Allen Career Institute, backed by James Murdoch and Uday Shankar, is evaluating a potential initial public offering (IPO) in Mumbai, according to sources familiar with the development.
The Rajasthan-founded test-prep giant is currently in discussions with investment banks and is expected to appoint advisors soon. However, deliberations remain ongoing, and the company may choose not to proceed with the listing.
In 2022, Bodhi Tree Systems acquired a 36% stake in Allen for $600 million, signaling strong investor confidence in India’s test preparation and education services sector.
Founded in 1988, Allen has built a dominant presence in competitive exam coaching, operating across 78 cities with over 400 test centers.
The development comes amid evolving IPO market dynamics. While India saw a record $22 billion raised via IPOs in 2025, activity has moderated in 2026, with around $3.1 billion raised so far.
Meanwhile, government-backed Invest India projects the country’s edtech industry to reach $29 billion by 2030, underscoring long-term growth potential.
.jpg)
