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PhysicsWallah lists at Rs 145 with 33% premium on stock exchange

EntrackrEntrackr · 4h ago
PhysicsWallah lists at Rs 145 with 33% premium on stock exchange
Medial

PhysicsWallah lists at Rs 145 with 33% premium on stock exchange Edtech unicorn PhysicsWallah made a stronger-than-expected public market debut on Tuesday, listing at Rs 145 per share on the NSE, a 33% premium over its issue price of Rs 109. On the BSE, the stock opened marginally lower at Rs 143. PhysicsWallah’s IPO, which was open for subscription between November 11–13, had a price band of Rs 103–109 with a minimum investment size of Rs 14,111. The Rs 3,480 crore issue consisted of a Rs 3,100 crore fresh issue and an OFS of Rs 380 crore. The offer saw a modest response with overall subscription at 1.8X, driven primarily by institutional participation. The retail portion was subscribed 1.05X, while QIBs (excluding anchors) subscribed 2.7X. The company has lined up a sizeable expansion plan. As per its RHP, the fresh proceeds will be deployed to scale PW’s offline footprint, bolster its tech infrastructure, and pursue acquisitions across test prep and skilling categories. Ahead of the listing, PhysicsWallah raised Rs 1,563 crore from anchor investors, attracting domestic mutual funds including ICICI Prudential MF, Kotak MF, Nippon MF, and global names such as Fidelity. Founded in 2020, PhysicsWallah has emerged as one of the few profitable large-scale players in India’s edtech ecosystem, even as the sector battles a prolonged funding downturn. The company operates more than 500 offline centres under the Vidyapeeth and Pathshala brands and claims over 1 crore monthly active users across its digital properties. Financially, the startup posted Rs 2,887 crore revenue with Rs 243 crore loss in FY25. In Q1 FY26, it clocked Rs 847 crore revenue while losses widened to Rs 127 crore. PhysicsWallah is now the first Indian edtech company to deliver meaningful listing gains to its investors. The stock was trading at Rs 155.5 as of 10:00 AM, translating into a 38% premium over its issue price.

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Indiqube Spaces lists at discount; market cap hovers at Rs 4,400 Cr

EntrackrEntrackr · 3m ago
Indiqube Spaces lists at discount; market cap hovers at Rs 4,400 Cr
Medial

Indiqube Spaces lists at discount; market cap hovers at Rs 4,400 Cr Flexible workspace provider Indiqube Spaces made a muffled debut on the stock exchange on Wednesday, listing at Rs 216 on the NSE (National Stock Exchange), a 9% discount to its issue price of Rs 237. While the listing saw a strong response to its Rs 700 crore public offer, which included Rs 650 crore of new shares and Rs 50 crore sold by existing investors, the issue was oversubscribed more than 12 times. Most of the demand came from large institutional investors. At the same time, retail investors bid nearly 13 times the number of shares available to them, while the non-institutional (high-net-worth) category was subscribed to over 8 times. Founded in 2015, Indiqube provides managed workspace solutions to startups, enterprises, and SMEs, with a presence across major Indian cities. The company plans to use the IPO proceeds primarily to repay debt, fund capex, and for general corporate purposes. The tepid listing puts pressure on the company to deliver on its growth plans amid increasing competition in the flexible office segment. While the IPO attracted marquee anchor investors, with investments of Rs 374 crore from HDFC MF, ICICI Pru, Nippon Life, and White Oak, public market investors appear to be treading cautiously. Financially, IndiQube reported a 27.5% YoY revenue growth, clocking Rs 1,059 crore in FY25, compared to Rs 830 crore in FY24. The company also cut its losses by 59% to Rs 139.5 crore, from Rs 341.5 crore a fiscal earlier. Indiqube was trading at Rs 210.85 (as of 11.15 AM) on NSE with a total market capitalization of Rs 4,428 crore (approximately $521 million). It competes with Awfis, which debuted on the stock exchanges in May last year with a strong listing, opening at a 13% premium to its issue price. Smartworks, which went public earlier this month, also saw a positive start, listing at a 7% premium.

