The highly anticipated PhysicsWallah (PW) Initial Public Offering (IPO) has drawn remarkable attention from institutional investors, reflecting strong confidence in India’s most successful edtech startup. With a blend of mutual funds and global institutions taking significant anchor positions, the offering is poised to become one of the most noteworthy public issues in the education sector.

Related: Key News & Daily Indian Funding Roundup, November 10, 2025

PhysicsWallah raised approximately Rs 1,563 crore from anchor investors by allotting 14.34 crore equity shares at Rs 109 per share. The response was overwhelming, with bids worth nearly Rs 20,000 crore, oversubscribing the anchor book close to thirteen times. This unprecedented interest signals that leading investors view PW as a robust and sustainable business in the competitive edtech landscape.

A large part of the anchor investment—about Rs 867 crore—came from 14 mutual funds across 35 schemes. Prominent domestic investors included ICICI Prudential, Kotak Mahindra, Nippon India, Motilal Oswal, and Aditya Birla Sun Life. Global players like Smallcap World Fund, Goldman Sachs India Equity Portfolio, and Templeton-managed emerging market funds also joined, highlighting PW’s global credibility and investor appeal.

The public issue opens on November 11 and closes on November 13, 2025. PhysicsWallah aims to raise Rs 3,480 crore through the IPO, comprising a fresh issue of Rs 3,100 crore and an offer-for-sale (OFS) of Rs 380 crore by co-founders Alakh Pandey and Prateek Boob.

The price band has been set between Rs 103 and Rs 109 per share, valuing the company at around Rs 31,500 crore at the upper end. PW’s shares are expected to list on both the BSE and NSE on November 18. Ahead of the IPO, global investment firm Think Investments purchased shares worth Rs 136 crore at Rs 127 per share, indicating a 17% premium to the IPO price and strong pre-market optimism.

Founded by Alakh Pandey, PhysicsWallah started as a YouTube channel offering free physics tutorials for competitive exams. Over time, it transformed into a full-fledged education technology company, providing affordable and high-quality learning experiences to millions of students across India.

Today, PhysicsWallah stands as one of the few profitable edtech unicorns in the country, with revenues approaching Rs 3,000 crore. Its success is driven by a hybrid learning model, combining digital platforms with offline learning centers spread across multiple cities. The company’s mission to make quality education accessible in Tier II and Tier III regions has resonated deeply with its audience.

While the edtech sector witnessed exponential growth during the pandemic, it also faced significant corrections as the market stabilized. Several companies struggled with high operating costs and unsustainable business models. However, PhysicsWallah distinguished itself by focusing on sustainability, operational efficiency, and affordability.

Unlike competitors that relied heavily on advertising and aggressive expansion, PW has maintained financial discipline and profitability. Its strategy of controlled offline expansion, combined with technology-driven learning tools, has allowed it to serve millions of students without overspending on customer acquisition.

The strong anchor investor participation showcases confidence in PhysicsWallah’s business fundamentals, profitability, and future scalability. With a large and loyal student base, advanced technological infrastructure, and a proven educational model, PW is seen as a stable investment opportunity in an otherwise volatile edtech sector.

Experts believe this IPO could set a new standard for education startups entering the public market. It demonstrates that sustainable, value-driven operations can attract both domestic and international investors even amid industry challenges.

PhysicsWallah’s IPO represents more than a financial milestone—it is a validation of a vision that started with a single educator and grew into a national movement. By offering quality education at affordable prices, the company has redefined the meaning of accessibility in learning.

As the firm prepares to make its debut on the stock exchanges, it carries the promise of reshaping India’s education landscape. With strategic growth, prudent management, and strong investor backing, PhysicsWallah stands ready to lead the next phase of evolution in India’s edtech industry.