Edtech unicorn PhysicsWallah is about to launch its Rs 3,480 crore preliminary public providing (IPO) on November 11, marking the primary public market debut by an Indian edtech firm because the sector’s downturn following Byju’s collapse.

The provide will stay open till November 13, with shares scheduled to checklist on the NSE and BSE on November 18. 

In response to the corporate’s Pink Herring Prospectus (RHP), the IPO includes a recent problem of Rs 3,100 crore and a proposal on the market (OFS) of Rs 380 crore by present shareholders.

Co-founders Alakh Pandey and Prateek Maheshwari (Prateek Boob in filings) will every offload shares value Rs 190 crore.

The problem’s anchor ebook will open on November 10. On the higher finish of the value band, Rs 109 per share, the corporate targets a post-money valuation of about Rs 31,500 crore, which is larger than its final reported valuation of $2.8 billion in September 2024, when it raised $210 million from Hornbill Capital and Lightspeed. 

PhysicsWallah plans to deploy the IPO proceeds in direction of key growth and operational initiatives. Round Rs 460.5 crore can be used to arrange new offline and hybrid studying centres, whereas Rs 548.3 crore is earmarked for lease funds on present and upcoming amenities.

The corporate additionally intends to allocate Rs 710.3 crore in direction of advertising and brand-building, Rs 200.1 crore for upgrading servers and cloud infrastructure, and roughly Rs 47.2 crore to put money into its subsidiary Xylem Studying. An additional Rs 26.5 crore is deliberate to amass further stake in its three way partnership with Utkarsh Courses, alongside smaller allocations for know-how and dealing capital necessities.

Based in 2020, PhysicsWallah operates 198 offline centres beneath its ‘PW Vidyapeeth’ and ‘Pathshala’ manufacturers, and serves over one crore month-to-month lively customers throughout digital platforms. 

For FY25, PhysicsWallah reported income of Rs 2,887 crore, up from Rs 1,940 crore in FY24, whereas losses narrowed sharply to Rs 243 crore from Rs 1,131 crore a 12 months earlier.

In Q1 FY26, it recorded Rs 847 crore in income and a lack of Rs 127 crore. On-line channels contributed 48.6% of FY25 income. Pandey and Maheshwari collectively maintain an 80.7% pre-IPO stake, among the many highest founder holdings in a venture-backed startup.

They’re adopted by WestBridge with 6.4% and Hornbill with 4.41%. PhysicsWallah competes with Aakash Institute, Allen Profession Institute, and Unacademy within the test-prep phase.