PhysicsWallah's Rs 3,480 Crore IPO: Alakh Pandey's Edtech Giant Sets November 11 Launch Date

PhysicsWallah, the edtech unicorn, is preparing to launch its initial public offering (IPO) on November 11, aiming to raise Rs 3,480 crore to support its expansion strategies and growth initiatives.

According to the red herring prospectus (RHP) filed on Wednesday, the company's first public offering will remain open until November 13, with anchor investors receiving share allocations on November 10.

The IPO structure comprises a fresh equity share issue worth Rs 3,100 crore and an offer for sale (OFS) of shares totaling Rs 380 crore from the company's promoters.

Founders Alakh Pandey and Prateek Boob will each sell shares valued at Rs 190 crore through the OFS. Currently, both promoters hold equal stakes of 40.31 percent in the company.

The Noida-based education technology company initially filed draft papers with Sebi in March using the confidential pre-filing route and received regulatory approval in July. Subsequently, the company filed an updated DRHP in September before submitting the RHP.

By choosing the confidential pre-filing route, PhysicsWallah was able to delay public disclosure of IPO details until later stages of the process.

From the fresh issue proceeds, PhysicsWallah plans to allocate Rs 460.5 crore for developing new offline and hybrid centers, while Rs 548.3 crore will cover lease payments for existing facilities.

Additionally, the company will invest Rs 47.2 crore in its subsidiary Xylem Learning, with Rs 31.6 crore designated for new centers and Rs 15.5 crore for lease payments and hostels.

The company will direct Rs 33.7 crore to Utkarsh Classes & Edutech for center lease payments, Rs 200.1 crore for server and cloud infrastructure, Rs 710 crore for marketing campaigns, and Rs 26.5 crore to acquire additional stake in Utkarsh Classes.

PhysicsWallah specializes in test preparation courses for competitive examinations including JEE, NEET, GATE, and UPSC, along with various upskilling programs. These educational services are delivered through multiple channels—online platforms (YouTube, website, and apps), technology-enabled offline centers, and hybrid facilities combining digital teaching with in-person support.

The company's primary YouTube channel—Physics Wallah-Alakh Pandey—had approximately 13.7 million subscribers as of July 15, 2025, while its entire YouTube network reached 98.8 million subscribers by June 30, 2025, growing at a compound annual growth rate (CAGR) of 41.8 percent between FY23 and FY25. Beyond its robust digital presence, PhysicsWallah has established a substantial offline educational network.

Backed by prominent investors including WestBridge Capital, Hornbill, and GSV Ventures, PhysicsWallah reduced its losses to Rs 243 crore for the year ending March 2025, down from Rs 1,131 crore in the previous fiscal year. During the same period, revenue increased to Rs 2,887 crore from Rs 1,941 crore.

The company has engaged Kotak Mahindra Capital Company, JP Morgan India, Goldman Sachs (India) Securities, and Axis Capital to manage its public offering.