Mumbai, Nov. 6 -- PhysicsWallah Ltd's founders have kept their initial public offering (IPO) valuation goal modest, only slightly above the edtech's previous fundraise, to leave enough value on the table for incoming investors.

Private equity firm WestBridge Capital-backed edtech PhysicsWallah, which heads to the IPO street later this week, has set a price band of Rs.103- Rs.109 per share, targetting a valuation of around Rs.31,170 crore ($3.7 billion) at the upper end-the same as its February private funding round, as reported by Mint, and higher than its last publicly disclosed valuation of $2.8 billion in September 2024.

The edtech has also trimmed the size of its offer for sale (OFS) to Rs.380 crore from Rs.720 crore earlier, with b...