Edtech startup PhysicsWallah has received the green signal from the Securities and Exchange Board of India (SEBI) for its much-anticipated IPO. The approval, granted under the confidential pre-filing route, paves the way for the company to raise approximately Rs 4,600 crore in the coming months.
What is pre-filing?
The confidential pre-filing route, introduced by SEBI in 2022, allows companies to submit draft IPO papers privately for regulatory scrutiny before going public with the document. This method gives issuers more flexibility to time their IPOs without exposing sensitive business details prematurely.
PhysicsWallah had reportedly filed the draft documents in March 2025, and the SEBI approval was officially listed on the regulator’s website on Thursday, July 24.
Issue structure: Fresh equity + Offer for sale
According to earlier media reports, PhysicsWallah’s IPO will be a combination of fresh issue and an offer for sale (OFS). The edtech unicorn aims to mop up Rs 4,600 crore (around $532.8 million), making it one of the biggest digital education IPOs in India.
While exact details of the offer size, valuation, and anchor investor interest remain confidential, industry sources expect the IPO to attract strong investor demand, especially given the renewed buzz around tech listings in India.
IPO market regains momentum
The Indian primary market, after a subdued start to 2025, has seen a sharp revival in activity over the last few weeks. As many as 10 companies have listed in July alone, while IPOs from three more firms are currently open.
In addition to PhysicsWallah, SEBI has also cleared IPO proposals from WeWork India, Veeda Clinical Research, and Seedworks International, further adding to the momentum.
About PhysicsWallah
Founded in 2020 by Alakh Pandey, PhysicsWallah started as a YouTube channel offering affordable science and mathematics content. It has since evolved into a full-fledged edtech platform with offline centres, mobile apps, and a loyal student base. The company entered the unicorn club in 2022 after raising $100 million in Series A funding.
