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Edtech unicorn PhysicsWallah IPO propels founders to billionaire status
PhysicsWallah plans to raise Rs 3,100 crore via a fresh issue and Rs 380 crore through an offer for sale. The subscription window opens on November 11 and closes on November 13, with the anchor book opening a day prior on November 10.
The announcement of PhysicsWallah Ltd's initial public offering (IPO) has officially minted its two founders, Alakh Pandey and Prateek Boob, as billionaires. The edtech giant, backed by WestBridge, set its IPO price band at Rs 103–109 per share, valuing the company at a staggering Rs 31,170 crore at the upper end.
The wealth creation is immense: both Pandey, the CEO, and Boob, the director of strategy and innovation, hold 105.12 crore shares each, representing a dominant 40.31 percent stake apiece. At the top price, their individual holdings are valued at approximately Rs 11,458 crore, or about $1.29 billion each. According to the draft red herring prospectus (DRHP), their acquisition cost for these shares was negligible.
The founders' substantial holdings ballooned following a 35:1 bonus share allotment in March 2025. This was preceded by a period where both founders held 3 crore shares each, accounting for a 50 percent stake as of June 2024.
Pandey, known for his unconventional journey, serves as the whole-time director and CEO despite not holding a formal higher education degree beyond his higher secondary education. Boob, an IIT-BHU mechanical engineering graduate, brings over a decade of edtech experience, joining the company in July 2020.
The IPO will also see significant gains for early institutional investors:
WestBridge AIF: Holds a 6.4 percent stake (16.8 crore shares), valued at Rs 1,820 crore.
Hornbill Capital Partners: Owns 4.41 percent (11.52 crore shares), valued at Rs 1,255 crore.
Lightspeed Opportunity Fund: Its 4.66 crore shares are worth Rs 509 crore.
PhysicsWallah plans to raise Rs 3,100 crore via a fresh issue and Rs 380 crore through an offer for sale. The subscription window opens on November 11 and closes on November 13, with the anchor book opening a day prior on November 10.
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