New Delhi:Edtech unicorn PhysicsWallah is set to float its initial public offering (IPO) on November 11, targeting Rs 3,480 crore to fuel its expansion and growth initiatives.

The company's maiden public offering will conclude on November 13, and anchor investors will be allocated shares on November 10, according to the red herring prospectus (RHP) filed on Wednesday.

The upcoming IPO comprises a fresh issue of equity shares worth Rs 3,100 crore and an offer for sale (OFS) of shares aggregating up to Rs 380 crore by promoters, it showed.

Both promoters -- Alakh Pandey and Prateek Boob -- will each offload shares worth Rs 190 crore through the OFS. At present, both hold 40.31 per cent stake each in the company.

Noida-based PhysicsWallah filed draft papers in March with Sebi for an IPO through a confidential pre-filing route and received the market regulator's approval in July. Following this, the company filed an updated DRHP in September before filing an RHP.

The company opted for the confidential pre-filing route, which allowed it to withhold public disclosure of IPO details until later stages.

Of the fresh issue proceeds, PhysicsWallah said Rs 460.5 crore will go towards fit-outs of new offline and hybrid centres, and Rs 548.3 crore will be used for lease payments of existing centres.

Source:Ndtv