SAM, CAM, Latham act on Physics Wallah ₹3,480 crore IPO

Physicswallah Limited has raised ₹3,480 crore (US$ 392 million) from an initial public offering of equity shares, comprising a fresh issue and an offer for sale by the promoter selling shareholders, Alakh Pandey and Prateek Boob.

Shardul Amarchand Mangaldas & Co advised PhysicsWallah and the selling shareholders on this IPO.

The transaction team was led by Prashant Gupta (National Practice Head – Capital Markets), along with Abhiroop Amitava Datta (Partner), Kamiya Marwah (Senior Associate), Rishika Sharma (Senior Associate) and Aishwariya Chaturvedi (Associate).

Legal Counsel to the Selling Shareholders were Manjari Tyagi (Partner), Jheel Bhargava (Senior Associate) and Bhumika Panigrahi (Associate).

Corporate Matters advisory team was led by Manish Gupta (Partner) and Ashish Ahluwalia (Partner).

Cyril Amarchand Mangaldas advised the Book Running Lead Managers Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited and Axis Capital Limited, on this IPO.

The capital markets transaction team consisted of Vishal Yaduvanshi (Partner, Regional Co-head - Capital Markets - North), Amitpal Singh (Principal Associate), Medhashree Verma (Senior Associate), Sanskar Modi (Associate) and Mahima Aggarwal (Associate).

Aarushi Jain (Partner, Head - Media, Education & Gaming) also advised on sector specific matters.

Latham & Watkins acted as international legal counsel for the Book Running Lead Managers.

Physicswallah, founded in 2016 by Alakh Pandey, is a platform offering a variety of affordable online and offline courses, particularly focusing on preparation for competitive entrance exams.

This landmark transaction is the largest IPO by an education and technology company in India to date. The IPO was undertaken under SEBI’s confidential filing mechanism and witnessed strong investor interest, with an overall subscription of over 1.81x, including QIB demand of over 2.70x.

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