India, Sept. 7 -- Edtech unicorn PhysicsWallah has filed its updated draft red herring prospectus with SEBI to raise INR 3,820 Cr through its initial public offering (IPO).

The IPO will include a fresh issue of up to of INR 3,100 Cr and an offer for sale (OFS) of up to INR 720 Cr by cofounders and promoters Alakh Pandey and Prateek Boob. Pandey and Boob will offload shares worth INR 360 Cr each.

The two cofounders hold 40.35% stake each in PhysicsWallah ahead of the IPO. WestBridge Capital, Hornbill Capital, GSV Ventures, Lightspeed are among the other major investors of the startup.

PhysicsWallah plans to utilise INR 460.6 Cr from the proceeds of the fresh issue to set up new offline and hybrid centres and INR 548.3 Cr to cover lease ...