India, Nov. 6 -- PhysicsWallah Ltd. has announced its IPO price that pegs its valuation at $3.2 billion, even as founders of the edtech startup sell fewer shares.

On offer in the PhysicsWallah IPO are 31.93 crore shares-28.44 crore fresh and 3.49 crore via an offer for sale-in a price band of Rs.103-109 to raise as much as Rs.3,480 crore, according to the red-herring prospectus released on Thursday. That pegs the valuation at Rs.28,073 crore (about $3.2 billion), up from $2.8 billion in September 2024. The OFS size has reduced as founders Alakh Pandey and Prateek Boob are offloading stock worth Rs.380 crore as against Rs.720 crore planned earlier.

The company plans to use the IPO proceeds for expansion-new offline and hybrid tuition cen...