- Lightspeed Venture Partners sold its entire 1.61% stake in PhysicsWallah for Rs 550 crore
- The sale involved 4.67 crore shares at Rs 117.72 each via block deals on the open market
- ICICI Prudential Mutual Fund was the largest buyer, acquiring 2.2 crore shares worth Rs 259 crore
Lightspeed Venture Partners has fully exited edtech company PhysicsWallah after selling its entire holding for nearly Rs 550 crore through block deals on Wednesday. The transaction saw a group of domestic and global institutional investors take the other side of the trade.
According to National Stock Exchange data, Lightspeed Opportunity Fund II LP sold 4.67 crore shares of PhysicsWallah at Rs 117.72 apiece. The transaction was valued at around Rs 549.73 crore and represented a 1.61% stake in the company.
The shares changed hands through open market transactions, with 12 institutional investors emerging as buyers.
ICICI Prudential Mutual Fund was the largest buyer, picking up 2.2 crore shares. The purchase represented about 0.75% of PhysicsWallah's paid-up equity and was valued at nearly Rs 258.98 crore.
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Goldman Sachs was another major participant. Its five investment schemes together acquired 89.67 lakh shares, equivalent to a 0.30% stake, for approximately Rs 105.56 crore.
Other investors participating in the block transactions included Morgan Stanley Asia Singapore, Societe Generale, Citigroup Global Markets Mauritius, Viridian Asia Opportunities Master Fund, Safra Sarasin Fund Management, Ghisallo Master Fund, Mediolanum International Funds, New York State Teachers Retirement System, OP-India Fund and Tata AIA Life Insurance Company.
The transaction represents a complete exit for Lightspeed Opportunity Fund II LP, while the broad institutional participation indicates continued interest in PhysicsWallah's listed equity.
PhysicsWallah was founded by Alakh Pandey and Prateek Maheshwari and operates across the education and test-preparation segments.
ALSO READ: PhysicsWallah Q1 Results: Net Loss Narrows 36%, Revenue Tops Rs 1,000 Crore
The stock also reacted positively during the session. PhysicsWallah shares climbed as much as 3.94% to Rs 126.13 amid heavy trading volumes, although the stock faced selling pressure at higher levels.
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