Edtech unicorn PhysicsWallah has filed draft papers with SEBI for an IPO to raise ₹3,820 crore. The offering comprises a ₹3,100 crore new equity issue and a ₹720 crore stake sale by co-founders Alakh Pandey and Prateek Boob, each selling shares worth ₹360 crore.
This follows SEBI’s recent approval of the company’s confidential filing. The IPO will be led by Kotak, JP Morgan, Goldman Sachs, and Axis Capital, with MUFG Intime acting as the registrar.
PhysicsWallah intends to allocate ₹460.5 crore from the new IPO funds for establishing additional offline and hybrid centers, while ₹5,483 crore will be used to cover lease costs for its existing centers.
The company plans to spend ₹33.7 crore on lease expenses and ₹26.5 crore to increase its stake in Utkarsh Classes. It will also invest ₹47.16 crore in Xylem Learning, with ₹15.5 crore for operational costs and leases. Additionally, ₹200 crore is allocated for server and cloud infrastructure, and ₹710 crore for marketing.
According to the DRHP, co-founders Alakh Pandey and Prateek Boob each own 40.35% of PhysicsWallah. WestBridge Capital holds a 7.8% stake, while Hornbill Capital, GSV Ventures, and Lightspeed have stakes of 4.42%, 2.85%, and 1.79%, respectively.
Also Read – IndusInd Faces Leadership Row, Stock Slips 1%
The company’s FY25 operating revenue rose 49% to ₹2,886.6 crore from ₹1,940.7 crore in FY24, with net losses dropping 79% to ₹243 crore. Last week, PhysicsWallah also acquired a minority stake in UPSC coaching institute Sarrthi IAS, reported by Entrackr.
