PhysicsWallah IPO: The country’s first Edtech company Physicswallah is going to enter the stock market. The company headed by Alakh Pandey has submitted draft papers to the market regulator SEBI to launch its IPO. According to this updated draft Red Herring Prospectus (UDRHP) submitted on Saturday, shares of up to Rs 720 crore will be sold in the proposed IPO under new equity share and offer for sale (offs) window of Rs 3,100 crore.
Both promoters will sell shares
Both promoters of the company Alakh Pandey and Prateek Boob will sell shares worth Rs 360 crore through OFS. At present, both have a stake of 40.35-40.35 percent in the company. Overall, Physicswallah is going to be debuted soon in the stock market.
The Noida company filed draft papers for IPOs through a confidential pre-filing route near SEBI in March and got the approval of the market regulator in July. After this, companies are required to file an updated DRHP before filing RHP. Since the company chose the path of confidential pre-filing, which does not require public disclosure of IPO details. This route is becoming popular among Indian firms nowadays.
In which work will be the use of money?
Physicswala said that out of the money received from the new issue, Rs 460.5 crore will be spent in creating new offline and hybrid centers and Rs 548.3 crore will be used for lease payment of existing centers. Physics will invest Rs 47.2 crore in its subsidiary Zilem Learning, including Rs 31.6 crore for new centers and Rs 15.5 crore for payment of lease and hostels. Apart from this, Rs 33.7 crore will be given to Utkarsh Classes and Adutek for lease payment of its centers, Rs 200.1 crore for server and cloud infrastructure, Rs 710 crore for marketing and Rs 26.5 crore is planned to be spent in purchasing additional stakes in Utkarsh Classes.
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