PhysicsWallah IPO Day 1 Live Updates: Edtech Unicorn Bets Big On Offline Expansion
PhysicsWallah, which remains bullish on the online medium of education, is also betting big on its offline expansion by opening new learning centres in cities where demand is high, its co-founder and CEO Alakh Pandey said.
Explaining the strategy, Pandey said the company is following a hyperlocal approach, setting up city-level hubs and learning centres in regions where it currently lacks a direct presence.
This move will allow students to access PhysicsWallah's services in their own hometowns, reducing the need to migrate to larger cities for quality coaching, he added.
PhysicsWallah IPO Day 1 Live Updates: Mutual Funds Acquires Stake
A total of 14 mutual funds subscribed through 35 schemes, representing 55% of the anchor allocation. They include ICICI Prudential, Motilal Oswal, Tata Mutual Fund, Edelweiss, Aditya Birla Sun Life and Kotak Mutual Fund.
American investment management giant Capital Group secured 9.9% of the anchor book issue through affiliate Smallcap World Fund, Inc.
Goldman Sachs, Fidelity, Abu Dhabi Investment Council, and PineBridge Investments LLC are the marquee foreign investors in the pre-IPO fundraise.
PhysicsWallah IPO Day 1 Live Updates: Subscription Status
The PhysicsWallah IPO has been subscribed 4% as of 11:50 a.m. on Tuesday.
Qualified Institutional Buyers (QIBs): 0 times.
Non-Institutional Investors (NIIS): 0.01 times or 1%.
Retail Individual Investors: 0.18 times or 18%.
Employee Reserved: 0.52 times or 52%.
PhysicsWallah IPO Day 1 Live Updates: Anchor Round Garners Over Rs 1,500 Crore
Mutual funds secured more than half the allocation of PhysicsWallah Ltd. shares in the pre-IPO anchor round on Monday. The mainboard issue is set to open on Nov. 11.
The company raised Rs 1,560 crore from anchor investors. It allotted 14,33,80,733 shares at Rs 109 apiece to 57 entities.
PhysicsWallah IPO Day 1 Live Updates: AI Impact
PhyscicsWallah co-founder, Prateek Maheshwari said artificial intelligence has made learning hyper-personalised. He claimed AI has solved over four crore queries on their platform with 88% accuracy. The company has built up a 100-strong team for AI.
The entrepreneur, however, does not think an AI tutor can ever replace a human teacher in the near future. "If it comes, we will be at the forefront as we have the data and team to crack it," he said.
PhysicsWallah IPO Day 1 Live Updates: South India Expansion Plan
Ed-tech firm PhysicsWallah Ltd. will expand in southern India using the capital boost from the initial public offering, co-founder Prateek Maheshwari said.
"This will be the first midcap education company IPO in India. We are strong in the Hindi heartland and want to expand in southern India," Maheshwari told NDTV Profit.
"This listing will allow us to tap that part of the country. We will have access to large capital, which will allow us to consolidate the market in future," he said.
PhysicsWallah IPO Day 1 Live Updates: Subscription Status
The PhysicsWallah IPO has been subscribed 2% as of 10:30 a.m. on Tuesday.
Qualified Institutional Buyers (QIBs): 0 times.
Non-Institutional Investors (NIIS): 0.01 times or 1%.
Retail Individual Investors: 0.07 times or 7%.
Employee Reserved: 0.11 times or 11%.
PhysicsWallah IPO Day 1 Live Updates: Proceeds Usage
PhysicsWallah will utilise the proceeds from the IPO fresh issue for various purposes. It will use Rs 710 crore for marketing initiatives, Rs 548 crore for lease payments of existing identified offline and hybrid centres operated by the company, Rs 460 crore for capital expenditure for fit-outs of new offline and hybrid centres, and Rs 471 crore for investment in subsidiary Xylem Learning Pvt.
The company plans to spend this Rs 700 crore over a span of three years.
PhysicsWallah IPO Day 1 Live Updates: Check GMP
After Lenskart and Groww IPOs the focus has now moved to Physics Wallah. Just before the IPO opens the latest GMP stood at Rs 3 as of 8:35 a.m. on Tuesday. With an upper price band of Rs 109 per share, the estimated listing price is likely to be Rs 112, as per the latest GMP. This implies an expected listing gain of 3.75% per share for the PhysicsWallah IPO investors.
Note: GMP does not represent official data and is based on speculation. GMP data as per InvestorGain.
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