India’s edtech sensation PhysicsWallah is ready to shake up the stock market with a blockbuster IPO that could value the company at a staggering $3.2 billion. The IPO, priced between Rs 103 and Rs 109 per share, opens on November 11 and closes on November 13, and investors are already buzzing about what this could mean for the future of India’s booming education sector.

The Rs 3,480 crore IPO includes a fresh issue of Rs 3,100 crore and an offer-for-sale of Rs 380 crore from existing shareholders. In a move that shows long-term confidence, co-founders Alakh Pandey and Prateek Maheshwari have trimmed their share sale, signaling they aren’t planning to exit anytime soon. The capital raised will fund expansion of offline learning centers, enhance technology infrastructure, and enable strategic acquisitions in test-prep and skill development sectors.

Founded in 2020, PhysicsWallah has quickly become a rare profitable player in India’s edtech space, running over 500 offline centers and catering to more than one crore monthly active users online. Unlike many competitors struggling to balance growth and losses, the company reported Rs 2,887 crore in revenue in FY25, though with a Rs 243 crore loss. The first quarter of FY26 showed Rs 847 crore in revenue and Rs 127 crore in losses, highlighting its rapid scaling trajectory.

The IPO is being seen as a litmus test for India’s edtech sector after a slow funding period. A successful debut could open the doors for other edtech firms like Unacademy and Vedantu to hit public markets, potentially reigniting investor interest. PhysicsWallah’s hybrid model, combining online and offline learning, is considered a key differentiator, enabling the company to tap into smaller towns and cities across India.

Investors will also be watching the co-founders’ reduced share sale closely. It signals their confidence in the company’s growth prospects and aligns with long-term investor interests. By combining scale, profitability, and a commitment to growth, PhysicsWallah is aiming to set a new benchmark in India’s edtech landscape.

With its IPO just days away, all eyes are on whether PhysicsWallah can turn its story into a massive market success and pave the way for the next wave of Indian edtech unicorns.