New Delhi: Edtech unicorn PhysicsWallah has set a price band of Rs 103–109 per share for its upcoming initial public offering (IPO), targeting a valuation of over Rs 31,500 crore at the upper end.
The company’s Rs 3,480-crore IPO will open for subscription on November 11 and close on November 13, with the anchor investor allocation scheduled for November 10, according to its public announcement.
The issue comprises a fresh equity issue of Rs 3,100 crore and an offer for sale (OFS) worth Rs 380 crore by promoters. Alakh Pandey and Prateek Boob, who each currently hold 40.31% of the company, will offload shares worth Rs 190 crore apiece through the OFS.
PhysicsWallah had filed draft papers with Sebi in March via the confidential pre-filing route, received approval in July, and later submitted an updated DRHP in September before filing the RHP. The confidential route allowed the company to keep IPO details private until the later stages of the process.
Proceeds from the IPO will primarily support expansion and growth initiatives. Of the fresh issue:
Rs 460.5 crore will go towards new offline and hybrid center fit-outs.
Rs 548.3 crore will fund lease payments for existing centers.
Rs 47.2 crore will be invested in subsidiary Xylem Learning, including Rs 31.6 crore for new centers and Rs 15.5 crore for lease and hostel payments.
Rs 33.7 crore will go to Utkarsh Classes and Edutech for lease payments.
Rs 200.1 crore is allocated for server and cloud infrastructure, Rs 710 crore for marketing, and Rs 26.5 crore for acquiring additional stake in Utkarsh Classes.
PhysicsWallah offers test preparation courses for JEE, NEET, GATE, and UPSC, along with upskilling programs through online platforms, offline centers, and hybrid models.
As of July 15, 2025, its main YouTube channel, Physics Wallah – Alakh Pandey, had 13.7 million subscribers, while its overall network reached 98.8 million subscribers by June 30, 2025, growing at a CAGR of 41.8% between FY23 and FY25.
The Noida-based company, backed by WestBridge Capital, Hornbill, and GSV Ventures, narrowed its losses to Rs 243 crore in FY25 from Rs 1,131 crore the previous year, while revenue increased to Rs 2,887 crore from Rs 1,941 crore.
In the IPO structure, 75% of shares are reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors, and 10% for retail investors.
PhysicsWallah is scheduled to make its stock market debut on November 18.
