Strong Demand Drives 13x Oversubscription in Anchor Book
Edtech unicorn PhysicsWallah (PW) has raised ₹1,562.85 crore from 57 anchor investors at the upper price band of ₹109 per share, ahead of its much-anticipated ₹3,480 crore initial public offering (IPO). The anchor book attracted bids worth nearly ₹20,000 crore, signaling an oversubscription of around 13 times.
As per the company’s exchange filing, 14,33,80,733 equity shares were allotted to anchor investors at ₹109 per share. Of this, 7.95 crore shares (55.48%) were allocated to 14 domestic mutual funds across 35 schemes, contributing a total of ₹867 crore.
Top Domestic and Global Investors Join Anchor Round
Leading domestic institutions such as ICICI Prudential MF, Kotak MF, Nippon India MF, Aditya Birla Sun Life MF, DSP MF, Tata MF, and Canara Robeco MF participated in the anchor allocation.
Global investors, including Capital Research, Goldman Sachs Asset Management (GSAM), Fidelity, Franklin Templeton, PineBridge, Eastspring Investments, and White Oak Capital, also came on board, further validating investor confidence in the edtech company.
Last week, Think Investments infused ₹136 crore into PhysicsWallah via a secondary transaction at ₹127 per share, reflecting a 17% premium over the IPO’s upper price band.
IPO Details and Financial Snapshot
The IPO, opening on November 11, comprises a fresh issue of ₹3,100 crore and an offer-for-sale (OFS) worth ₹380 crore by co-founders Alakh Pandey and Prateek Boob. The issue is priced between ₹103–₹109 per share.
According to the RHP, PhysicsWallah’s FY25 operating revenue stood at ₹2,887 crore, with a net loss of ₹243 crore. For Q1 FY26, the company reported ₹847 crore in revenue and ₹127 crore in losses, as it continues to invest heavily in offline expansion and product development.
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