Physicswallah, the fast-growing online (and increasingly offline) edu-tech company, will open for IPO subscription from November 11 to 13. At the higher price-band of ₹109 per share, the company will be valued at ₹31,500 crore. With FY25 financials this represents a price to sales of 10.9 times and EV/EBITDA of 162 times. Based on adjusted EBITDA (adjusted for share-based payments, revaluation of financial instruments and exceptional items) the valuations simmer down to 73 times EV to adj. EBITDA.

Investors must track the path to profitability before investing in the company. The online platform has shown strong growth, but the offline segment with physical centres (while fast growing) will impact profitability in the medium term. The highly competitive pricing of its services and India’s

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