New Delhi: The initial public offer of edtech unicorn PhysicsWallah was subscribed 7 per cent on the first day of bidding on Tuesday.
The bid will close on November 13.
The Rs 3,480-crore initial share sale received bids for 1,31,22,682 shares against 18,62,04,143 shares on offer, according to the NSE data.
The portion for retail individual investors received 33 per cent subscription, while the quota for non-institutional investors subscribed 2 per cent. The qualified institutional buyers (QIBs) category did not see any participation so far.
On Monday, PhysicsWallah said it has raised Rs 1,563 crore from anchor investors.
This will be the first major pure-play edtech company to float its IPO in the country.
The company fixed a price band of Rs 103-109 per share for its IPO, which may peg its valuation at over Rs 31,500 crore at the upper end.
The IPO comprises a fresh issue of equity shares worth Rs 3,100 crore and an Offer For Sale (OFS) of shares aggregating up to Rs 380 crore by promoters.
Both promoters, Alakh Pandey and Prateek Boob, will each offload shares worth Rs 190 crore through the OFS. At present, both hold 40.31 per cent stake each in the company.
The Noida-based PhysicsWallah filed draft papers in March with Sebi for an IPO through a confidential pre-filing route and had received the market regulator’s approval in July. Following this, the company filed an updated DRHP in September before filing
an RHP.