PhysicsWallah IPO got fully subscribed on final day of bidding

New Delhi, Nov 13 (PTI) The initial public offering of edtech unicorn PhysicsWallah got fully subscribed on the last day of the initial share sale on Thursday.

The Rs 3,480-crore initial share sale received bids for 20,84,88,107 shares, as against 18,62,04,143 shares on offer, translating to 1.12 times subscription, as per information available on the NSE till 13:50 hours.

Qualified institutional buyers, who showed limited interest in the first two days, have so far subscribed 1.63 times their allotted quota, while the portion for retail individual investors has received 86 per cent subscription.

The quota for non-institutional investors received 25 per cent subscription.

On Wednesday, the initial public offering (IPO) of PhysicsWallah received a lukewarm response from investors, garnering only 13 per cent subscription.

On Monday, PhysicsWallah said it has raised Rs 1,563 crore from anchor investors.

This will be the first major pure-play edtech company to list on the country's bourses.

The company fixed a price band of Rs 103-109 per share for its IPO, which may peg its valuation at over Rs 31,500 crore at the upper end.

The IPO comprises a fresh issue of equity shares worth Rs 3,100 crore and an Offer for Sale (OFS) of up to Rs 380 crore by the promoters.

Both promoters, Alakh Pandey and Prateek Boob, will each offload shares worth Rs 190 crore through the OFS. At present, both hold 40.31 per cent stake each in the company.

The Noida-based PhysicsWallah filed draft papers with Sebi in March for an IPO via the confidential pre-filing route and received the regulator's approval in July. Following this, the company filed an updated DRHP in September before filing an RHP.

Funds will be used to fuel the company's expansion and growth initiatives.

PhysicsWallah offers test preparation courses for competitive exams focusing on JEE, NEET, GATE and UPSC, along with upskilling programmes, delivered through online platforms (YouTube, website, and apps), tech-enabled offline centres, and hybrid centres that combine online teaching with in-person support.

The company, which is backed by WestBridge Capital, Hornbill, and GSV Ventures, narrowed its losses to Rs 243 crore in the year ended March 2025, from Rs 1,131 crore in the preceding year.

However, revenue rose to Rs 2,887 crore, up from Rs 1,941 crore in the same period.

PhysicsWallah will make its stock market debut on November 18. PTI HG DRR