The famous teacher Alakh Pandey’s PhysicsWallah is all set to mop up funds from the primary markets. The company has recently filed its updated draft red herring prospectus (UDRHP) with the market regulator SEBI. The edtech will be raising a sum of Rs 3,820 crore from the public. Here are the details that every investor must keep in mind.
Physicswallah IPO: Offer details
PhysicsWallah will be raising a total of Rs 3,820 crore via a mix of fresh shares and an offer for sale. Out of these, the fresh shares are worth Rs 3,100 crore, while the promoters and other selling shareholders will be mopping up Rs 720 crore from the primary market.
Alakh Pandey and Prateek Boob are the promoters of the company. They also serve as Whole-Time Directors, with Alakh Pandey additionally holding the position of Chief Executive Officer (CEO).
Physicswallah IPO: Objectives of the issue
The net proceeds from the fresh issue are intended to be used for capital expenditure for new offline and hybrid centres of the company, investment in its subsidiary Xylem Learning Pvt. Ltd. for similar capital expenditure, and acquisition of additional shareholding in Utkarsh Classes & Edutech Pvt. Ltd., among other purposes like funding inorganic growth and general corporate purposes.
Physicswallah IPO: Key risks
If the company fails to attract and retain students could adversely impact its business, reputation, financial condition, and cash flows. This includes successfully expanding into multiple education categories and geographical presence for its offline centres, as well as maintaining the quality of services and positive student outcomes.
Also, the students performing poorly in exams or having issues with support services, including mental well-being support, could lead to a decline in student enrolments.
Plus, the retention of faculty is one of the big points. There is a risk that these faculty members, especially senior ones, might leave to join competitors, start their own centres, or offer private tuition, potentially sharing internal strategies and business information.
Physicswallah IPO: Mode of delivering education
The company, through its website and mobile applications, provides coaching to students. It also leverages social media channels, notably YouTube, where its main channel, “PhysicsWallah-Alakh Pandey”, had approximately 13.7 million subscribers as of July 2025.
PhysicsWallah’s presence is not just online, but offline as well via its tech-enabled offline centres, called Vidyapeeth. In these physical centres, faculty members conduct live classes. As of March 2025, PhysicsWallah operated 198 total offline centres.
There is one more way a student can attend the classes, which is hybrid in nature, known as Pathshala. In this model, a student attends live online classes at a physical centre and benefits from another faculty member present at the centre to resolve questions and participate in revision classes. However, many hybrid centres are operated through third-party franchisees.
About PhysicsWallah
PhysicsWallah’s business is around offering courses for competitive test preparation and other upskilling courses. The company mainly provides education to students on an online platform, but has opened some physical classes as well. The company provides coaching for Joint Entrance Examinations (JEE) for engineering colleges, National Eligibility cum Entrance Test (NEET) for medical colleges, and Union Public Service Commission (UPSC) examinations for civil services. PhysicsWallah also offers courses for other competitive exams like GATE, Chartered Accountancy (CA), MBA, Defence, and other government examinations.
Physicswallah IPO: Book leading managers
Kotak Mahindra Capital Company, JPMorgan India, Goldman Sachs (India), and Axis Capital are the book-running lead managers of the issue. MUFG Intime India (formerly Link Intime India) is the registrar for the IPO.