PhysicsWallah IPO: Founders eye billionaire club as price band is announced

PhysicsWallah, the education technology platform led by Alakh Pandey and Prateek Boob, has announced its IPO price band at Rs 103–109 per share, with a total issue size of Rs 3,480 crore. The offering will open to the public on 11 November and close on 13 November.

The IPO comprises a fresh issue of Rs 3,100 crore and an offer for sale amounting to Rs 380 crore. The company’s draft red herring prospectus notes that both founders acquired their holdings at a negligible cost, and after a 35:1 bonus share allotment in March 2025, their individual stakes reached 40.31% each, or 105.12 crore shares, placing their stake around 11,458 crore value at the upper price band. This set-up positions both founders to potentially join the billionaire club, depending on market performance and continued growth.

Alakh Pandey, serving as CEO and whole-time director, is recognized for his unconventional path, including not pursuing a formal university degree but bringing more than five years of experience in the edtech sector. Prateek Boob, an IIT (BHU) Varanasi mechanical engineering graduate and former Caterpillar India employee, serves as a whole-time director and currently leads the company’s strategy and innovation initiatives. Institutional investors in PhysicsWallah include WestBridge AIF, which holds a 6.4% stake.

Industry observers will watch how this education-tech IPO resonates with investors amid a busy Indian listings calendar, as the sector seeks to translate strong online learning adoption into sustainable profitability. The listing is expected to attract both growth-oriented and risk-aware investors who are sizing edtech as a broader technology opportunity.

Investors can apply from 11 November to 13 November, with the gray-market and listing dynamics likely to influence post-listing performance.

Cover image source: Physicswallah IPO to open on Nov 11; check price band, issue size & more 🔗

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