Edtech unicorn PhysicsWallah (PW), co-founded by Alakh Pandey and Prateek Boob, is set to enter the capital markets with a ₹3,480-crore initial public offering (IPO), eyeing a valuation of around ₹28,073 crore, based on the upper price band. The IPO price band has been set at ₹103–₹109 per share, and it will open for subscription on November 11, 2025, and close on November 13, 2025.

The issue comprises a fresh issue of 28.44 crore shares aggregating to ₹3,100 crore and an offer for sale (OFS) of 3.49 crore shares worth ₹380 crore. The lot size is 137 shares, and the minimum investment for a retail investor is ₹14,933 for one lot.

The allotment of PhysicsWallah shares will be finalized on November 14, 2025, while the stocks are expected to make their debut on the BSE and NSE on November 18, 2025.

As per the offer document, up to 75% of the IPO is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and the remaining 10% for retail investors.

The company, known for its test preparation programs for JEE, NEET, GATE, and UPSC, plans to deploy the IPO proceeds from fresh equities towards a range of expansion and operational initiatives. It has proposed to invest ₹460.55 crore in capital expenditure for new offline and hybrid centers and ₹548.31 crore towards lease payments for existing centers.

Another ₹710 crore will be used for marketing initiatives, and ₹200.11 crore for server and cloud infrastructure. A portion of the proceeds will also be invested in subsidiaries such as Utkarsh Classes & Edutech Pvt. Ltd. and used to fund inorganic growth through acquisitions.

PhysicsWallah reported a 51% jump in revenue and a 78% rise in profit after tax (PAT) between FY24 and FY25. For the year ended March 31, 2025, total income stood at ₹3,039 crore, up from ₹2,015 crore in FY24. However, the company reported a loss of ₹243 crore in FY25, compared to a loss of ₹1,131 crore in FY24, indicating a sharp improvement in operational efficiency. The company’s EBITDA turned positive at ₹193 crore in FY25, compared to a loss of ₹829 crore in FY24, while net worth improved to ₹1,945 crore.

Kotak Mahindra Capital Co. Ltd. is the book running lead manager, while MUFG Intime India Pvt. Ltd. acts as the registrar to the issue.

India’s education market is expected to reach ₹24–26 lakh crore ($300–310 billion) by the financial year 2030 (FY30), growing at a compounded annual growth rate (CAGR) of nearly 10% over the next five years, as per the IPO document filed by PhysicsWallah with SEBI.

PhysicsWallah, in its updated draft red herring prospectus (UDRHP), pegged the sector at ₹15–16 lakh crore (US$185–195 billion) in FY25, accounting for around 5% of the country’s GDP at current prices. The filing highlights that India’s education market is on a strong growth trajectory, with rising accessibility and affordability fuelling demand, particularly in Tier-2 and smaller cities. These regions already make up a significant portion of the market, accounting for about 43% in FY25, with their share projected to climb further to nearly 46% by FY30.

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