PhysicsWallah Raises INR 1,562.85 Cr from Anchor Investors Ahead of IPO Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited and Axis Capital Limited are the bankers to the issue.
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Edtech firm PhysicsWallah has raised INR 1,562.85 crore from 57 anchor investors at the upper price band of INR 109 per share, ahead of its initial public offering (IPO).
The anchor portion attracted strong interest, receiving bids worth nearly INR 20,000 crore, which translates to an oversubscription of around 13 times.
According to the company's filing with the stock exchanges, 14,33,80,733 equity shares were allotted to anchor investors at INR 109 per share for the stated amount. Out of this, 7.95 crore shares, accounting for about 55 percent of the anchor book, were allocated to 14 domestic mutual funds across 35 schemes. These domestic funds collectively invested around INR 867 crore.
Major domestic participants included ICICI Prudential Mutual Fund, Kotak Mutual Fund, Nippon India Mutual Fund, Aditya Birla Sun Life Mutual Fund, DSP Mutual Fund, Motilal Oswal Mutual Fund, 360 ONE, Tata Mutual Fund, Bharti AXA Life, Edelweiss Mutual Fund, and Canara Robeco Mutual Fund.
The issue also saw strong demand from several global institutional investors. International participants included Capital Research, Goldman Sachs Asset Management, Fidelity, Franklin Templeton, PineBridge, Eastspring Investments, and White Oak Capital.
Recently, global investment firm Think Investments invested INR 136 crore in PhysicsWallah through a secondary share transaction at INR 127 per share. This price represents a 17 percent premium over the IPO's upper band of INR 109.
PhysicsWallah plans to open its INR 3,480 crore IPO on November 11. The issue includes a fresh share sale worth INR 3,100 crore and an offer for sale of INR 380 crore by co-founders Alakh Pandey and Prateek Boob. The issue is priced between INR 103 and INR 109 per share, valuing the company at over INR 31,500 crore at the upper range.
For FY25, the company reported operating revenue of INR 2,887 crore and a loss of INR 243 crore. In the first quarter of FY26, it posted revenue of INR 847 crore and a loss of INR 127 crore.
