Physics Wallah IPO: Price Band Set At INR 103-109

SUMMARY

At the upper end of the price band, the IPO will value the company at INR 31,169 Cr (about $3.5 Bn)

The IPO comprises a fresh issue of up to INR 3,100 Cr and an offer for sale (OFS) of up to INR 380 Cr

PhysicsWallah reported a net loss of INR 125.5 Cr in the first quarter of the ongoing fiscal year (Q1 FY26), up 78% from INR 70.6 Cr a year ago

Edtech major Physics Wallah (PW) has set a price band of INR 103 to INR 109 for its initial public offering (IPO), which is set to open on November 11 (Tuesday).

At the upper end of the price band, the IPO will value the company at INR 31,169 Cr (about $3.5 Bn). Notably, the company was last valued at $2.8 Bn during its funding round in September 2024.

The anchor bidding for PW’s public issue will take place on November 10 (Monday), while the issue will close on November 13. The shares are expected to list on the exchanges on November 18.

The IPO comprises a fresh issue of up to INR 3,100 Cr and an offer for sale (OFS) of up to INR 380 Cr. Cofounders and promoters Alakh Pandey and Prateek Boob (Maheshwari) have cut their combined OFS size to INR 380 Cr from INR 720 Cr earlier.

Existing investors like WestBridge Capital, Hornbill Capital, GSV Ventures and Lightspeed are not offloading stakes in the IPO. While Pandey and Boob currently hold 40.31% stake each in the company, WestBridge has 6.40% stake. GSV Ventures and Lightspeed hold 2.85% and 1.79% stake, respectively, in PW.

The company will not undertake a pre-IPO placement.

A majority of the fresh proceeds will be used to expand the edtech company’s offline play. While a portion is allocated for fit-outs of new offline and hybrid centers, lease payments of existing identified offline and hybrid centres.

At the end of Q1 FY26, PW operated 303 centres across six business verticals. This was a 68% jump from the182 centres operated by it a year ago.

On the financial front, the edtech company reported a net loss of INR 125.5 Cr in the first quarter of the ongoing fiscal year (Q1 FY26), up 78% from INR 70.6 Cr a year ago. Operating revenue rose 33% to INR 847 Cr during the quarter from INR 635.2 Cr in Q1 FY25.

In FY25, PW managed to narrow its net loss by 78% to INR 243.3 Cr, while revenue from operations jumped 49% YoY to INR 2,886.6 Cr.