Upcoming IPO Stars: PhysicsWallah, Tata Capital, Groww, LG Gear Up for Market Debuts

India’s Securities and Exchange Board (SEBI) has approved the initial public offering (IPO) of PhysicsWallah, making it the first edtech company in the country to receive such clearance. The approval was granted under the regulator’s confidential pre-filing route and came just four months after the company submitted its draft red herring prospectus (DRHP) in March 2025.

Seven Companies Receive SEBI Clearance in July.

PhysicsWallah is one of seven companies to receive SEBI’s go-ahead in July. Others include Saatvik Green Energy, Vinir Engineering, Pranav Constructions, Fujiyama Power Systems, SIS Cash Services, and Anlon Healthcare. These companies had filed their IPO documents between January and April this year and received SEBI’s observations between July 14 and 18. In SEBI’s terms, issuing an “observation” signifies approval to proceed with a public issue. In contrast, Gaudium IVF and Women's Health, which submitted its IPO papers in January, has decided to withdraw its draft documents.

PhysicsWallah’s IPO, expected to raise approximately ₹4,600 crore (around $531 million), includes a combination of fresh capital and an offer for sale (OFS). The company, backed by investors such as WestBridge Capital, Lightspeed, and GSV Ventures, is reportedly targeting a valuation of around $3.7 billion (₹35,000–₹40,000 crore). The company has made several strategic moves since filing its DRHP. These include launching its AI-based learning tool Aryabhata 1.0, signing an MoU with the Delhi government to offer free NEET and CUET coaching to over 1.6 lakh students, and appointing Satish Sharma as its new Chief Marketing Officer. It also completed its transition to a public limited company, a mandatory step for listing.

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On the financial front, PhysicsWallah reported a steep rise in its net loss for FY24 to ₹1,131.2 crore, compared to ₹84.06 crore in FY23. However, its revenue surged 2.6 times, reaching ₹1,940.4 crore. A significant portion of this growth came from its offline learning centres, which contributed over ₹1,000 crore.

Despite ongoing fundraising challenges in the edtech sector, PhysicsWallah’s upcoming IPO may signal a turning point for new-age tech startups. It follows the confidential filing route recently adopted by other tech firms such as boAt, Shadowfax, and Snapdeal’s parent company, AceVector.

Tata Capital IPO

Tata Capital is expected to file an updated DRHP and launch its IPO in H2 2026. The Tata Group company plans to raise around $2.2 billion and aims for a valuation of $18–$20 billion. If successful, it will be the largest IPO in India’s financial services sector and the second market debut from the Tata Group in recent years, following Tata Technologies' listing in November 2023.

LG Electronics IPO

LG Electronics India is set to revive its IPO plans as early as September 2025. The proposed issue is a ₹15,000 crore OFS, offering 10.18 crore shares by its South Korean parent. There is no fresh issue component. A leader in the home appliances and consumer electronics space, LG aims to strengthen market presence and unlock value for its stakeholders through this listing.

Groww IPO

Fintech and stockbroking platform Groww has filed a confidential DRHP with SEBI for a $700 million to $1 billion IPO. The offering will include both fresh equity issuance and an OFS. Proceeds will be used to enhance technology capabilities and fuel business expansion. Lead book runners include JP Morgan, Citigroup, Kotak, Motilal Oswal, and Axis Capital.

Conclusion

PhysicsWallah’s SEBI clearance for its IPO marks a significant milestone, not just for the company but for the broader Indian edtech ecosystem. As the first player from the sector to move towards a public listing, it sets the stage for others to follow, even amid broader sectoral headwinds. With six more companies also cleared, India’s IPO pipeline continues to grow stronger heading into 2025.