(Reuters) -Indian education technology platform PhysicsWallah set a price band of 103-109 rupees per share for its initial public offering, targeting a valuation of 280.73 billion rupees ($3.19 billion) at the upper end, according to Reuters calculations. PhysicsWallah, whose backers include WestBridge and Hornbill Capital, will launch its IPO for a three-day bidding for retail […]
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Indian ed-tech platform PhysicsWallah sets IPO price band, eyes $3.19 billion valuation
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(Reuters) -Indian education technology platform PhysicsWallah set a price band of 103-109 rupees per share for its initial public offering, targeting a valuation of 280.73 billion rupees ($3.19 billion) at the upper end, according to Reuters calculations.
PhysicsWallah, whose backers include WestBridge and Hornbill Capital, will launch its IPO for a three-day bidding for retail investors on November 11, it said in a newspaper advertisement on Thursday.
Anchor investors can submit their bids a day earlier, on November 10, the advertisement showed.
Its shares will begin trading on the Indian bourses on November 18.
PhysicsWallah’s 34.8 billion rupee IPO comprises about 31 billion rupees worth of shares on fresh issue.
Co-founders Alakh Pandey and Prateek Boob will sell shares worth 3.8 billion rupees in the IPO, lower than the initial plans of selling shares worth 7.2 billion rupees, a prospectus showed.
PhysicsWallah, valued at $2.8 billion in September last year, has held its ground as India’s edtech rivals, such as Unacademy, Vedantu and once valued as a $22 billion giant, Byju’s, struggled through layoffs and financial strain.
($1 = 87.8950 Indian rupees)
(Reporting by Manvi Pant; Editing by Rashmi Aich)