The Securities and Exchange Board of India (SEBI) has approved the pre-filing of draft initial public offering (IPO) papers by edtech firm PhysicsWallah, according to a notification on the regulator's website on Thursday.
The pre-filing route allows companies to submit draft IPO documents confidentially for regulatory review before making them public.
PhysicsWallah filed draft papers with the SEBI through the confidential route, the Times of India newspaper reported in March, citing sources.
The company is planning to raise about Rs 46 billion ($532.8 million) through the offering, which comprises both a fresh issue of shares as well as shares on offer for sale, the report added.
The IPO market, which had a slow start to the year, has recently gained traction, with about 10 company listings on the bourses in July so far and three more IPOs currently open.
The regulator has approved IPOs of companies including WeWork India, Veeda Clinical Research and Seedworks International, among others, in July.
