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PhysicsWallah’s Rs 3,480 Cr IPO to open on Nov 11; co-founders cut their OFS size

EntrackrEntrackr · 3d ago
PhysicsWallah’s Rs 3,480 Cr IPO to open on Nov 11; co-founders cut their OFS size
Medial

Edtech unicorn PhysicsWallah has filed its Red Herring Prospectus (RHP) for an Rs 3,480 crore initial public offering (IPO). The issue will open for subscription on November 11 and close on November 14, 2025, with anchor investor bidding starting on November 10. The company’s shares are scheduled to list on the NSE and BSE on November 18. According to the company’s RHP, the Noida-based firm plans to raise Rs 3,100 crore through a fresh issue, while co-founders Alakh Pandey and Prateek Boob will each offload shares worth Rs 190 crore, totaling Rs 380 crore. Notably, the company has reduced its offer-for-sale (OFS) size from Rs 720 crore mentioned in the earlier draft prospectus (U-DRHP). The IPO will be managed by Kotak, JP Morgan, Goldman Sachs and Axis Capital, while MUFG Intime will act as registrar. From the fresh issue proceeds, the WestBridge-backed firm will allocate Rs 460.5 crore for fit-outs of new offline and hybrid centers and Rs 548.3 crore for lease payments of existing ones. It will spend Rs 28 crore on lease payments for Utkarsh Classes, Rs 26.5 crore to acquire an additional stake in it, Rs 47.16 crore for subsidiary Xylem Learning, and Rs 15.5 crore for Xylem’s lease payments. The company will also allocate Rs 200 crore for server and cloud-related infrastructure, while it will use the largest portion of the proceeds, Rs 710 crore, for marketing initiatives and the rest for acquisitions and general corporate purposes. As on the date of RHP, co-founders Pandey and Boob hold the largest stakes in the company at 40.31% each, followed by WestBridge Capital with 7.8%, while Hornbill Capital, GSV Ventures, and Lightspeed hold 4.41%, 2.85%, and 1.79%, respectively. On the financial front, PhysicsWallah’s operating revenue grew 49% to Rs 2,886.6 crore in FY25 from Rs 1,940.7 crore in FY24, while its losses narrowed 79% to Rs 243 crore during the same period.

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WestBridge Capital-backed IndiQube files DRHP for Rs 850 Cr IPO

EntrackrEntrackr · 10m ago
WestBridge Capital-backed IndiQube files DRHP for Rs 850 Cr IPO
Medial

WestBridge Capital-backed IndiQube files DRHP for Rs 850 Cr IPO Workspace provider IndiQube has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The IPO includes a fresh issue of equity shares worth Rs 750 crore (approximately $89 million) and an offer for sale (OFS) of equity shares amounting to Rs 100 crore. Co-founders Rishi Das and Meghna Agarwal will each sell shares worth Rs 50 crore through the OFS. Notably, no external shareholders are participating in the OFS, highlighting the founders' significant role in the offering. According to the DRHP, Anshuman Das is IndiQube's largest shareholder, holding 25.32%, followed by Aravali Investment Holding with 22.07%. Other notable shareholders include WestBridge Capital (5.79%), Carenet Technologies (5.15%), and Hirepro Consulting (2.15%). The company's co-founders, Rishi Das and Meghna Agarwal, cumulatively own 37.92% of the company. IndiQube plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by ICICI Securities Limited and JM Financial, who are acting as the book-running lead managers. According to the company, the net proceeds from the fresh issue will be utilized for the establishment of new centers, repayment of borrowings, and other general corporate purposes. In the first quarter of the ongoing fiscal year, IndiQube reported revenue of Rs 242 crore, while its losses stood at Rs 42 crore. The WestBridge Capital-backed firm achieved a 43% year-on-year growth in revenue, reaching Rs 830 crore in FY24, up from Rs 580 crore in FY23. However, the pursuit of growth came at a cost, with losses surging 72.2% to Rs 341 crore in FY24, compared to Rs 198 crore in FY23.

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

EntrackrEntrackr · 2d 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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