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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Jai Bhim: Slogan that energised Dalits was first given at this central Maharashtra village
Chhatrapati Sambhajinagar (PTI): 'Jai Bhim': These two words have come to symbolise the awakening and empowerment of the Dalit community in independent India, but not many people know how it originated.
The slogan, which also encapsulates the immense reverence in which Dr Bhimrao Ramji Ambedkar is held, was first raised at the Makranpur Parishad, a conference organised at Makranpur village in Kannad teshil of today's Chhatrapati Sambhajinagar district in Maharashtra.
Ambedkar, the chief architect of India's Constitution, died on December 6, 1956.
Bhausaheb More, the first president of the Scheduled Castes Federation of Marathwada, organised the first Makranpur Parishad on December 30, 1938.
Dr Ambedkar spoke at the conference and asked the people not to support the princely state of Hyderabad under which much of central Maharashtra then fell, said Assistant Commissioner of Police Pravin More, Bhausaheb's son.
"When Bhausaheb stood up to speak, he said every community has its own deity and they greet each other using the name of that deity. Dr Ambedkar showed us the path of progress, and he is like God to us. So henceforth, we should say 'Jai Bhim' while meeting each other. The people responded enthusiastically. A resolution accepting 'Jai Bhim' as the community's slogan was also passed," More told PTI.
"My father came in contact with Dr Babasaheb Ambedkar in his early years. Bhausaheb was aware of the atrocities the Nizam state committed on Dalits. He told Ambedkar about these atrocities, including the pressure to convert. Dr Ambedkar was strongly against these atrocities, and he decided to attend the 1938 conference," he said.
As Ambedkar was against the princely states, he was banned from giving speeches in the Hyderabad state but was allowed to travel through its territories. The Shivna river formed the border between Hyderabad and British India. Makranpur was chosen as the venue for the first conference because it was on the banks of Shivna but lay in the British territory, ACP More said.
The stage made of bricks, from where Dr Ambedkar addressed the conference, still stands. The conference is organised on December 30 every year to carry forward Ambedkar's thought, and the tradition was not discontinued even in 1972 when Maharashtra experienced one of the worst droughts in it history.
"My grandmother pledged her jewellery for the conference expenses. People from Khandesh, Vidarbha and Marathwada attended it. Despite a ban imposed by the Nizam's police, Ambedkar's followers crossed the river to attend the event," said ACP More.
"This is the 87th year of Makranpur Parishad. We have deliberately retained the venue as it helps spread Ambedkar's thought in rural areas," he added.
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