PhysicsWallah, an edtech unicorn, has submitted its Red Herring Prospectus (RHP) for an IPO valued at Rs 3,480 crore. Anchor investor bidding will begin on November 10 and the issue will be available for subscription on November 11 and close on November 14, 2025. On November 18, the company's shares are expected to float on the NSE and BSE.

Key Highlights

• PhysicsWallah’s ₹3,480 crore IPO opens November 11, marking one of India’s largest edtech listings. 
• The issue comprises a ₹3,100 crore fresh equity stake alongside an offer-for-sale by co-founders.

The Noida-based company intends to raise Rs 3,100 crore through a new issue, and co-founders Alakh Pandey and Prateek Boob would each sell shares valued at Rs 190 crore, for a total of Rs 380 crore, according to the company's RHP. Notably, the company's offer-for-sale (OFS) amount has been lowered from the Rs 720 crore specified in the previous draft prospectus (U-DRHP).

Kotak, JP Morgan, Goldman Sachs, and Axis Capital will oversee the IPO, and MUFG Intime will serve as the registrar.

The WestBridge-backed company will set aside Rs 548.3 crore for current centers' lease payments and Rs 460.5 crore for the fit-outs of new offline and hybrid locations from the proceeds of the new issue. It will pay Rs 47.16 crore for subsidiary Xylem Learning, Rs 15.5 crore for Xylem's lease payments, Rs 28 crore for Utkarsh Classes' lease payments, and Rs 26.5 crore for an extra interest.

Additionally, the company will set aside Rs 200 crore for server and cloud-related infrastructure. The majority of the revenues, Rs 710 crore, would be used for marketing campaigns, with the remaining funds going toward acquisitions and other business needs.

Also Read: Edtech Unicorn PhysicsWallah Secures SEBI Approval for IPO

As of RHP's founding date, co-founders Pandey and Boob each own 40.31% of the company, followed by WestBridge Capital with 7.8%, Hornbill Capital, GSV Ventures, and Lightspeed with 4.41%, 2.85%, and 1.79%, respectively.

In terms of finances, PhysicsWallah's operating income increased by 49% to Rs 2,886.6 crore in FY25 from Rs 1,940.7 crore in FY24, while its losses decreased by 79% to Rs 243 crore in the same time frame.