Edtech unicorn PhysicsWallah (PW) has filed its Red Herring Prospectus (RHP) with market regulator SEBI for an Rs 3,480 crore initial public offering (IPO). The public issue will open for subscription on November 11 and close on November 14, 2025, while anchor investor bidding will begin on November 10. The shares are scheduled to list on both the NSE and BSE on November 18.
As per the filing, the Noida-based company aims to raise Rs 3,100 crore through a fresh issue, while co-founders Alakh Pandey and Prateek Boob will each sell shares worth Rs 190 crore, bringing the total offer-for-sale (OFS) component to Rs 380 crore. The company has notably reduced the OFS size from Rs 720 crore mentioned in its earlier draft prospectus.
Use of Proceeds
PhysicsWallah will deploy the IPO proceeds to expand its offline and hybrid presence, enhance infrastructure, and strengthen its digital ecosystem.
The company has earmarked Rs 460.5 crore for fit-outs of new centres and Rs 548.3 crore for lease payments of existing ones. Additionally, it will allocate Rs 28 crore for lease payments related to Utkarsh Classes and Rs 26.5 crore for acquiring an additional stake in it. Its subsidiary Xylem Learning will receive Rs 47.16 crore, along with Rs 15.5 crore for leases.
A further Rs 200 crore will go toward cloud infrastructure, and Rs 710 crore will be used for marketing initiatives. The balance will be reserved for acquisitions and corporate purposes.
Shareholding and Financial Performance
Currently, co-founders Pandey and Boob each hold 40.31%, followed by WestBridge Capital with 7.8%. Other investors include Hornbill Capital (4.41%), GSV Ventures (2.85%), and Lightspeed (1.79%).
Financially, PhysicsWallah reported a 49% jump in operating revenue to Rs 2,886.6 crore in FY25, compared with Rs 1,940.7 crore in FY24, while its net losses narrowed 79% to Rs 243 crore, signaling stronger cost control and business scalability.
Keep building. Keep learning. Keep growing with StartupByDoc.