Physics Wallah IPO: The Upcoming Edtech Listing

In India's edtech space, too many companies grew fast without proving profit. 

PhysicsWallah is shifting that narrative.

Physics Wallah: born on YouTube, built by credibility, and scaled with cash discipline.

Now, the company is preparing for its market debut with an IPO, including a fresh issue of ₹3,100 crore and a ₹380 crore offer-for-sale led by promoters.

The funds will be used to expand its offline centres, hybrid learning model, and digital platform — a play that merges tech efficiency with traditional classroom trust.

Founder Alakh Pandey and  Prateek Maheshwari each hold 105.12 crore shares, translating to a 40.31 percent stake apiece in the company. At the top price band, their individual stakes are valued at Rs 11,458 crore, or about $1.29 billion each.

The IPO is set at a price band of ₹103–₹109 per share.

Here’s what the numbers say:

The total IPO  issue size is about ₹3,480 crore. 

PhysicsWallah boasts 1 crore+ monthly active users and 500+ offline centres across its brands.

FY25 revenue: ₹1,240 crore (up ~42% YoY)

Profit after tax: ₹130 crore

Valuation: estimated around ₹28,426 - ₹30,000 cr  (~$3.6 billion)

• Use of  IPO proceeds:  ~₹460.5 crore for new/hybrid centres fit-outs, ~₹548.3 crore for lease payments for existing, ~₹710 crore for marketing, and ~₹200.1 crore for server and cloud infrastructure.
  
• Grey market premium (GMP) shows early sentiment: around +8% in the unlisted market for this IPO.

Key risks to consider: The valuation is steep for a company still in expansion mode, and profitability is yet to be fully demonstrated. Offline centre expansion is capital-intensive and competitive pressures from other edtech players, tuition chains and technology platforms remain high. Execution matters.