Edtech unicorn PhysicsWallah, founded by Alakh Pandey, is preparing to launch its highly anticipated initial public offering (IPO) on November 11, aiming to raise Rs 3,480 crore to accelerate its expansion plans.
According to the red herring prospectus (RHP) filed on Wednesday, the IPO will close on November 13, while anchor investors will be allotted shares on November 10.
The offering includes a fresh issue of equity shares 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 worth Rs 190 crore. Both currently hold a 40.31% stake in the company.
Noida-based PhysicsWallah had earlier filed draft papers with the Securities and Exchange Board of India (SEBI) in March through the confidential pre-filing route and received approval in July.
From the IPO proceeds, the company plans to allocate Rs 460.5 crore for setting up new offline and hybrid centres and Rs 548.3 crore for lease payments of existing centres. Investments will also be made in subsidiaries such as Xylem Learning and Utkarsh Classes & Edutech for expansion and infrastructure upgrades.
Additionally, Rs 710 crore has been earmarked for marketing initiatives, Rs 200.1 crore for server and cloud infrastructure, and Rs 26.5 crore for acquiring an additional stake in Utkarsh Classes.
Founded in 2020, PhysicsWallah offers test preparation courses for JEE, NEET, GATE, UPSC, and other exams through its online platforms, hybrid learning centres, and offline branches.
The company has a massive digital presence, with its main YouTube channel “Physics Wallah – Alakh Pandey” boasting 13.7 million subscribers as of July 2025, and a total network of nearly 99 million subscribers across all channels.
Backed by investors such as WestBridge Capital, Hornbill, and GSV Ventures, PhysicsWallah reported revenue of Rs 2,887 crore in FY25, up from Rs 1,941 crore the previous year, while losses narrowed significantly to Rs 243 crore from Rs 1,131 crore.
Kotak Mahindra Capital, JP Morgan India, Goldman Sachs (India) Securities, and Axis Capital are the lead managers for the IPO.
