Edtech unicorn PhysicsWallah Ltd., founded by Alakh Pandey, has filed an updated draft red herring prospectus (UDRHP-I) with the for its maiden public issue, aiming to raise up to ₹3,820 crore.
Founders Pandey and Prateek Boob will offload stakes.
The offer comprise fresh issue of shares valued at ₹3,100 crore and an offer-for-sale (OFS) of shares worth ₹720 crore by its promoters.
Both Pandey and co-founder Boob will sell shares worth up to ₹360 crore each in the OFS , the draft papers show.
The will be managed by Kotak Mahindra Capital, JP Morgan, Goldman Sachs, and Axis Capital.
MUFG Intime India as the registrar.
Shares are proposed to be listed on both the and .
PhysicsWallah, which started in 2020 as a YouTube teaching initiative by Pandey, has since scaled into a full-fledged edtech platform with acquisitions such as Xylem Learning, iNeuron, Utkarsh Classes, and Penpencil Edu Services.
PhysicsWallah said, proceeds from fresh issue will be used for business expansion, acquisitions, and general corporate purposes.
As per the prospectus, this is the first time retail investors will get to buy into the company, which rode the pandemic-era boom in online learning.
However, the company cautioned that being a first-time issuer, “there has been no formal market” for its shares and trading performance post-listing cannot be assured .
The edtech sector itself is highly competitive, with pricing pressures, regulatory changes, and demand fluctuations affecting performance. Moreover, the company’s rapid expansion through acquisitions adds execution and integration risks.