MUMBAI: The Noida-based online education platform Physicswallah, backed by WestBridge Capital, Hornbill, and GSV Ventures, has filed updated draft IPO papers with the regulator Sebi, seeking its nod to raise Rs 3,820 crore through an initial share sale.
The edu-tech firm offers test preparation courses for competitive examinations and courses for upskilling.
The issue comprises mostly of fresh issues of shares worth Rs 3,100 crore, while the promoters Alakh Pandey and Prateek Boob are selling Rs 720 crore via the offer-for-sale route, according to the updated papers on Sunday.
The promoters currently hold 82.3% of Physicswallah, with Alakh and Prateek having 40.35% shareholding each, while public shareholding is 17.7%.
Westbridge AIF I, the venture capital fund managed by the Mauritius-based investment firm Westbridge Capital, is the largest external shareholder with a 6.41% stake, followed by Hornbill Capital Partners with 4.42%.
The US-based venture capital firm GSV Ventures holds 2.85%, Lightspeed Opportunity Fund owns 1.79%, and Setu AIF Trust owns 1.39%.
The Sebi had approved its pre-filing of draft red herring prospectus in July under a confidential pre-filing route, which allows companies to get regulatory review before making them public.
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