PhysicsWallah files updated draft papers with SEBI
PhysicsWallah files updated draft papers with SEBI
It comprises a fresh issue of equity shares of Rs.3,100 crore and an offer for sale of shares totalling Rs.720 crore by promoters
Noida-based ed-tech unicorn PhysicsWallah has filed updated draft papers with the Securities and Exchange Board of India (SEBI) to raise Rs.3,820 crore through an initial public offering (IPO) for expansion and growth initiatives.
The proposed IPO comprises a fresh issue of equity shares worth Rs.3,100 crore and an offer for sale (OFS) of shares totalling Rs.720 crore by promoters.
The promoters, Alakh Pandey and Prateek Boob, will each offload share worth Rs.360 crore through the OFS. Presently, both hold 40.35 percent stake each in the company.
The draft papers were filed in March through a confidential pre-filing route and received SEBI’s approval in July. The companies must file an updated DRHP before filing an RHP.
PhysicsWallah opted for the confidential pre-filing, which allowed it to withhold public disclosure of IPO details until later stages.
Of the fresh issue proceeds, Rs.460.5 crore will go towards fit outs of new offline and hybrid centres and Rs.548.3 crore will be used for lease payments of existing centres.
The company will invest Rs.47.2 crore in its subsidiary Xylem Learning, including Rs.31.6 crore for new centres and Rs.15.5 crore for lease payments and hostels.
Meanwhile, Rs.33.7 crore will be directed to Utkarsh Classes & Edutech for lease payments of its centres. Additionally, Rs.200.1 crore is earmarked for server and cloud infrastructure, Rs.710 crore for marketing initiatives, and Rs.26.5 crore for acquiring an additional stake in Utkarsh Classes.
PhysicsWallah offers test preparation courses for competitive exams, focusing on JEE, NEET, GATE and UPSC, along with upskilling programmes, delivered through online platforms (YouTube, website, and apps), tech-enabled offline centres, and hybrid centres that combine online teaching with in-person support.
Its main YouTube channel, Physics Wallah-Alakh Pandey, had 13.7 million subscribers as of 15 July 2025, while its overall YouTube network had 98.8 million subscribers by 30 June 2025, growing at a CAGR of 41.8 percent between FY 2023 and FY 2025. It has also built a significant offline footprint.
The company, backed by WestBridge Capital, Hornbill, and GSV Ventures, narrowed its losses to Rs.243 crore in the year ended March 2025 from Rs.1,131 crore in the preceding year. However, revenue rose to Rs.2,887 crore, up from Rs.1,941 crore in the same period.
To manage its public offering, the company has roped in Kotak Mahindra Capital Company, JP Morgan India, Goldman Sachs (India) Securities and Axis Capital.
