale Up to 3,48,62,385 with aggregating up to Rs 380/- Cr
Retail Min Lot	1 Lot (137 Shares - ₹ 14,933)
Retail Max Lot	13 Lots (1,781 Shares - ₹ 1,94,129)
S-HNI Min Lot	14 Lots (1,918 Shares - ₹ 2,09,062)
S-HNI Max Lot	66 Lots (9,042 Shares - ₹ 9,85,578)
B-HNI Min Lot	67 Lots (9,179 Shares - ₹ 10,00,511)
Allocation	QIB: 75% \| NII: 15% \| RII: 10%
Promoter Shareholding	81.64% (Pre-Issue) 72.3% (Post-Issue)
Registrar	MUFG Intime India Private Limited
Lead Manager	Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited

Offer for Sale

1
Sell 3,48,62,385 upto equity shares (Rs 380/- Cr) of the selling shareholders of the company.
2
Issue related expenses.

Fresh Issue

1
Capital expenditure for fit-outs of new offline and hybrid centers of the Company. ( Rs 460.55/- Cr )
2
Expenditure towards lease payments of existing identified offline and hybrid centers operated by the Company. ( Rs 548.31/- Cr )
3
Investment in the Subsidiary, Xylem Learning Private Limited for expenditure towards. ( Rs 47.16/- Cr )
4
Investment in the Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers . ( Rs 28.01/- Cr )
5
Expenditure towards server and cloud related infrastructure cost. ( Rs 200.10/- Cr )
6
Expenditure towards marketing initiatives. ( Rs 710.01/- cr )
7
Acquisition of additional shareholding in the Subsidiary, Utkarsh Classes & Edutech Private Limited. ( Rs 26.50/- cr )
8
Funding inorganic growth through unidentified acquisitions and general corporate purposes.

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Disclaimer

No financial information whatsoever published herein, should be construed as an offer to buy or sell securities, or as information to make investment decisions, or as an official confirmation of any transaction. All matter published herein is purely for educational and informational purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

Period	Total Income	Total Expenses	Profit After Tax (PAT)
Q1 FY26	905.41	1,057.48	(127.01)
FY25	3,039.08	3,264.84	(243.25)
FY24	2,015.34	3,279.26	(1,131.13)
FY23	772.54	861.99	(84.07)

PhysicsWallah Limited

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