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PhysicsWallah sets IPO price for $3.2-billion valuation, GMP shows premium
PhysicsWallah, whose latest unlisted valuation stands at $2.8 billion, has held its ground even as rivals Unacademy, Vedantu and Byju's fell by the wayside.
PhysicsWallah Ltd. has announced its IPO price that pegs its valuation at $3.2 billion, even as founders of the edtech startup sell fewer shares.
On offer in the PhysicsWallah IPO are 31.93 crore shares—28.44 crore fresh and 3.49 crore via an offer for sale—in a price band of ₹103-109 to raise as much as ₹3,480 crore, according to the red-herring prospectus released on Thursday. That pegs the valuation at ₹28,073 crore (about $3.2 billion), up from $2.8 billion in September 2024. The OFS size has reduced as founders Alakh Pandey and Prateek Boob are offloading stock worth ₹380 crore as against ₹720 crore planned earlier.
The company plans to use the IPO proceeds for expansion—new offline and hybrid tuition centres—as well as acquiring more stake in subsidiary Utkarsh Classes & Edutech Ltd. Some amount has also been earmarked for buying servers and cloud storage.
The PhysicsWallah IPO will open on 11 November for listing a week later.
PhysicsWallah, founded as a YouTube channel in 2016, has held its ground as its edtech rivals, such as Unacademy, Vedantu and Byju's fell by the wayside.
PhysicsWallah IPO GMP
According to Investorgain, the PhysicsWallah IPO GMP stood at ₹9 as of publishing this story, which indicates a listing-day premium of 8.26% over IPO price of ₹109.
To be sure, the grey market premium is a signal, not a guarantee. It reflects what traders are willing to pay for an IPO-bound stock in the unofficial market—it doesn’t guarantee listing-day gains. The GMP can swing dramatically as it’s detached from fundamentals of a stock.
PhysicsWallah financials
According to the RHP, PhysicsWallah's losses narrowed sharply to ₹243.26 crore in FY25 as against ₹1,131.13 in FY24, on revenue that rose 50.79% year-on-year to ₹3,039.09 crore. In Q1 FY26, it clocked a loss of ₹127.01 crore on revenue of ₹905.41 crore.
