PhysicsWallah IPO: Founders Alakh Pandey and Prateek Boob set to join billionaires club

PhysicsWallah, an education technology platform, has announced its IPO price band at Rs 103–109 per share, with a total issue size of Rs 3,480 crore. The offering will open to the public on 11 November and close on 13 November.

Both founders, Alakh Pandey and Prateek Boob, each hold a 40.31% stake, representing 105.12 crore shares, which is valued at Rs 11,458 crore at the upper price band. Both of them are set to join billionaire's club, considering their stake in the ed-tech player.

The IPO consists of a fresh issue of Rs 3,100 crore and an offer for sale amounting to Rs 380 crore. The company’s draft red herring prospectus (DRHP) highlights that both founders acquired their holdings at a negligible cost. Following a 35:1 bonus share allotment in March 2025, their individual stakes reached the current level from 3 crore shares each as of June 2024, when they held 50% of the company.

Alakh Pandey, serving as chief executive officer and whole-time director, is noted for his unconventional background. He completed his higher secondary education at Bishop Johnson Education School and College in Prayagraj, and despite not pursuing a formal university degree, he brings over five years of experience in the edtech sector.

Prateek Boob, also a whole-time director, joined PhysicsWallah on 1 July 2020. An alumnus of IIT (BHU) Varanasi with a degree in mechanical engineering, Boob previously worked at Caterpillar India and has more than a decade’s edtech experience. He currently leads the company’s strategy and innovation initiatives.

Institutional investors in PhysicsWallah include WestBridge AIF, holding a 6.4% stake (16.8 crore shares) valued at Rs 1,820 crore; Hornbill Capital Partners with 4.41% (11.52 crore shares) valued at Rs 1,255 crore; Lightspeed Opportunity Fund with 4.66 crore shares (Rs 509 crore); and Setu AIF Trust with 3.64 crore shares (Rs 396 crore). The DRHP does not specify the weighted average acquisition cost for institutional investors.

At the upper end of the price band, the company’s valuation stands at Rs 31,170 crore. The transformation of both founders into billionaires reflects the substantial value creation in the edtech sector, even as PhysicsWallah seeks further expansion through its public offering.

The IPO process commences with the anchor book opening on 10 November, followed by the public subscription window from 11 to 13 November. Investors and market observers will monitor subsequent steps, including allotment, refunds, credit of shares to demat accounts, and the listing date, as per standard market procedures.