Edtech unicorn PhysicsWallah has confidentially filed draft papers for a ₹4,600 crore IPO, making it the seventh Indian company to use SEBI’s pre-filing route after firms like Tata Play and Swiggy. The IPO will largely consist of a fresh issue along with an offer for sale (OFS). Investment banks Kotak Mahindra Capital, Axis Bank, JP Morgan, and Goldman Sachs are managing the offering. If successful, PhysicsWallah could become India's first edtech firm to list on domestic bourses.

PhysicsWallah was last valued at $2.8 billion after a $210 million fundraising round led by Hornbill Capital, Lightspeed Venture Partners, and WestBridge Capital. Despite challenges in the Indian edtech sector, investor confidence remains strong. SEBI’s pre-filing process allows firms to keep business details confidential until listing plans are finalized.

Founded by Alakh Pandey and Prateek Maheshwari, PhysicsWallah has 55 lakh paid students, 4.6 crore YouTube subscribers, and 14,000 employees across 105 cities. The move comes amid uncertainty over Byju's IPO plans and rising competition from Unacademy, UpGrad, and Vedantu.