Mumbai, Sept. 8 -- PhysicsWallah Ltd, one of India's largest edtech platforms, has filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) of Rs.3,820 crore. The offering will comprise a fresh issue of Rs.3,100 crore and an offer for sale (OFS) of Rs.720 crore by its promoters. The OFS will see founders Alakh Pandey and Prateek Maheshwari (mentioned as Prateek Boob in official filings) sell up to Rs.360 crore worth of shares each. With the fresh capital raise, Physics Wallah plans to use IPO proceeds to open new offline centres (Rs.460 crore), cover lease costs (Rs.548 crore), invest in subsidiaries such as Xylem and Utkarsh (Rs.470 crore), build cloud and server infra (Rs.200 crore), and spend Rs.710 crore on marketing, according to the updated filings. However, it flagged risks such as high student concentration in test-prep categories, regulatory scrutiny in edtech, and intense competition in the segment. PhysicsWallah had earlier filed its draft IPO papers with the capital markets regulator Securities and Exchange Board of India (Sebi) through a confidential pre-filing route in March 2025. "The regulator had asked for certain changes post which the company was asked to post the updated DRHP publicly. The listing is still at least a couple months away," said a source in the direct knowledge. Founded in 2016 as a YouTube channel, PhysicsWallah has grown into a full-stack education company offering online and offline courses across K-12, NEET, JEE, UPSC, and state-level competitive exams, apart from a presence in other segments like study abroad, degree programmes, and upskilling courses. It operates a mix of online courses, hybrid centres, and test-prep institutes under brands including Knowledge Planet, Xylem Learning and Utkarsh Classes, targeting over 2 million students annually across Tier-II and Tier-III cities. The company has raised $312 million funding since its inception. In 2022, PhysicsWallah had raised $100 million from WestBridge and GSV Ventures, marking its entry into the unicorn club. It last raised $210 million in series B funding from Hornbill Capital and existing investors in September last year. The IPO comes as edtech firms turn to the public markets amid slower private funding flows. If successful, PhysicsWallah would be the first new-age edtech company to list. Mint had earlier in February reported edtech firms Classplus, Jaro Education, Lead, and Eruditus are in various stages of preparation to list on the bourses....