Backed by WestBridge and Hornbill Capital, the Lucknow-based edtech company will open its three-day IPO bidding window to retail investors on November 11, with anchor investors allowed to place bids a day earlier, on November 10. The company’s shares are expected to begin trading on Indian stock exchanges on November 18, as stated in a public advertisement on Thursday.
The IPO, worth ₹34.8 billion, includes a fresh issue of shares valued at ₹31 billion, while co-founders Alakh Pandey and Prateek Boob will offload shares worth ₹3.8 billion. This is significantly lower than earlier plans to sell shares worth ₹7.2 billion, according to the company’s prospectus.
Founded by educator and YouTube personality Alakh Pandey, PhysicsWallah has distinguished itself in India’s competitive edtech landscape by maintaining profitability and steady growth. Its latest valuation marks a sharp rise from $2.8 billion in September 2024, underscoring investor confidence in its business model and market reach.
The company’s strong showing contrasts with the struggles of its rivals such as Byju’s, Unacademy, and Vedantu, which have faced layoffs, restructuring, and funding challenges amid a broader slowdown in the edtech sector.
Analysts say PhysicsWallah’s planned public listing could serve as a key test for India’s post-pandemic edtech ecosystem, potentially restoring investor appetite for a sector once seen as the future of education but now undergoing consolidation and reinvention.