Physicswallah Files Updated IPO Papers With SEBI, Aims To Raise ₹3,820 Crore

Edtech unicorn PhysicsWallah has submitted updated draft papers to market regulator SRBI to raise ₹3,820 crore through an initial public offering (IPO). The IPO includes a fresh issue of ₹3,100 crore and an offer for sale (OFS) of ₹720 crore by promoters.

Promoter Participation

Founders Alakh Pandey and Prateek Boob, who each hold 40.35% in the company, will sell shares worth ₹360 crore each through the OFS.

Confidential Pre-Filing Route

The company had first filed papers in March 2025 under the confidential pre-filing route, which allowed it to keep details private until later stages. SEBI approved the proposal in July, after which an updated DRHP was required.

Use of IPO Funds

PhysicsWallah plans to allocate the IPO proceeds as follows:

• ₹460.5 crore for setting up new offline and hybrid centres.
   
• ₹548.3 crore for lease payments of existing centres.
   
• ₹47.2 crore investment in subsidiary Xylem Learning.
   
• ₹33.7 crore for Utkarsh Classes lease payments.
   
• ₹200.1 crore for server and cloud infrastructure.
   
• ₹710 crore for marketing activities.
   
• ₹26.5 crore to acquire more stake in Utkarsh Classes.

Business Model and Reach

PhysicsWallah offers test prep courses for JEE, NEET, GATE, and UPSC, along with upskilling programmes. It operates via online platforms, offline centres, and hybrid models.

• Main YouTube channel: 13.7M subscribers (July 2025).
• Total YouTube network: 98.8M subscribers (June 2025), growing at a 41.8% CAGR (FY23–FY25).
   

Financial Performance

The company cut its losses to ₹243 crore in FY25 from ₹1,131 crore in FY24, while revenue increased to ₹2,887 crore from ₹1,941 crore.

Also Read: Upcoming IPOs This Week: 3 Mainboard IPO and 7 SME IPO Set to Occupied D-Street!

IPO Managers

The IPO will be managed by Kotak Mahindra Capital, JP Morgan India, Goldman Sachs India Securities, and Axis Capital.

Conclusion

PhysicsWallah’s ₹3,820 crore IPO marks a major step in its growth journey. With strong digital presence, expanding offline centres, and rising revenues, the funds will boost infrastructure, marketing, and technology, positioning the company for long-term growth.

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