Edtech unicorn PhysicsWallah has appointed three independent directors to ensure compliance with the Companies Act’s independence requirements ahead of filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
The board at PhysicsWallah has passed a special resolution to appoint Nitin Savara, Rachna Dikshit, and Deepak Amitabh as non-executive independent directors, according to its regulatory filing.
The board has also re-designated Alakh Pandey and Prateek Boob from executive directors to whole-time directors while appointing Alakh Pandey as the Chief Executive Officer (CEO), as per a separate filing.
Ahead of its public listing, PhysicsWallah has issued bonus shares to all its shareholders in a 1:35 ratio, meaning shareholders will receive 35 bonus shares for every equity share they hold.
The firm had already approved a resolution to change its status to a public company and rename itself from PhysicsWallah Private Limited to PhysicsWallah Limited in December. This development came a month after the appointment of Amit Sachdeva as its new Chief Finance Officer (CFO).
PhysicsWallah has reportedly appointed investment bankers for its upcoming public listing, and it is likely to be the first edtech unicorn to be listed on the bourses.
The nine-year-old PhysicsWallah has expanded into a full-fledged edtech platform offering live and recorded lectures, test series, study materials, and offline hybrid centers. The firm has raised over $300 million to date and was valued at around $2.8 billion.
Media reports also suggest that the Alakh Pandey-led company is targeting to raise $500 million at a valuation of $5 billion in the public listing.