PhysicsWallah IPO receives 13 pc subscription on day 2

New Delhi, Nov 12 (PTI) The initial public offering of edtech unicorn PhysicsWallah received a lukewarm response from investors by garnering only 13 per cent subscription, a day before it closes on Thursday.

The bid will close on November 13.

The Rs 3,480-crore initial share sale received bids for 2,38,20,601 shares against 18,62,04,143 shares on offer, according to the NSE data.

The portion for retail individual investors received 58 per cent subscription, while the quota for non-institutional investors was subscribed 6 per cent.

However, qualified institutional buyers bid for just 6,302 shares out of 10,11,55,340 on offer.

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.

The company opted for the confidential pre-filing route, which allowed it to withhold public disclosure of IPO details until later stages.

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 HG SHW