Indian education technology platform PhysicsWallah set a price band of 103-109 rupees per share for its initial public offering, targeting a valuation of ₹28,073 crore ($3.19 billion) at the upper end, according to Reuters calculations.
PhysicsWallah, whose backers include WestBridge and Hornbill Capital, will launch its IPO for a three-day bidding for retail investors on November 11, it said in a newspaper advertisement on Thursday.
Anchor investors can submit their bids a day earlier, on November 10, the advertisement showed.
Its shares will begin trading on the Indian bourses on November 18.
PhysicsWallah’s ₹3,480 crore IPO comprises about ₹3,100 crore worth of shares on fresh issue.
Co-founders Alakh Pandey and Prateek Maheshwari will sell shares worth ₹380 crore in the IPO, lower than the initial plans of selling shares worth ₹720 crore, a prospectus showed.
PhysicsWallah, valued at $2.8 billion in September last year, has held its ground as India’s edtech rivals, such as Unacademy, Vedantu and once valued as a $22 billion giant, Byju’s, struggled through layoffs and financial strain.
Published on November 6, 2025
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