Regulatory body SEBI approves PhysicsWallah's initial private offering document submission
PhysicsWallah's IPO Approved by SEBI: Paving the Way for Edtech in India
In a significant development for India's edtech sector, the Securities and Exchange Board of India (SEBI) has approved the initial public offering (IPO) of PhysicsWallah, an edtech firm. The approval was granted on July 18, 2025.
PhysicsWallah aims to raise around Rs 4,000 crore in fresh capital at a valuation between Rs 35,000 crore and Rs 40,000 crore. This makes PhysicsWallah the first venture-backed edtech company in India to receive SEBI's nod for an IPO.
The company had filed its IPO papers confidentially in March 2025 under SEBI's pre-filing route, which allows submission of a confidential prospectus to refine the offering before public disclosure.
The IPO comprises both a fresh issue of shares and shares on offer for sale. The company is backed by investors including WestBridge Capital, Lightspeed, and GSV Ventures.
The IPO market has recently gained traction, with about 10 company listings on the bourses in July so far. This includes the IPOs of PhysicsWallah, Vinir Engineering, Pranav Constructions, Fujiyama Power Systems, Saatvik Green Energy, SIS Cash Services, and Anlon Healthcare. These approvals reflect SEBI's ongoing clearance of seven IPOs during mid-July 2025.
PhysicsWallah's IPO sets a significant precedent in India’s edtech sector, occurring alongside regulatory reforms aimed at encouraging startup listings through relaxed ESOP and delisting rules. This IPO is being closely watched as a potential turning point for market access and investor sentiment in India’s edtech ecosystem.
No other edtech companies have received SEBI approval for IPOs recently besides PhysicsWallah as of July 2025. The IPO is not yet public, as it is still in the pre-filing stage, with a targeted size of around Rs 4,600 crore according to some sources.
| Company | Sector | SEBI IPO Approval Date | IPO Details | |-------------------|-----------------|-----------------------|--------------------------------------------| | PhysicsWallah | Edtech | July 18, 2025 | Rs 4,000-4,600 crore; valuation Rs 35,000-40,000 crore | | Vinir Engineering | Engineering | Mid-July 2025 | IPO approval alongside others | | Pranav Constructions | Construction | Mid-July 2025 | IPO approval alongside others | | Fujiyama Power Systems | Power | Mid-July 2025 | IPO approval alongside others | | Saatvik Green Energy | Energy | Mid-July 2025 | IPO approval alongside others | | SIS Cash Services | Finance/Services| Mid-July 2025 | IPO approval alongside others | | Anlon Healthcare | Healthcare | Mid-July 2025 | IPO approval alongside others |
The IPO approval of PhysicsWallah indicates a shift in India's edtech sector, potentially impacting business and technology. This development, worth around Rs 4,000 crore, marks a significant move in the finance sector, as it is the first venture-backed edtech company in India to receive SEBI's nod for an IPO.
