Shardul Amarchand Mangaldas & Co. (SAM) advised Physicswallah Limited (“Physicswallah”) on its ₹3,480 crore (US$ 392 million) Initial Public Offering, comprising a fresh issue and an offer for sale by the promoter selling shareholders, Alakh Pandey and Prateek Boob. The equity shares are proposed to be listed on BSE and NSE on November 18, 2025.
This landmark transaction is the largest IPO by an education and technology company in India to date. The IPO was undertaken under SEBI’s confidential filing mechanism and witnessed strong investor interest, with an overall subscription of over 1.81x, including QIB demand of over 2.70x.
The Transaction Team was led by Prashant Gupta, National Practice Head — Capital Markets, along with Abhiroop Amitava Datta, Partner; Kamiya Marwah, Senior Associate; Rishika Sharma, Senior Associate; and Aishwariya Chaturvedi, Associate.
Legal Counsel to the Selling Shareholders were Manjari Tyagi, Partner; Jheel Bhargava, Senior Associate; and Bhumika Panigrahi, Associate.
Corporate Matters advisory team was led by Manish Gupta, Partner — General Corporate; and Ashish Ahluwalia, Partner — General Corporate.