Highlights
PhysicsWallah Appoints Independent Directors for Compliance Ahead of Public Listing
PhysicsWallah has made the strategic decision to appoint three independent directors as part of its compliance with the Companies Act’s requirements for independence. This move comes in anticipation of filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
New Appointments and Board Changes at PhysicsWallah
The company’s board has formally approved a special resolution to bring on board Nitin Savara, Rachna Dikshit, and Deepak Amitabh as non-executive independent directors, as outlined in their regulatory filing. Furthermore, Alakh Pandey and Prateek Boob have been re-designated from executive directors to whole-time directors, with Alakh Pandey being appointed as the Chief Executive Officer (CEO) in a separate announcement.
In preparation for its public debut, PhysicsWallah has provided bonus shares to its existing shareholders at a ratio of 1:35, allowing shareholders to receive 35 bonus shares for each equity share they own. Previously, in December, the firm had initiated a resolution to transition to a public company, changing its name from PhysicsWallah Private Limited to PhysicsWallah Limited. This decision was made shortly after Amit Sachdeva’s appointment as the new Chief Finance Officer (CFO).
Catalysts for Future Growth and Listing Plans
Reports indicate that PhysicsWallah is securing the expertise of investment bankers for its forthcoming public listing. This event is poised to mark PhysicsWallah as the first edtech unicorn to make its presence felt on the stock exchanges.
Expansion and Financial Valuation
Since its inception nine years ago, PhysicsWallah has transformed into a comprehensive edtech platform, offering live and recorded lectures, test series, study materials, and offline hybrid centres. The company has successfully raised over $300 million to date, boasting a valuation of approximately $2.8 billion. Current media reports suggest that under the leadership of Alakh Pandey, the company aims to secure $500 million through its public offering, reaching a target valuation of $5 billion.
