Physics Wallah IPO: What GMP suggests ahead of tomorrow's listing
What's the story
The shares of edtech unicorn Physics Wallah will make their debut on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) tomorrow. The company's initial public offering (IPO) was subscribed 1.81 times by November 13, at 7pm. The Qualified Institutional Buyers (QIB) category was in high demand, subscribing 2.7 times with most interest coming from mutual funds and foreign institutional investors.
Subscription details
Physics Wallah's IPO: A look at subscription rates
The Non-Institutional Investor (NII) category of Physics Wallah's IPO saw muted interest, subscribing only 0.48 times. However, the retail category witnessed steady interest and was marginally oversubscribed at 1.06 times. The employees' quota received the best response with a subscription rate of 3.49 times. Overall, the IPO witnessed moderate demand across categories with strong institutional and employee participation offsetting a weak HNI response.
Market performance
Physics Wallah's gray market premium and issue details
Currently, unlisted shares of PhysicsWallah Ltd are trading at ₹118.5 apiece in the gray market, a premium of 8.7% over the upper IPO price of ₹109. The ₹3,480 crore issue was open from November 11-13 with a price band set between ₹103-₹109 per share. The IPO consists of a fresh issue worth ₹3,100 crore and an offer-for-sale (OFS) of ₹380 crore by co-founders Alakh Pandey and Prateek Maheshwari.
Ownership structure
PhysicsWallah's post-IPO ownership and shareholding details
Post-IPO, the promoters' stake in PhysicsWallah will reduce from 80.62% to 72%. Notably, none of the early investors are offloading their shares in this issue. The allotment status can be checked through various means such as entering PAN details on the registrar's website or using broker apps like Zerodha and Upstox. If allotted shares, they will be credited to your demat account before or on listing day. If not allotted, refunds should appear within a few working days after allotment.