Shardul Amarchand, Cyril Amarchand and Latham & Watkins advise on PhysicsWallah ₹3,480 crore IPO

Shardul Amarchand Mangaldas & Co advised PhysicsWallah Limited and the promoter selling shareholders Alakh Pandey and Prateek Boob; 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; and Latham & Watkins acted as international legal counsel to the book‑running lead managers. The transaction involved PhysicsWallah Limited raising ₹3,480 crore (US$392 million) through 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. The IPO, undertaken under SEBI’s confidential filing mechanism, attracted strong investor interest and was subscribed approximately 1.81x overall, with QIB demand of over 2.70x. PhysicsWallah, founded in 2016 by Alakh Pandey, offers a range of affordable online and offline courses with a focus on preparation for competitive entrance examinations. This IPO is the largest public offering by an education and technology company in India to date. Shardul Amarchand Mangaldas & Co represented PhysicsWallah Limited and the selling shareholders Alakh Pandey and Prateek Boob with a team composed by: Prashant Gupta (National Practice Head – Capital Markets); Abhiroop Amitava Datta (Partner); Kamiya Marwah (Senior Associate); Rishika Sharma (Senior Associate); Aishwariya Chaturvedi (Associate). Legal counsel to the selling shareholders: Manjari Tyagi (Partner); Jheel Bhargava (Senior Associate); Bhumika Panigrahi (Associate). Corporate matters advisory team: Manish Gupta (Partner) and Ashish Ahluwalia (Partner). Cyril Amarchand Mangaldas represented 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 with a team composed by: Vishal Yaduvanshi (Partner, Regional Co‑head – Capital Markets – North); Amitpal Singh (Principal Associate); Medhashree Verma (Senior Associate); Sanskar Modi (Associate); Mahima Aggarwal (Associate). Aarushi Jain (Partner, Head – