Indian edtech platform PhysicsWallah has set a price band of ₹103–₹109 per share for its upcoming ₹3,480 crore initial public offering (IPO), aiming for a valuation of ₹28,073 crore ($3.19 billion) at the upper end, according to the estimates.
Backed by WestBridge and Hornbill Capital, the company will open its IPO for retail investors on November 11 for a three-day bidding window, while anchor investors can place bids a day earlier on November 10. The shares will debut on Indian stock exchanges on November 18.
The IPO will include fresh equity shares worth ₹3,100 crore and an offer for sale (OFS) of ₹380 crore by co-founders Alakh Pandey and Prateek Maheshwari, who have reduced their planned stake sale from the earlier ₹720 crore.
Valued at $2.8 billion as of September 2024, PhysicsWallah continues to hold strong amid the challenges faced by other edtech peers such as Unacademy, Vedantu, and Byju’s, the latter once valued at $22 billion but now struggling with financial setbacks and layoffs.
