PhysicsWallah's INR 3,480 Cr IPO To Open On Nov 11

Edtech major PhysicsWallah (PW) has filed its red herring prospectus (RHP) for INR 3,480 Cr IPO. The public issue will comprise a fresh issue of INR 3,100 Cr and an offer for sale (OFS) of up to INR 380 Cr.

Cofounders and promoters Alakh Pandey and Prateek Boob (Maheshwari) have cut their total OFS size to INR 380 Cr from INR 720 Cr earlier. The cofounders would sell shares worth INR 190 Cr each via the IPO.

PW’s IPO will open on November 11 and close on November 13. The anchor bidding will take place on November 10. The shares are expected to list on the exchanges on November 18.

The company won’t undertake any pre-IPO placement.

A majority of the fresh proceeds will be used to expand the edtech company’s offline play. While INR 460.6 Cr has been earmarked for fit-outs of new offline and hybrid centers, INR 548.3 Cr has been reserved for lease payments of existing identified offline and hybrid centres.

At the end of Q1 FY26, PW operated 303 centres across six business verticals. This was a 68% jump from the182 centres operated by it a year ago.

It operated 112 centers under the banner of PW Vidyapeeth, its school integrated learning center for IIT-JEE & NEET preparation, at the end of June quarter of 2025. PW is looking to double down on this vertical and add 95 new centres by FY29.

Besides expansion of its offline vertical, the edtech major also plans to undertake an investment of INR 47.2 Cr towards Xylem, its hybrid education subsidiary in South India, and invest INR 28 Cr in subsidiary Utkarsh Classes.

Meanwhile, INR 710 Cr would be reserved for marketing and INR 200 Cr would be utilised to enhance its server and cloud related infrastructure.

On the financial front, PW’s net loss zoomed 78% to INR 125.5 Cr in Q1 FY26 from INR 70.6 Cr in the year-ago quarter. Operating revenue rose 33% to INR 847 Cr from INR 635.2 Cr in Q1 FY25.

With this, the Indian startup ecosystem is set to see one of the first edtech startup listings. Analysts Inc42 spoke with believe that investors arelikely to view the IPO as a key test of market appetite for edtech after a sector-wide slump. Strong financial improvement, a credible path to profitability, and a trusted brand may attract institutional interest. However, the final response will depend on valuation and sentiment.

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