Edtech company Physicswallah is set to launch its initial public offering (IPO) on November 11, 2025, with a price band ranging from ₹103 to ₹109. At the upper limit of this price range, the IPO will value the company at approximately ₹31,169 crore. This marks a significant increase in valuation, as the company was valued at $2.8 billion during a funding round in September 2024.
The anchor bidding for the public issue will commence on November 10, while the issue will close on November 13. Shares are anticipated to be listed on stock exchanges on November 18.
Notably, existing investors—WestBridge Capital, Hornbill Capital, GSV Ventures, and Lightspeed—will not be offloading any of their stakes in this IPO. Co-founders Alakh Pandey and Prateek Maheshwari each hold a 40.31% stake in the company, with WestBridge possessing a 6.40% stake, followed by GSV Ventures at 2.85% and Lightspeed at 1.79%.
The total offer size includes a fresh issue of equity shares of face value ₹1, aggregating up to ₹3,480 crore. This comprises a fresh issue worth ₹3,100 crore and an offer for sale of equity shares aggregating up to ₹380 crore.
Physicswallah plans to allocate the net proceeds toward various strategic initiatives. Approximately ₹460.551 crore is earmarked for capital expenditure related to the fit-outs of new offline and hybrid centers. Additionally, ₹548.308 crore will be used for lease payments for existing identified centers operated by the company.
The plans also include an investment of ₹47.168 crore in its subsidiary, Xylem Learning Private Ltd, with ₹31.648 crore designated for new offline centers and ₹15.520 crore for lease payments of existing Xylem centers and hostels. Another ₹28.002 crore will be directed towards Utkarsh Classes & Edutech Private Limited to fulfill lease payment obligations for its current offline centers. Furthermore, ₹200.106 crore is allocated for server and cloud infrastructure, while ₹710 crore is intended for marketing initiatives.
In addition, the company plans to invest ₹26.5 crore to increase its shareholding in Utkarsh Classes & Edutech Private Limited. The residual funds will be reserved for inorganic growth through unspecified acquisitions and general corporate purposes.
As of the end of Q1 FY26, Physicswallah operated 303 centers across six business verticals, reflecting a 68% increase from the 182 centers it managed a year prior. Financially, the company reported a net loss of ₹125.5 crore for Q1 FY26, a rise of 78% compared to the ₹70.6 crore loss during the same quarter last year. Operating revenue increased by 33% to ₹847 crore, up from ₹635.2 crore in Q1 FY25.
In FY25, Physicswallah successfully narrowed its net loss by 78% to ₹243.3 crore, while revenue from operations surged by 49% year-over-year to ₹2,886.6 crore.
Kotak Mahindra Capital Company Limited, JP Morgan India Private Ltd, Goldman Sachs (India) Securities Private Ltd, and Axis Capital Ltd are serving as the bankers for the issue.
Published on November 6, 2025.
