PhysicsWallah IPO to open on November 11 with price band of Rs 103-109 a share

Edtech unicorn PhysicsWallah will launch its Rs 3,480 crore initial public offering (IPO) on November 11, setting a price band of Rs 103-109 per share. At the upper end of the range, the company is targeting a post-money valuation of about Rs 31,500 crore, which represents a premium of roughly 35% from its last valuation.

According to its Red Herring Prospectus (RHP), the Noida-based company aims to raise Rs 3,100 crore through a fresh issue. In the offer for sale component, cofounders Alakh Pandey and Prateek Maheshwari (Prateek Boob in official filings) will each offload shares worth Rs 190 crore, totalling Rs 380 crore.

The IPO will be open for subscription from November 11 to November 13, with the shares to be listed on the NSE and BSE on November 18.


PhysicsWallah will be the first Indian edtech company to list on public markets after the sector’s reset following Byju’s collapse.

Backed by WestBridge and Lightspeed, the edtech plans to use the proceeds from the fresh issue to set up new offline and hybrid centres (Rs 460 crore), meet lease payments for existing centres (Rs 548 crore), invest in subsidiaries (Rs 75 crore), and fund acquisitions, among other purposes.

Pandey and Maheshwari together hold an 80.7% pre-IPO stake, among the highest for a VC-backed startup. They are followed by WestBridge, which holds 6.4%, and Hornbill, with a 4.41% stake.

On September 7, the company had filed its updated draft red herring prospectus with the Securities and Exchange Board of India (Sebi), aiming to raise Rs 3,820 crore through a mix of a fresh issue of Rs 3,100 crore and an offer for sale by the cofounders of Rs 360 crore each. It had received Sebi approval for the IPO on July 18.

For FY25, PhysicsWallah reported revenue of Rs 2,886 crore, up from Rs 1,940 crore in FY24. Losses narrowed sharply to Rs 243 crore from Rs 1,131 crore a year earlier. Online channels contributed 48.6% of the revenue.

In the test-prep segment, the company competes with Aakash Institute, Allen Career Institute, and Unacademy.

In September 2024, the company raised $210 million from Hornbill Capital and Lightspeed at a $2.8 billion valuation.

Also Read: PhysicsWallah grows 33% in Q1FY26, but losses widen