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PhysicsWallah eyes $3.2 Bn valuation; price band set at Rs 103–Rs 109

EntrackrEntrackr · 3m ago
PhysicsWallah eyes $3.2 Bn valuation; price band set at Rs 103–Rs 109
Medial

PhysicsWallah eyes $3.2 Bn valuation; price band set at Rs 103–Rs 109 Edtech unicorn PhysicsWallah has announced the price band for its upcoming Rs 3,480 crore initial public offering (IPO) at Rs 103–Rs 109 per share, valuing the company at around Rs 28,426 crore ($3.2 billion) at the upper end. The issue will open for public subscription on November 11 and close on November 13, with the anchor book opening a day earlier on November 10. The IPO comprises a fresh issue of shares worth Rs 3,100 crore and an offer-for-sale (OFS) of Rs 380 crore by existing shareholders. In a notable move, co-founders Alakh Pandey and Prateek Maheshwari have reduced their OFS component, signalling a long-term commitment to the company’s growth. As per the RHP, the fresh capital will be deployed towards expanding PW’s offline network, strengthening its technology infrastructure, and supporting strategic acquisitions in test prep and skilling segments. Founded in 2020, PhysicsWallah has emerged as a rare profitable player in India’s edtech ecosystem, which has largely been under pressure following the sector’s funding slowdown. The company runs over 500 offline centres under its ‘PW Vidyapeeth’ and ‘Pathshala’ brands, and claims to serve over one crore monthly active users across its digital platforms. According to its financials, PhysicsWallah reported Rs 2,887 crore in operating revenue and Rs 243 crore in loss during FY25. Meanwhile for the first quarter of ongoing fiscal year (Q1 FY26), the firm reported a revenue of Rs 847 crore while its losses stood at Rs 127 crore in the same period. The IPO will test investor appetite for new-age education firms after a lull in the space. If it sails through successfully, PhysicsWallah could pave the way for peers like Unacademy and Vedantu to explore public listings. For now, all eyes will be on how public markets price India’s most-watched edtech story, one that’s attempting to balance scale, sustainability, and investor confidence.

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Fractal sets Rs 857–900 IPO price band, targets $1.6 Bn valuation

EntrackrEntrackr · 21d ago
Fractal sets Rs 857–900 IPO price band, targets $1.6 Bn valuation
Medial

Fractal sets Rs 857–900 IPO price band, targets $1.6 Bn valuation AI solutions provider Fractal Analytics has set a price band of Rs 857–900 per equity share for its upcoming initial public offering (IPO), a day after filing its red herring prospectus (RHP) with the capital markets regulator. According to the RHP, the public issue will open for subscription on February 9 and close on February 11, while the anchor book is scheduled to open on February 6. At the upper end of the price band, Fractal’s valuation is expected to be around $1.6 billion. As reported earlier by Entrackr, Fractal trimmed its IPO size by 42% compared to what it had proposed in its draft red herring prospectus (DRHP). The IPO now comprises a mix of a fresh issue and an offer for sale (OFS) by existing shareholders. According to the RHP, the proceeds from the fresh issue are to be used for debt repayment, investments in technology and strategic initiatives, and general corporate purposes. Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal supports global enterprises across consumer goods and retail, technology, media and telecom, healthcare and life sciences, and BFSI. It counts Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta, and Tesla as clients. As per the RHP, TPG Fett is the largest external shareholder with a 25.49% stake, followed by Quinag Bidco, owned by Apax Partners, which holds 18.64% of the company. GLM Family Trust owns 15.59% of Fractal. Axis Capital, Citigroup, Morgan Stanley, and Kotak Mahindra Capital Company are the book-running lead managers to the issue. Fractal’s shares are proposed to be listed on both the BSE and NSE. On the financial side, Fractal reported consolidated revenue of Rs 2,765 crore in FY25 from Rs 2,196 crore in FY24. Its net profit stood at Rs 220.6 crore in FY25, compared to a loss of Rs 54.7 crore in FY24. For the first half of FY26, it recorded revenue of Rs 1,559 crore and a profit of Rs 71 crore.

Pine Labs’ IPO values firm at $2.7 Bn; Peak XV eyes 40X return while Invesco stares at loss

EntrackrEntrackr · 3m ago
Pine Labs’ IPO values firm at $2.7 Bn; Peak XV eyes 40X return while Invesco stares at loss
Medial

News All Stories Pine Labs’ IPO values firm at $2.7 Bn; Peak XV eyes 40X return while Invesco stares at loss Pine Labs has set its IPO price band at Rs 210-221 per share, valuing the company at around $2.7 billion. The much-anticipated public issue offers stellar exits for early backers but leaves some late-stage investors with little to celebrate. Kunal Manchanada 03 Nov 2025 12:23 IST Follow UsNew UpdateFintech unicorn Pine Labs has set its IPO price band at Rs 210-221 per share, valuing the company at around Rs 23,573 crore ($2.7 billion). The much-anticipated public issue offers stellar exits for early backers but leaves some late-stage investors with little to celebrate.According to Entrackr’s analysis, Peak XV Partners (formerly Sequoia Capital India) will walk away with the biggest windfall, a 39.5X return on its investment. Madison India and Sofina Ventures also stand to book handsome gains of 5.6X and 4.7X, respectively.In contrast, investors who entered during later funding rounds will see far smaller gains or even losses. Temasek and PayPal are expected to make under 3X on their stakes, while Mastercard may clock a 1.7X return. Invesco, which came in at one of the highest valuations, is likely to incur a loss on its investment as the IPO pricing falls below its entry level. Lone Cascade may barely break even with a 1.2X multiple.During the OFS, Peak XV Partners will pocket around Rs 508.4 crore, followed by Actis (Rs 194.7 crore), Temasek (Rs 193.3 crore), PayPal (Rs 150 crore), and Mastercard (Rs 130.9 crore). Others, including Invesco (Rs 71 crore), Madison India (Rs 66.7 crore), Lone Cascade (Rs 53 crore), Sofina Ventures (Rs 44.2 crore), and founder Lokvir Kapoor (Rs 49.1 crore) will also partially cash out.The implied valuation of $2.7 billion marks a steep drop from the $6 billion target Pine Labs was reportedly chasing in 2022. The correction reflects a broader market reset in late-stage fintech valuations as investors prioritize profitability and stable cash flows over hyper-growth narratives.The company’s Rs 3,900 crore IPO comprises a fresh issue of Rs 2,080 crore and an offer for sale (OFS) of 8.23 crore shares by existing shareholders. Proceeds from the fresh issue will be used for debt repayment, technology upgrades, and international expansion.As per the RHP, Peak XV is the largest external shareholder with a 20.25% stake, followed by Temasek (7.06%) and PayPal (5.98%). Actis Pine Labs Investment holds 5.75%, while Mastercard and Alpha Wave own 5.22% and 3.37%, respectively.Pine Labs reported a 28.5% year-on-year growth in revenue to Rs 2,274 crore in FY25 from Rs 1,769 crore in FY24, while net losses declined by 57% to Rs 145 crore during the same period. Notably, in the first quarter of FY26, the company turned profitable, posting a net profit of Rs 4.7 crore on a revenue of Rs 616 crore.If successful, the listing could provide much-needed momentum to India’s fintech IPO pipeline, including players like Razorpay and Cashfree, though future offerings are likely to chase more realistic valuations aligned with today’s tempered investor sentiment.

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