Indian edtech major Physicswallah Ltd. is preparing for its initial public offering (IPO), which could raise about ₹3,820 crore ($431 million), according to people familiar with the matter.
The WestBridge Capital and Hornbill Capital Partners-backed company has held discussions with potential investors, and the public issue could be launched in the coming weeks. The sources added that details such as valuation and timing are still being finalized.
According to the company’s draft prospectus, the IPO will comprise a fresh issue of shares worth ₹3,100 crore and an offer for sale (OFS) of about ₹720 crore by founders Alakh Pandey and Prateek Boob.
Physicswallah, best known for its affordable online courses for high school students, is among a growing list of startups looking to tap into India’s robust IPO market. So far in 2025, new listings have raised nearly $16 billion, putting the year on track to potentially surpass the record $21 billion raised in 2024.
As per the prospectus, founders Pandey and Boob each hold 40.35% stakes in the company, while WestBridge Capital and Hornbill Capital own 6.41% and 4.42%, respectively.
Kotak Mahindra Capital, Axis Bank, and the Indian units of JPMorgan Chase & Co. and Goldman Sachs Group Inc. are serving as advisers for the share sale.
