PhysicsWallah’s ₹1,563 crore anchor book oversubscribed 13 times; IPO opens today

Ahead of the opening of the IPO today, PhysicsWallah completed its anchor investment round on November 10, garnering an overwhelming response from institutional investors. The anchor book received bids worth nearly ₹20,000 crore at the upper end of the price band at ₹109 apiece, translating into oversubscription of 13x.

The edtech unicorn, co-founded by Alakh Pandey and Prateek Boob, raised ₹1,562.85 crore from 57 anchor investors by allotting 14.33 crore equity shares at ₹109 apiece, which saw participation from domestic as well as foreign institutional investors.

Of the total anchor allocation, 55.48%, or 7.95 crore shares, were allotted to 14 domestic mutual funds across 35 schemes. Key participants included ICICI Prudential MF, Kotak MF, Nippon India MF, Aditya Birla Sun Life MF, DSP MF, 360 ONE, Motilal Oswal MF, Tata MF, Bharti AXA MF, Edelweiss MF, and Canara Robeco MF, among others.

The issue also saw strong participation from global investors, such as Capital Research, Goldman Sachs Asset Management (GSAM), Fidelity, Franklin Templeton Global, Eastspring Investments, PineBridge, and White Oak Capital.

PhysicsWallah looks to raise ₹3,480 crore via the IPO route, eyeing a valuation of around ₹28,073 crore, based on the upper price band of ₹103–109 per share. The issue comprises a fresh issue of 28.44 crore shares aggregating to ₹3,100 crore and an offer for sale (OFS) of 3.49 crore shares worth ₹380 crore. The lot size is 137 shares, and the minimum investment for a retail investor is ₹14,933 for one lot.

The allotment of PhysicsWallah shares will be finalised on November 14, 2025, while the stocks are expected to make their debut on the BSE and NSE on November 18, 2025.

According to the offer document, up to 75% of the IPO is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and the remaining 10% for retail investors.

The company, known for its test preparation programs for JEE, NEET, GATE, and UPSC, plans to deploy the IPO proceeds from fresh equities towards a range of expansion and operational initiatives. It has proposed to invest ₹460.55 crore in capital expenditure for new offline and hybrid centers and ₹548.31 crore towards lease payments for existing centers.

Another ₹710 crore will be used for marketing initiatives, and ₹200.11 crore for server and cloud infrastructure. A portion of the proceeds will also be invested in subsidiaries such as Utkarsh Classes & Edutech Pvt. Ltd. and used to fund inorganic growth through acquisitions.

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