Top edtech unicorn PhysicsWallah has filed draft papers through the confidential pre-filing route to raise ₹4,600 crore via an initial public offer, according to various news reports.
PhysicsWallah is supported by investors such as Westbridge Capital, GSV Ventures, Lightspeed Venture Partners, and Hornbill Capital. If the listing materializes, the company could potentially become the first Indian edtech firm to debut on the domestic stock exchanges.
According to one of the sources, “The draft documents have been filed with SEBI after receiving approval from the company’s board. The confidential pre-filing route is increasingly being adopted by issuers across various sectors.”
For its IPO, PhysicsWallah has selected Kotak Mahindra Capital, Axis Bank, JP Morgan, and Goldman Sachs to assist in launching a $400-500 million IPO in 2025.
This move makes PhysicsWallah IPO the 7th major Indian company to choose the confidential pre-filing route, following firms like Tata Play, Oyo, Swiggy, Vishal Mega Mart, Credila Financial Services, and Indira IVF.
The confidential pre-filing route, introduced by SEBI as an alternative for main board issuers in November 2022, allows companies to keep sensitive business details, financial metrics, and risks confidential, especially from competitors. In the standard filing process, the DRHP (draft red herring prospectus) becomes a public document upon filing.
This route provides issuers with the advantage of confidentiality until they make a final decision on the listing. If necessary, they can also choose to pull out later without disclosing key information, depending on market conditions.
As per news reports, PhysicsWallah had invited at least 10 investment banks to pitch for the IPO, as the company was eager to fast-track the listing process.
On September 20, PhysicsWallah raised $210 million through a combination of primary and secondary transactions. The funding round, led by Hornbill Capital, also saw participation from Lightspeed Venture Partners and existing investors WestBridge Capital and GSV Ventures.
Despite challenges in the Indian edtech sector, PhysicsWallah’s valuation of $2.8 billion is 2.5 times higher than its earlier valuation of $1.1 billion after its previous funding round, reflecting investor confidence in the potential of the industry. The company had raised $102 million from WestBridge and GSV Ventures during its initial funding round.
After filing draft papers with the capital market regulator, PhysicsWallah IPO is the 7th major Indian company to choose the confidential pre-filing route, following firms like Tata Play, Oyo, Swiggy, Vishal Mega Mart, Credila Financial Services, and Indira IVF.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Mar 19, 2025, 9:34 AM IST
Sachin Gupta
Sachin Gupta is a Content Writer with 6+ years of experience in the stock market, including global markets like the US, Canada, and Australia. At Angel One, Sachin specialises in creating financial content that simplifies complex market trends. Sachin holds a Master's in Commerce, specialising in Economics.
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