Edtech unicorn PhysicsWallah receives SEBI nod for IPO

EntrackrEntrackr · 3m ago
Edtech unicorn PhysicsWallah receives SEBI nod for IPO
Medial

Edtech unicorn PhysicsWallah receives SEBI nod for IPO Backed by investors including Lightspeed, WestBridge, Hornbill Capital, and GSV Ventures, PhysicsWallah has an estimated valuation of $2.8 billion. Edtech unicorn PhysicsWallah has received approval from the Securities and Exchange Board of India (SEBI) for its pre-IPO draft filing, clearing a major regulatory hurdle on its path to public markets. The Noida-based company submitted its draft under SEBI’s confidential route in March this year. With this approval, PhysicsWallah is set to raise around Rs 4,600 crore (about $533 million) through a mix of fresh issuance and an offer for sale, joining the pipeline of new-age tech firms eyeing the bourses in 2025. Backed by investors including Lightspeed, WestBridge, Hornbill Capital, and GSV Ventures, PhysicsWallah has an estimated valuation of $2.8 billion. It will also become the first edtech unicorn to hit the stock exchange. In March, the company inducted three independent directors to its board to align with public company norms and best practices. Last month, it also appointed Satish Sharma as Chief Marketing Officer to bolster its brand strategy and expansion plans. PhysicsWallah also completed its conversion to a public entity this year, a prerequisite for listing on the Indian stock exchanges. The move is part of the company’s broader strategy to institutionalize operations as it prepares for public scrutiny and capital market participation. While the company has yet to file its annual financial statements for FY25, it posted revenue of Rs 1,940.4 crore for FY24 with a loss of Rs 375 crore. The company has a deep focus on offline operations and expects to clock more than Rs 1,000 crore in revenue from this segment. It also plans to open more centres in both existing and new cities. The development comes at a time when the edtech sector is struggling in terms of fundraising and scaling. However, PhysicsWallah’s IPO will mark a significant milestone for the Indian edtech sector, potentially paving the way for more tech startups to test the public markets.

Exclusive: PhysicsWallah–Drishti IAS acquisition deal called off

EntrackrEntrackr · 5m ago
Exclusive: PhysicsWallah–Drishti IAS acquisition deal called off
Medial

Exclusive: PhysicsWallah–Drishti IAS acquisition deal called off In April 2025, Entrackr exclusively reported that PhysicsWallah was evaluating acquisitions to strengthen its presence in the Union Public Service Commission (UPSC) test preparation segment. The highly anticipated acquisition of Drishti IAS by edtech unicorn PhysicsWallah has been called off, according to two sources. The deal was in advanced stages but did not materialize due to multiple reasons. The deal was estimated at Rs 2,500-Rs 3,000 crore. Drishti IAS, along with other institutes like Chaitanya Academy, Rau's IAS Study Circle, and Sarrthi IAS were among the assets being considered for potential acquisition. “Drishti IAS considered the proposal after being approached by PhysicsWallah, but given its strong revenue and profitability, the company has decided to continue operating independently and is not looking to raise external funding and acquisition," said one of the sources requesting anonymity. Drishti IAS, founded in 1999, has established itself as a leading player in civil services preparation, particularly for Hindi-medium students. The Delhi-based institute reported a revenue of Rs 405 crore and a profit after tax of Rs 90 crore in FY24. Sources added that Drishti is expected to close FY25 with a decent growth in revenue as well as profit. PhysicsWallah, known for its affordable online coaching, has been expanding its offerings beyond engineering and medical entrance exams into the competitive UPSC coaching space. The potential acquisition of Drishti IAS was seen as a strategic move to bolster its offline presence and diversify its portfolio ahead of its planned IPO. PhysicsWallah declined to comment on the story, while Drishti IAS did not respond to queries until the time of publication. Media reports suggest that PhysicsWallah filed draft papers via confidential route in March to raise Rs 4,600 crore through an initial public offering (IPO). If successful, it will become the first edtech unicorn to be listed on the stock exchange.

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