Physicswallah fixed price band for ₹3,480 crore IPO; Details here

Physicswallah Ltd., the edtech services provider has fixed the price band for its upcoming ₹3,480 crore Initial Public Offering (IPO) on Thursday, November 6.

The company has fixed the price band of its IPO between ₹103 to ₹109 per share. Three day issue will open for subscription on Tuesday, November 11, and close on Thursday, November 13.

Physicswallah's IPO will be a combination of a fresh issue of shares worth ₹3,100 crore, along with an Offer For Sale (OFS) component worth ₹380 crore.

75% of the issue has been reserved for Qualified Institutional Bidders (QIBs), as has been the trend with some of the recent IPOs, while only 10% of the issue is reserved for retail investors.

Retail investors can bid for one lot of 137 shares, which will entail a minimum investment of ₹14,933. Bids can then be made in multiples of 137 shares thereafter. Eligible employees will also have a discount of ₹10 per share.

At the upper end of the price band, Physicswallah is likely to have a post-issue market capitalization of ₹31,169 crore.

Promoter holding after the IPO will fall to 72.3% from 81.6% currently. Kotak Capital, JPMorgan India, Goldman Sachs (India) and Axis Capital are the Book Running Lead Managers for the issue.

Allotment of shares will take place on November 14, while the stock is likely to make its debut on the bourses on November 18.

WestBridge Capital, GSV Ventures, Hornbill Capital, and Lightspeed Venture Partners are some key investors in the company.

Physicswallah was started by Alakh Pandey in 2016. A physics teacher and college dropout, Pandey began uploading free educational videos to a YouTube. The channel grew popular during the Covid-19 pandemic and now the company operates a total of 303 total offline centers across 152 cities in India and the Middle East.