Indian education technology platform PhysicsWallah has set a price band of ₹103 to ₹109 per share for its upcoming initial public offering (IPO), which aims for a valuation of ₹28,073 crore (approximately $3.19 billion) at the upper end, as reported by Reuters.
The company plans to initiate its IPO with a three-day bidding window for retail investors starting November 11, as per a newspaper advertisement published on Thursday. Anchor investors will have the opportunity to submit their bids a day earlier, on November 10.
Trading of PhysicsWallah’s shares on the Indian stock exchanges is set to commence on November 18. The IPO, valued at ₹3,480 crore, consists of around ₹3,100 crore in fresh shares. In addition, co-founders Alakh Pandey and Prateek Boob are set to sell shares worth ₹380 crore in the IPO, which is a reduction from their preliminary intention to sell shares worth ₹720 crore, as indicated in the prospectus.
Having secured a valuation of $2.8 billion in September 2022, PhysicsWallah has managed to hold its ground amid challenges faced by its competitors in the Indian edtech sector, including Unacademy, Vedantu, and Byju’s, which was once valued at $22 billion but has since encountered layoffs and financial difficulties.
The publication date of this report is November 6, 2025.
