PhysicsWallah’s IPO prospectus features a rogue student and a flying slipper as risk—yes, really

Hold tight for one of the quirkiest risks you’ll ever read in an IPO filing. In 2023, during a routine video class, a student at PhysicsWallah reportedly whipped out a slipper mid-call, brandishing it like a medieval weapon at a beleaguered faculty member. Yes, you read that right—chappal chaos in an ed-tech startup’s IPO filing.

PhysicsWallah’s Draft Red Herring Prospectus (DRHP) flags this bizarre incident as a serious operational and reputational risk, especially for their expanding offline centres. With a huge ₹3,820 crore IPO riding on their physical growth strategy, it seems the company might have to dodge more than just exam questions—potentially flying footwear too.

India’s ed-tech sector hasn’t had an easy ride lately. Heavyweights like Unacademy and Vedantu have trimmed staff, while Byju’s, once valued at a staggering $22 billion, is now struggling with insolvency pressures from US lenders.

PhysicsWallah, meanwhile, is betting on a hybrid model with a strong offline presence. Founders Alakh Pandey and Prateek Boob are set to offer significant stakes in their public market debut, hoping their viral popularity translates into investor confidence. But as the slipper incident shows, managing young students isn’t always textbook stuff.

Beyond the usual IPO risk list—think faculty turnover, competition and exam results—the prospectus reads like a reality TV script. From slipper-wielding students to “staff-pushing” incidents, the company is refreshingly upfront about the unpredictable challenges of running physical classrooms.

If PhysicsWallah can turn this flying slipper fiasco into sustained growth, it won’t just be a lesson in resilience—it might also teach investors how to duck the unexpected. One thing’s for sure: this IPO is far from dull.