Edtech Startup PhysicsWallah has received a green signal from the Securities and Exchange Commission of India (SEBI) for a highly anticipated IPO. The approval was awarded under a confidential pre-approval route, paving the way for the company to raise about Rs 4,6 billion in the coming months.
What is a pre-apply?
SEBI’s confidential trailer proposed in 2022 allows companies to submit IPO papers privately for regulatory review before publishing documents. This approach gives issuers more flexibility to time their IPOs without premature exposure of sensitive business details.
PhysicsWallah reportedly submitted a draft document in March 2025, and SEBI approved its official listing on the regulator’s website on Thursday, July 24.
Issuance structure: fresh equity + sale discount
According to earlier media reports, PhysicsWallah’s IPO will be a combination of fresh issues and a sale quote. Edtech Unicorn aims to delay Rs 4,6 billion (about $532.8 million) to make it one of India’s largest digital education IPOs.
While exact details of quote size, valuation and moderator investor interest remain confidential, industry sources expect IPOs to attract strong investor demand, especially given the re-buzz of the Indian technology list.
IPO market recovery momentum
After the start of 2025, the Indian primary market has seen a sharp resurgence in activity over the past few weeks. As many as 10 companies were listed in July alone, and three more companies have opened their IPOs.
In addition to physical Walla, SEBI also cleared Wework India, Veeda clinical research and Seedworks International’s IPO recommendations, further increasing momentum.
About Physical Vala
Founded in 2020 by Alakh Pandey, PhysicsWallah was originally a YouTube channel that provides affordable science and math content. Since then, it has evolved into a full-fledged Edtech platform with offline centers, mobile apps and a loyal student base. The company entered the Unicorn Club in 2022 after raising $100 million in Series A funds.
