• Edtech startup PhysicsWallah to launch Rs 3,480 crore IPO on November 11.
• Company eyes $3.6 billion valuation, backed by WestBridge and Lightspeed.
• Founders to retain 72% stake post-listing; focus remains on affordable education.

From a humble YouTube channel to a billion-dollar enterprise, PhysicsWallah (PW) is gearing up for its Rs 3,480 crore initial public offering (IPO), marking India’s first major edtech listing in years. The company, founded by Alakh Pandey and Prateek Maheshwari, is targeting a $3.6 billion valuation at the upper end of its price band of Rs 109 per share.

The IPO, which opens on November 11, will include a fresh issue of Rs 3,100 crore and an offer for sale (OFS) of Rs 380 crore by the founders. Post-listing, Pandey and Maheshwari will continue to hold about 72% ownership in the company. None of PW’s investors, including WestBridge Capital and Lightspeed Venture Partners, are selling their stakes.

The total IPO size was trimmed from Rs 3,820 crore to Rs 3,480 crore after reducing the OFS component. The company’s last major funding round in September 2024 valued it at $2.8 billion, making the IPO valuation nearly 29% higher.

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PhysicsWallah’s journey has been defined by its affordable learning model, offering courses priced around Rs 4,000. With over 10 million students, the platform’s success stems from its focus on academics and outcomes, rather than aggressive marketing.

Pandey and Maheshwari said they aim to share listing gains with future investors while maintaining accessibility for learners. The company also plans to expand offline centers and introduce value-added services to improve profitability.