PhysicsWallah Ltd. share price slumped over 15% two days after it was listed on the exchanges. The share price declined as much as 15.40% to Rs 121.22 apiece so far today.
Delhi-based leading ed-tech company PhysicsWallah Ltd. listed on the National Stock Exchange at Rs 145, a 33.03% premium over its issue price of Rs 109 apiece on Tuesday.
On the BSE, the stock listed at Rs 143.10 apiece, marking a premium of 31.28%.
PhysicsWallah's Rs 3,100 crore initial public offer comprising a fresh issue, along with co-founders Alakh Pandey and Prateek Maheshwari selling equity worth Rs 380 crore via an offer-for-sale. Both founders own over 80% stake.
The mainboard IPO comprises a fresh issue of 28.44 crore shares, valued at Rs 3,100 crore, and an offer for sale (OFS) of 3.49 crore shares, amounting to Rs 380 crore. The IPO price band was fixed at Rs 103-Rs 109 per share.
PhysicsWallah intends to utilise the proceeds from the 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 centers operated by the company, Rs 460 crore for capital expenditure for fit-outs of new offline and hybrid centers, and Rs 471 crore for investment in subsidiary Xylem Learning Pvt.
PhysicsWallah share price has been declined after listing at a premium for second session. As of 1:36 p.m., the stock was trading 8.99% down at Rs 130.31 apiece, as compared to 0.57% advance in the NSE Nifty 50 index.
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