Is the Edtech Giant Ready for the Public Test? PhysicsWallah Gets SEBI Green Light for IPO

In the early days of India’s edtech revolution, who would’ve thought that a humble YouTube channel offering physics lessons would one day grow into a billion-dollar company knocking on the doors of Dalal Street?

Today, that day seems closer than ever.

PhysicsWallah, the bootstrapped-to-unicorn story that inspired a generation of aspiring entrepreneurs, is now preparing for its biggest exam yet—the stock market. The company has secured approval from the Securities and Exchange Board of India (SEBI) to go public, taking a major step forward in its IPO journey.

And what’s notable? The regulatory nod has come in less than four months after it filed for the IPO via the confidential pre-filing route—a route that’s relatively new but increasingly popular among Indian tech startups looking to test investor waters without immediate public scrutiny.

The SEBI Stamp: What Does It Mean?

SEBI’s latest update, dated July 18, shows it has issued "observations" to PhysicsWallah. In regulatory language, this essentially means approval granted—the company is now free to move ahead with its IPO plans.

Interestingly, the Draft Red Herring Prospectus (DRHP) is not yet publicly available, and the company has been tight-lipped about the specifics. But according to earlier reports, the IPO is expected to be sized at around ₹4,600 crore (~$531 million), with a significant portion likely to be an Offer for Sale (OFS)—where existing shareholders sell part of their stake. The issue is expected to value the company at approximately $3.7 billion.

From Digital Chalkboard to Dalal Street

PhysicsWallah, founded by Alakh Pandey, has been a story of grit, relatability, and disruption. Unlike many other edtech players who burned through VC money to capture market share, PW built its empire with profitability at the core and affordable education as its mission. It resonated with students across Bharat—especially in tier 2 and tier 3 cities—by offering low-cost but high-quality coaching for competitive exams like NEET and JEE.

Its IPO not only reflects the company’s growth trajectory but also signals a larger shift in India’s startup ecosystem—where bootstrapped ventures are starting to claim their space in public markets, not just flashy, hyper-funded unicorns.

PW Joins an Elite League of Confidential Filers

PhysicsWallah becomes the second new-age tech company in India to receive SEBI’s nod for IPO after using the confidential filing route. The first was Swiggy, the foodtech giant, which received SEBI's go-ahead in September last year.

This route, still relatively new in India, allows startups to test the regulatory waters without making all details public upfront—a common practice in the US that’s now gaining traction in India too. It gives founders breathing space to fine-tune their strategy and pricing before revealing the full DRHP.

Others who have opted for the same include Snapdeal-parent AceVector, logistics startup Shadowfax, and consumer electronics brand boAt. Clearly, India’s startup sector is maturing and becoming more cautious in how it navigates public scrutiny.

So, What’s Next?

While PhysicsWallah has received the regulatory green signal, there's no official timeline yet for the IPO launch. The company is expected to make its DRHP public soon and then move toward roadshows and pricing.

Industry insiders and market watchers are eagerly waiting for more details—especially about the proportion of primary vs secondary share sales, the use of funds, and how the edtech player plans to sustain its growth in a sector that has seen significant ups and downs since the pandemic boom.

Will retail investors line up for shares of the now-iconic PW brand? Will the company manage to stay student-focused even under shareholder pressure?

Only time will tell. But one thing is certain—PhysicsWallah’s IPO marks a significant milestone not just for the company but for India’s evolving startup capital markets.