Noida-based online education platform Physicswallah, which is backed by WestBridge Capital, Hornbill Capital, and GSV Ventures, has filed Red Herring Prospectus (RHP) with the Registrar Companies for launching Rs 3,480-crore IPO next week on November 11.
The one-day IPO anchor book will be launched for institutional investors on November 10, while the public issue will remain open for all investors till November 13.
The company will finalise the IPO share allotment by November 14, while Physicswallah shares will start trading on the BSE and NSE on November 18.
Physicswallah that offers test preparation courses for competitive examinations, and upskilling courses throurgh its platform Physics Wallah is raising Rs 3,100 crore by issuing fresh shares, while promoters Alakh Pandey, and Prateek Boob will be selling shares worth Rs 380 crore via offer-for-sale.
Moneycontrol was the first to report on October 30 that the Physicswallah is planning $431 million IPO in weeks.
Both promoters equally hold 80.62 percent stake in the company, while public shareholders own 19.38 percent shares including WestBridge AIF (6.40 percent stake), Hornbill Capital Partner (4.41 percent), GSV Ventures Fund (2.85 percent), and Lightspeed Opportunity Fund (1.79 percent).
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Physicswallah, which claims among the top-five Indian education companies in terms of revenue, intends to spend Rs 460.5 crore for fit-outs of new offline and hybrid centers, Rs 548.3 crore for lease payments of existing identified offline and hybrid centers, and Rs 47.2 crore for investment in subsidiary, Xylem Learning for its expenditure.
Further, Rs 28 crore will be used for lease payments for subsidiary Utkarsh Classes & Edutech’s existing identified offline centers, and Rs 26.5 crore for acquisition of additional shareholding in the said subsidiary.
It will utilise Rs 200.1 crore for server and cloud related infrastructure costs, Rs 710 crore for marketing initiatives, and the remainder funds for inorganic growth through unidentified acquisitions and general corporate purposes.
Physicswallah founded by Alakh Pandey and Prateek Boob in 2020 provides paid test preparation courses focusing on Joint Entrance Examinations (JEE), National Eligibility cum Entrance Test (NEET), Union Public Service Commission (UPSC) examinations.
On the financial front, the company has posted loss of Rs 152 crore for the quarter ended June 2025, widening from the loss of Rs 102.2 crore in the corresponding period last fiscal. Revenue during the same period grew by 33.3 percent to Rs 847 crore, up from Rs 635.2 crore.
The loss in the fiscal 2025 stood at Rs 225.8 crore, narrowing from loss of Rs 1,263.9 crore in previous fiscal, and revenue during the same period jumped 48.7 percent to Rs 2,886.6 crore, rising from Rs 1,940.7 crore.
The book running lead managers managing the Physicswallah IPO are Kotak Mahindra Capital Company, JP Morgan India, Goldman Sachs (India) Securities, and Axis Capital.
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