Mumbai-based professional education company Imarticus Learning is preparing to take the confidential route to the stock market, with plans to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) within the next two to three months for an initial public offering of about ₹1,000 crore, according to a report by Inc42 citing people familiar with the matter.
The proposed issue is a step up from the ₹750 crore listing the company had been working towards earlier. It is expected to combine a fresh issue of shares with an offer for sale (OFS) by existing shareholders, though the final size, structure and valuation have not been confirmed. Imarticus had not publicly commented on the report at the time of writing.
Where the money is expected to go
Proceeds are expected to fund both organic growth and acquisitions. On the organic side, the plan reportedly includes:
- more Centres of Excellence (CoEs) for industry-linked training;
- new programmes at the Imarticus School of Finance and Business (ISFB), its industry-led higher education institution; and
- a larger enterprise (B2B) training and workforce-development business.
An acquisitive run-up to the listing
The IPO plans follow a busy year of expansion. In July 2026, Imarticus announced the acquisition of Singapore’s BELLS Institute of Higher Learning in a deal reported at around ₹800 crore, giving it a base for growth across Southeast Asia and adding capabilities in enterprise learning, AI, data analytics and workforce development. The company has said it will launch a BELLS School of AI with courses in machine learning, AI for finance and fintech, and business transformation.
At home, Imarticus opened a Centre of Excellence focused on India’s capital markets in August 2026, a year after launching ISFB with an inaugural undergraduate cohort of 50 students. In 2025 it bought digital-skills platform MyCaptain in a ₹50 crore cash-and-stock deal.
Founded in 2012 by Nikhil Barshikar and Sonya Hooja, Imarticus offers career-focused programmes in finance, banking, analytics, technology, marketing and management to students and working professionals, alongside corporate training and e-learning for enterprises. The company has previously described itself as profitable, and reported revenue of ₹205 crore in FY25, according to earlier coverage of its listing plans.
Why it matters for Indian edtech
The move comes as India’s edtech sector emerges from a long funding slowdown and a wave of consolidation. PhysicsWallah listed in November 2025 with a ₹3,480 crore IPO, while upGrad completed its acquisition of Unacademy in September 2026 at a reported valuation of just over $200 million, a fraction of its former peak.
A successful Imarticus listing would add a profitable, outcomes-led skilling player to the public markets at a time when investors are rewarding employability and placement-linked models over pure-play online content. Confidential pre-filing, permitted by SEBI, also lets the company respond to regulatory observations before its financial details become public.
The next milestones to watch are the formal DRHP filing, disclosure of audited financials, and the final offer structure.
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