Edtech giant Physics Wallah has confidentially filed for an initial public offering (IPO) that could raise as much as $500 million, according to a report by IFR.
The company in October 2024 said it might launch a $400-500-million IPO in 2025. If the public issue is launched, Physics Wallah will be the first pure-play edtech company to debut on the Indian stock exchanges.
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The company is working with Axis Capital, Goldman Sachs, JP Morgan and Kotak Mahindra to manage the offering, which will include both fresh issue of shares and an offer for sale by existing shareholders.
In September 2024, the company raised $210 million at a $2.8-billion valuation. It has reportedly raised another $25 million in a secondary funding round recently, valuing the company at $3.7 billion. Till date, the edtech major has mopped up more than $300 million.
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The company reported a 160% surge in its operating revenue to Rs 1,940 crore in FY24, though its consolidated net loss widened to Rs 1,131 crore.
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