Edtech Unicorn PhysicsWallah Set to Launch INR 3,480 Cr IPO Next Week The public issue will open for subscription on November 11 and close on November 13.
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Edtech firm PhysicsWallah has filed its red herring prospectus (RHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) valued at INR 3,480 crore. The public issue will open for subscription on November 11 and close on November 13.
Trading of shares is expected to begin on November 18, following the completion of the allotment process on November 14. Anchor investors can place their bids on November 10.
The proposed issue consists of a fresh issue of equity shares worth INR 3,100 crore and an offer for sale of shares amounting to INR 380 crore. Company founders Alakh Pandey and Prateek Boob (Maheshwari) will be partially selling their holdings through the offer for sale route.
For the financial year ending March 2025, PhysicsWallah reported an operating revenue of INR 2,886.6 crore, reflecting an increase of nearly 49 percent compared to the previous year. The company generated an operating cash flow of INR 506.9 crore and an adjusted operating profit of INR 432 crore, representing a margin of close to 15 percent.
Despite these figures, the company recorded a net loss of INR 243.7 crore, showing a notable recovery from the INR 1,131.1 crore loss posted in fiscal 2024.
PhysicsWallah has raised a total of USD 312 million through several funding rounds, with the most recent Series B round in September 2024 bringing in USD 210 million. The funding was led by Hornbill Capital, with participation from Lightspeed Venture Partners, GSV Ventures, and WestBridge Capital.
As of March 31, 2025, the company operated 198 learning centers across 109 cities in India and the Middle East under three formats: PW Vidyapeeth, PW Pathshala, and PW Other Centers. The IPO marks a key step in the company's growth and expansion plans.
