Purbalee Dutta 
Edtech unicorn PhysicsWallah is planning to launch its initial public offering (IPO) on November 11, aiming to raise Rs 3,480 crore to support expansion and growth initiatives. The IPO will close on November 13, with anchor investors allocated shares on November 10, according to the company’s red herring prospectus (RHP).
The offering includes a fresh issue of equity worth Rs 3,100 crore and an offer for sale (OFS) of Rs 380 crore by promoters Alakh Pandey and Prateek Boob, who will each sell shares valued at Rs 190 crore. Currently, both hold 40.31% stakes in the company. PhysicsWallah had filed draft papers with SEBI in March via a confidential pre-filing route and obtained approval in July, updating the DRHP in September before filing the RHP.
Proceeds from the fresh issue will fund offline and hybrid centre expansions (Rs 460.5 crore), lease payments (Rs 548.3 crore), investments in subsidiaries Xylem Learning and Utkarsh Classes, server and cloud infrastructure (Rs 200.1 crore), marketing (Rs 710 crore), and additional stake acquisitions.
PhysicsWallah provides test prep for exams like JEE, NEET, GATE, and UPSC through online, offline, and hybrid channels. Backed by WestBridge Capital, Hornbill, and GSV Ventures, it reduced losses to Rs 243 crore in FY25 from Rs 1,131 crore while revenue grew to Rs 2,887 crore. Major banks managing the IPO include Kotak Mahindra, JP Morgan India, Goldman Sachs India, and Axis Capital.
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