Delhi-based edtech major PhysicsWallah Ltd. filed the draft offer documents for an initial public offering of shares worth Rs 3,820 crore. The company will raise up to Rs 3,100 crore via a fresh issue, and co-founders Alakh Pandey and Prateek Maheshwari will sell equity worth Rs 720 crore via an offer for sale.
The face value of the equity shares is Rs 1 apiece. Details regarding the price band, IPO period, listing date, and other relevant information will be issued after obtaining SEBI approval.
In July, PhysicsWallah received the market regulator's approval for its confidentially filed draft papers.
The last funding round, which marked a 2.5 times jump over PhysicsWallah's previous valuation of $1.1 billion, was led by Hornbill Capital, with participation from Lightspeed Venture Partners alongside existing investors GSV and WestBridge.
Promoters Alakh Pandey and Prateek Maheshwari will each sell shares worth up to Rs 360 crore, as per the DRHP.
JPMorgan India Pvt., Axis Capital Ltd., Goldman Sachs (India), and Kotak Mahindra Capital Co. are the lead bankers to the IPO.
PhysicsWallah will utilise the proceeds from the fresh issue for various purposes. It will use Rs 710 crore for marketing initiatives, Rs 548 crore for lease payments of existing identified offline and hybrid centers operated by the company, Rs 460 crore for capital expenditure for fit-outs of new offline and hybrid centers, and Rs 471 crore for investment in subsidiary Xylem Learning Pvt.
The company offers test preparation courses for competitive examinations, and other courses such as for upskilling. The platform had 44.6 lakh paid users in the financial year 2025, which grew at a CAGR of 59% between FY23 and FY25, as per the DRHP.
PhysicsWallah is among the top five education companies in terms of revenue in India. Their main YouTube channel — 'Physics Wallah-Alakh Pandey', had nearly 1.37 crore subscribers as of July 15, 2025, according to a Redseer Report.
The company operated 198 offline centers as of March 31.
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