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PhysicsWallah files draft papers for Rs 4,600cr IPO

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MUMBAI: PhysicsWallah has filed draft IPO papers with Sebi through the confidential filing route, sources said. The company’s targeted $500 million (about Rs 4,600 crore) IPO will comprise a mix of fresh issue of shares and an offer for sale (OFS) component. PhysicsWallah declined to comment.
Startups, which are eyeing public listing, are increasingly opting for confidential filing route amid choppy and unpredictable markets that have nudged several new age companies to reassess and go slow on their IPO plans.
A confidential filing allows a company the flexibility to adjust the issue size and the time of listing, while keeping its financial details private. The Noida-based edtech unicorn is among a batch of startups, including Zepto, Pine Labs, Infra.Market and Groww that are aiming to get listed on bourses this year.
Despite the increased investor scrutiny around edtech investments following Byju’s fiasco, PhysicsWallah managed to raise large private funding last year. In Sept 2024, the company raised $210 million from a clutch of investors led by Hornbill Capital at a valuation of $2.8 billion. The firm counts Lightspeed Venture Partners, GSV Ventures and WestBridge Capital among its other investors.

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