PhysicsWallah IPO Opens November 11: Issue Size, OFS Details and What It Signals for India’s Edtech Sector

Mumbai | November 6

PhysicsWallah (PW), the Noida-based edtech firm known for its hybrid learning model, will open its ₹3,480-crore initial public offering (IPO) for subscription on November 11, with the issue closing on November 13. Anchor investors will be allocated shares on November 10, as per the red herring prospectus (RHP).

The PhysicsWallah IPO comprises a fresh issue of ₹3,100 crore and an offer for sale (OFS) worth ₹380 crore by promoters Alakh Pandey and Prateek Boob, who will each sell shares worth ₹190 crore. Both currently hold 40.31% stake in the company and will remain majority shareholders post-listing.

Background: From YouTube Channel to Full-Scale Edtech Platform

PhysicsWallah filed its draft papers in March through the confidential pre-filing route, a mechanism increasingly preferred by high-visibility private companies. SEBI approval was received in July, after which the company filed an updated DRHP in September and the final RHP this week.

PW’s journey began as a free teaching YouTube channel and has since expanded into online courses, offline coaching centres, mobile apps, and hybrid classrooms.
Its main YouTube channel, Physics Wallah – Alakh Pandey, had 13.7 million subscribers as of July 2025, and the company’s wider network reached nearly 99 million subscribers, growing at a 41.8% CAGR between FY23 and FY25.

Where the IPO Proceeds Will Be Deployed

The company plans to expand its physical network while strengthening technology and brand infrastructure. According to the RHP:

The company has been consistently adding centres in Tier-II and Tier-III cities, positioning offline expansion as a core driver of future revenue.

Financial Performance

PhysicsWallah reported revenue of ₹2,887 crore in FY25, up from ₹1,941 crore in FY24.
Losses significantly narrowed to ₹243 crore in FY25, compared to ₹1,131 crore in the preceding year, reflecting tighter expense control and growing offline scale.

The company counts WestBridge Capital, Hornbill Capital, and GSV Ventures among its investors.

Founders Enter Billionaire Club Ahead of IPO

At the upper price band of ₹109 per share, PhysicsWallah is valued at ₹31,170 crore, placing both founders’ individual shareholdings at approximately ₹11,458 crore (≈$1.29 billion).

This elevates Alakh Pandey and Prateek Boob into the billionaire category, driven predominantly by the company’s rapid offline expansion and strong digital audience base rather than heavy external capital burn.

The firm is backed by institutional investors such as WestBridge Capital, Hornbill Capital, and GSV Ventures.

Competitive Landscape

PhysicsWallah competes with:

• Aakash Educational Services (test prep, offline scale)
• Unacademy (online + hybrid)
• Vedantu (live online sessions)
• Embibe (AI-based preparation tools)

While larger rivals expanded through acquisitions, PhysicsWallah built scale through low-cost centres and high teacher recall.

Outlook

The PhysicsWallah IPO arrives at a moment when India’s edtech market is recalibrating toward sustainable, hybrid growth. Investor response will be closely watched as a broader indicator of sector sentiment.

If successful, the listing could reinforce hybrid education as the sector’s scalable future — and signal renewed institutional appetite for education-linked digital platforms.