PhysicsWallah IPO: Company files updated DRHP with Sebi; check issue size, listing date, financials

Edtech start-up PhysicsWallah has filed an updated draft prospectus with the market regulator Securities and Exchange Board of India (Sebi) with an objective to raise Rs 3,820 crore through initial public offerings. Market sources believe shares of the company may list on stock exchanges by December 2025.

The proposed public offer comprises a fresh issue of equity shares worth Rs 3,100 crore and an offer for sale (OFS) of shares aggregating up to Rs 720 crore by promoters Alakh Pandey and Prateek Boob, according to the updated draft red herring prospectus (UDRHP) filed on Saturday. At present, both hold 40.35% stake each in the company.

PhysicsWallah proposes to utilise the net proceeds towards funding capital expenditure for fit-out of new offline and hybrid centres, expenditure towards lease payment of existing identified offline and hybrid centres operated by the company and investment in subsidiaries Xylem Learning Private Limited and Utkarsh Classes & Eductech, among others. On the other hand, the company will not receive any proceeds from the offer for sale.

According to UDRHP, the company is among the top five education companies in terms of revenue in India. It operates India’s largest online student community, with its main YouTube channel, “Physics Wallah-Alakh Pandey” having around 13.7 million subscribers as of July 15, 2025.

Kotak Mahindra Capital Company, JP Morgan India, Goldman Sachs (India) Securities and Axis Capital are the book-running lead managers of the issue. On the other hand, MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar to the offer.

In the run-up to the IPO, the net loss of the company narrowed sharply to Rs 243 crore in FY25 against Rs 1,131 crore in FY24. The company reported a loss of Rs 84 crore in FY23, as per UDRHP. On the other hand, revenue from operations increased nearly 49% YoY to Rs 2,886.6 crore in FY25 from Rs 1,940.71 crore in FY24. The figure has multiplied by more than 3.5 times since FY23.