PhysicsWallah sets IPO price band at Rs 103-109/share; aims to raise Rs 3,480-cr
New Delhi (PTI): Edtech unicorn PhysicsWallah on Thursday fixed a price band of Rs 103-109 per share for its upcoming initial public offering (IPO), aiming for a valuation of over Rs 31,500 crore at the upper end.
The company's Rs 3,480-crore maiden public offering will open on November 11 and conclude on November 13 and anchor investors will be allocated shares on November 10, according to its public announcement.
The upcoming IPO comprises a fresh issue of equity shares worth Rs 3,100 crore and an offer for sale (OFS) of shares aggregating up to Rs 380 crore by promoters.
Promoters Alakh Pandey and Prateek Boob will each offload shares worth Rs 190 crore through the OFS. At present, both hold 40.31 per cent stake each in the company.
The Noida-based company filed draft papers in March with Sebi for an IPO through a confidential pre-filing route and had received the market regulator's approval in July. Following this, the company filed an updated DRHP in September before filing an RHP.
The company opted for the confidential pre-filing route, which allowed it to withhold public disclosure of IPO details until later stages.
Funds will be based to fuel the company's expansion and growth initiatives.
Of the fresh issue proceeds, PhysicsWallah said Rs 460.5 crore will go towards fit-outs of new offline and hybrid centers and Rs 548.3 crore will be used for lease payments of existing centers.
Also, the company will invest Rs 47.2 crore in its subsidiary Xylem Learning, including Rs 31.6 crore for new centers and Rs 15.5 crore for lease payments and hostels.
A further Rs 33.7 crore will be directed to Utkarsh Classes & Edutech for lease payments of its centers. Additionally, Rs 200.1 crore is earmarked for server and cloud infrastructure, Rs 710 crore for marketing initiatives, and Rs 26.5 crore for acquiring additional stake in Utkarsh Classes.
PhysicsWallah offers test preparation courses for competitive exams focusing on JEE, NEET, GATE and UPSC along with upskilling programs, delivered through online platforms (YouTube, website, and apps), tech-enabled offline centers, and hybrid centers that combine online teaching with in-person support.
Its main YouTube channel, "Physics Wallah-Alakh Pandey," had about 13.7 million subscribers as of July 15, 2025, while its overall YouTube network had 98.8 million subscribers by June 30, 2025, growing at a CAGR of 41.8 per cent between FY23 and FY25. Apart from its strong digital presence, PhysicsWallah has also built a significant offline footprint.
The company, which is backed by WestBridge Capital, Hornbill, and GSV Ventures, narrowed its losses to Rs 243 crore in the year ended March 2025 from Rs 1,131 crore in the preceding year. However, revenue rose to Rs 2,887 crore, from Rs 1,941 crore in the same period.
According to the company, 75 per cent of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
PhysicsWallah will make its stock market debut on November 18.
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Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
