It’s been a blockbuster week for startup IPOs. Lenskart and Groww wrapped up their public listings, together pulling in nearly INR 14,000 Cr. Hot on the heels, Pine Labs hit the markets with its INR 3,900 Cr IPO.

But now, all eyes are on edtech unicorn PhysicsWallah, which is gearing up for its big moment. With a price band of INR 103–INR 109 per share, the company will open its IPO on Tuesday, marking the final stretch of its journey to Dalal Street.

A quick recap: The edtech major filed its RHP earlier this week for an INR 3,480 Cr public listing, comprising a fresh issue of shares worth INR 3,100 Cr and an OFS of up to INR 380 Cr. The promoters of the company, Alakh Pandey and Prateek Maheshwari, have slashed their OFS from INR 720 Cr to INR 380 Cr, signalling that they want to have more skin in the game.

Against this backdrop, let’s understand the merits and, of course, demerits that the edtech commands when it is all decked up to walk down the D-Street aisle.

The Brave Offline Bet

What stands out about the startup is its swift business pivot. In just a few years, PW has evolved from an online-first venture into a largely offline player.

However, at a time when much of India’s edtech ecosystem is downsizing, consolidating, or struggling to sustain scale, offline expansion has become central to PW’s growth narrative.

And the bet is brave.

This is also probably why the edtech unicorn has stirred up a storm in the grey market. Grey market indicators peg........

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