PhysicsWallah has secured a fresh ₹136.17 crore investment from global firm Think Investments as a pre‑IPO boost. The deal comes just before the PhysicsWallah IPO opens next week, underscoring growing investor interest in the edtech unicorn.
Deal highlights
- Think Investments purchased 1.07 crore equity shares from 14 PhysicsWallah employees.
- The shares changed hands at ₹127 per share, about 17% above the stated issue price, according to the company.
- The transaction was executed through Think India Opportunities Master Fund LP under a share purchase agreement dated November 3, 2025 (amended the same day) and settled on November 4, 2025, per the company’s public announcement.
- The stake acquired equals 0.37% of PhysicsWallah.
Think Investments manages roughly $4 billion and backs technology‑led businesses. Its India portfolio spans well‑known names such as Swiggy, FirstCry, Urban Company, PharmEasy, Spinny, NSE, Star Health, Meesho, Rapido, Chaayos, and Dream11.
PhysicsWallah IPO: key details
- Issue size: ₹3,480 crore (₹3,100 crore fresh issue + ₹380 crore offer for sale).
- Price band: ₹103–₹109 per share.
- Timeline: Anchor allocation November 10; Opens November 11; Closes November 13.
- Sellers in OFS: Co‑founders and promoters Alakh Pandey and Prateek Boob.
- Promoter holding: 80.62% pre‑IPO, expected to be ~72% post‑issue.
- Use of proceeds: Expansion and growth initiatives, as stated by the company.
- Notably: The company says no early investors are selling shares in this offering.
What signals are investors watching?
Between January and July 2025, PhysicsWallah saw steady secondary activity. ESOP liquidations arranged via Funds India (a subsidiary of WestBridge Capital) were executed in the ₹127–₹137 range per share. In the same period, reputed family offices invested nearly ₹76 crore across multiple tranches, reflecting ongoing confidence in the brand.
Grey market premium: context for readers
Market participants often track the grey market premium (GMP) around new listings to gauge sentiment before official allotment and listing. GMP is informal and unregulated, and it can change quickly. Treat it as a sentiment indicator, not as investment advice or a promise of listing gains. Always rely on official documents and your risk profile before making decisions.
Why this pre‑IPO deal matters
- Price discovery: A trade at ₹127 per share offers a reference point above the IPO band, signalling demand at a higher level.
- Liquidity for employees: The sale by 14 employees shows an active secondary market in company shares ahead of listing.
- Confidence marker: Participation from a global investor with a deep India track record can bolster trust among retail and institutional buyers.