PhysicsWallah IPO | Delhi: Leading edtech unicorn PhysicsWallah is preparing for its public issue (IPO) to raise ₹3,480 crore. The IPO will open for subscription on November 11 and close on November 13, while the anchor investor bidding window will open on November 10. The price band for each share has been set at ₹103–₹109. The company is coming to market with an estimated valuation of ₹31,500 crore.
As part of the public issue, ₹3,100 crore worth of equity shares will be issued as a fresh issue, and ₹380 crore worth of shares will be sold by promoters Alakh Pandey and Prateek Maheshwari (₹190 crore each) through an offer-for-sale (OFS). Both currently hold 40.31% stake each in the company.
PhysicsWallah had filed confidential pre-filing draft papers with SEBI in March this year, and received approval in July. The company later submitted an updated Draft Red Herring Prospectus (DRHP).
The funds raised through the fresh issue will be used as follows:
- ₹460.5 crore for setting up new offline and hybrid centers.
- ₹548.4 crore for lease payments for existing centers.
- ₹47.2 crore investment in its subsidiary Xylem Learning, including new centers and lease payments.
- ₹33.7 crore for lease payments of Utkarsh Classes and Edutech.
- ₹200 crore for servers and cloud infrastructure.
- ₹710 crore for marketing and brand promotion.
- ₹26.5 crore to purchase additional stake in Utkarsh Classes.
PhysicsWallah offers preparation courses for JEE, NEET, GATE, and UPSC exams, and also provides upskilling programs via its YouTube channel, website, and app. The company operates offline centers as well as hybrid learning centers. The PhysicsWallah–Alakh Pandey YouTube channel has 13.7 million subscribers, and the brand has a strong offline presence.
Investors include WestBridge Capital, Hornbill, and GSV Ventures. The company reported a net loss of ₹243 crore in FY2025, compared to ₹1,131 crore in the previous year.
Kotak Mahindra Capital Company, JP Morgan India, Goldman Sachs Securities, and Axis Capital are the lead managers for the IPO. PhysicsWallah is set to debut on stock exchanges on November 18.