Indian online education platform Physicswallah Ltd. is nearing an initial public offering that may fetch Rs 3,820 crore ($431 million), according to people familiar with the matter.
The WestBridge Capital LLP and Hornbill Capital Partner-backed company has met potential investors and the deal could launch in the next few weeks, the people said, asking not to be identified as the information is private.
The proposed offering will include a fresh issue of shares worth Rs 3,100 crore and a secondary sale of about Rs 720 crore by founders Alakh Pandey and Prateek Boob, according to the company’s draft prospectus. Deliberations are ongoing and both the valuation and the timing could change, the people said.
A spokesperson for the company didn’t immediately respond to requests for comment.
Physicswallah, which offers online courses for high school-age students, joins a growing pipeline in India’s booming IPO market. Total proceeds from new listings have reached nearly $16 billion this year, fueling optimism that 2025 could surpass last year’s record $21 billion in fundraising.
The two founders each own 40.35% of the company, while WestBridge Capital and Hornbill Capital hold 6.41% and 4.42%, respectively, the prospectus shows.
Kotak Mahindra Capital Co., Axis Bank Ltd., and the local units of JPMorgan Chase & Co. and Goldman Sachs Group Inc. are advising on the share sale.
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