Edtech major PhysicsWallah (PW) has filed updated draft papers with market regulator Sebi to raise ₹3,820 crore through its initial public offering (IPO), marking a key step toward its stock market debut.
IPO Structure
According to the updated draft red herring prospectus (UDRHP) submitted on Saturday, the IPO will comprise:
- Fresh issue of shares worth ₹3,100 crore
- Offer for sale (OFS) of shares worth ₹720 crore by co-founders Alakh Pandey and Prateek Boob, who will each offload shares valued at ₹360 crore. Both currently hold 40.35% stakes in the company.
PhysicsWallah had earlier used Sebi’s confidential pre-filing route in March and received regulatory clearance in July.
Fund Utilisation Plan
The company intends to deploy proceeds from the fresh issue toward expansion and growth initiatives:
- Physical infrastructure: ₹460.5 crore for new offline and hybrid centres, and ₹548.3 crore for lease obligations of existing centres.
- Subsidiary investments: ₹47.2 crore for Xylem Learning (new centres, leases, hostel facilities) and ₹33.7 crore for Utkarsh Classes & Edutech.
- Technology: ₹200.1 crore for cloud and server infrastructure.
- Marketing: ₹710 crore for promotional campaigns.
- Acquisitions: ₹26.5 crore to increase stake in Utkarsh Classes.
Business Snapshot
Headquartered in Noida, PhysicsWallah is best known for its competitive exam prep courses and upskilling programs. Its flagship YouTube channel, Physics Wallah – Alakh Pandey, had 13.7 million subscribers as of July 2025, while the wider YouTube network reached 98.8 million subscribers by June, growing at a 41.8% CAGR between FY23 and FY25.
The company has also scaled its offline presence through learning centres across India.
Investors and Lead Managers
PhysicsWallah counts WestBridge Capital, Hornbill, and GSV Ventures among its backers. The IPO will be managed by Kotak Mahindra Capital Company, JP Morgan India, Goldman Sachs (India) Securities, and Axis Capital.
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