PhysicsWallah (PW) has unveiled the price range for its much-awaited ₹3,480 crore Initial Public Offering (IPO), setting it between ₹103 and ₹109 per share. At the upper band, the issue values the company at around ₹28,426 crore (approximately $3.2 billion). The IPO will open for public subscription on November 11 and conclude on November 13, while the anchor investor portion will open a day earlier, on November 10.
The offering includes a fresh share issue worth ₹3,100 crore and an offer-for-sale (OFS) component of ₹380 crore by existing shareholders. In a noteworthy decision, co-founders Alakh Pandey and Prateek Maheshwari have trimmed their OFS share, underscoring their long-term commitment to the company’s growth trajectory.
According to the Red Herring Prospectus (RHP), the funds raised from the fresh issue will be utilised to expand PW’s offline network, upgrade its technology infrastructure, and pursue strategic acquisitions in the test preparation and skilling domains.
Founded in 2020, PhysicsWallah stands out as one of the few profitable players in India’s edtech landscape, which has faced funding challenges over the past couple of years. The company operates over 500 physical learning centres under its ‘PW Vidyapeeth’ and ‘Pathshala’ brands, catering to more than 1 crore monthly active users across digital platforms.
Financially, the firm reported ₹2,887 crore in operating revenue with a loss of ₹243 crore in FY25. In the first quarter of FY26, PW posted ₹847 crore in revenue and a loss of ₹127 crore.
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The upcoming IPO will serve as a litmus test for investor sentiment towards India’s new-age education ventures, which have seen limited public listings recently. A successful debut could potentially open the door for other edtech players like Unacademy and Vedantu to consider similar routes. All eyes are now on whether PhysicsWallah’s blend of scale, profitability, and brand loyalty can capture the confidence of public market investors.
