PhysicsWallah IPO Plan: Fresh Issue of ₹3,100 Crore, OFS ₹720 Crore

Physicswallah Limited (“the Company”), an education company that is largest in terms of student community in India and among the top 5 education companies in terms of revenue in India, has filed its UDRHP-I with SEBI for an initial public offering. With its main YouTube channel, “Physics Wallah-Alakh Pandey" having ~13.7 million subscribers as of July 15, 2025 (according to Redseer Report)

The total offer size aggregating up to ₹ 38,200.00 million (₹ 3,820 crores) comprises of fresh issue of equity share aggregating up to ₹ 31,000.00 million (₹ 3,100 crores) and offer for sale of Equity Share aggregating up to ₹ 7200 million (₹ 720 crores) of face value of ₹ 1 per equity share.

Physicswallah proposes to utilise the Net Proceeds of fresh issue towards (i) Capital expenditure for fit-outs of new offline and hybrid centers of the Company, (ii) Expenditure towards lease payments of existing identified offline and hybrid centers operated by the Company, (iii) Investment in its Subsidiary, Xylem Learning Private Limited for expenditure towards -  (a) capital expenditure for fit-outs of new offline centers of Xylem (“New Xylem Centers”),(b) lease payments for Xylem’s existing identified offline centers and hostels, (iv) Investment in its Subsidiary, Utkarsh Classes &Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers, (v) Expenditure towards server and cloud related infrastructure costs, (vi) Expenditure towards marketing initiatives, (vii) Acquisition of additional shareholding in its Subsidiary, Utkarsh Classes &Edutech Private Limited, and (viii) Funding inorganic growth through unidentified acquisitions and general corporate purposes.

The Offer for sale of equity shares aggregating up to ₹ 7200 million (₹720 crores) comprises of up to ₹ 3600 million (₹ 360 crores) by Alakh Pandey and up to ₹ 3600 million (₹ 360 crores) by Prateek Boob. (“Promoter Selling Shareholders”).

Physicswallah offers test preparation courses for competitive examinations, and other courses such as for upskilling. The channels of delivery include – (i) online, which includes, website and apps; (ii) tech-enabled offline centers (where the Company’s faculty conducts live classes in a physical center); or (iii) hybrid centers (two-teacher model where a student attends live online classes at a physical center and can benefit from another faculty that is present at the center to resolve questions and participate in revision classes).

According to the Redseer Report, the Company is amongst the top 5 education companies in terms of revenue in India, with the main YouTube channel, “PhysicsWallah-Alakh Pandey" having approximately 13.7 million subscribers as of July 15, 2025. Their YouTube community had 98.80 million subscribers as at June 30, 2025 and grew at a CAGR of 41.80% between Fiscals 2023 and 2025. The Company also has a significant offline presence among education companies in India in terms of offline revenue. Physicswallah is also among the top-five education companies in terms of revenue in India and are one of the fastest-growing companies in terms of revenue growth during Fiscals 2022 to 2024.

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”). (The “Listing Details”) 

Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited and Axis Capital Limited are the Book Running Lead managers to the issue.