Mumbai: Physicswallah Limited has filed its UDRHP-I with the Securities and Exchange Board of India (SEBI) for its much-anticipated initial public offering (IPO). The Physicswallah IPO aims to raise a total of ₹3,820 crore.
Physicswallah IPO Structure
The total offer comprises a fresh issue of equity shares worth ₹3,100 crore and an offer for sale (OFS) of equity shares worth ₹720 crore. The OFS will see contributions of up to ₹360 crore each from promoters Alakh Pandey and Prateek Boob. The face value of each equity share is set at ₹1.
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Use of Proceeds from Physicswallah IPO
According to the filing, the company intends to allocate the net proceeds from the fresh issue towards:
- Capital expenditure for new offline and hybrid learning centers
- Lease payments for existing centers
- Investments in subsidiaries, including Xylem Learning Private Limited and Utkarsh Classes & Edutech Private Limited
- Server and cloud infrastructure costs
- Marketing initiatives
- Acquisition of additional stake in Utkarsh Classes
- Inorganic growth through acquisitions
- General corporate purposes
Physicswallah’s Market Presence
Founded by Alakh Pandey, Physicswallah has become one of India’s largest education platform in terms of student community and ranks among the top five education companies by revenue.
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The company offers test preparation and upskilling courses across multiple delivery models – online platforms (apps and website), tech-enabled offline centers, and hybrid centers combining digital and physical formats.
Its flagship YouTube channel, PhysicsWallah–Alakh Pandey, had around 13.7 million subscribers as of July 15, 2025, while its broader YouTube community had 98.80 million subscribers as of June 30, 2025. The platform recorded a CAGR of 41.80% between FY 2023 and FY 2025.
Physicswallah also has a strong offline presence, generating significant revenue from its physical centers, making it one of the fastest-growing education companies in India between FY 2022 and FY 2024, as per the Redseer Report.
Listing and Lead Managers
The Physicswallah IPO equity shares are proposed to be listed on both the BSE and the NSE. Kotak Mahindra Capital Company Limited, J P Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, and Axis Capital Limited will act as the book-running lead managers for the issue.
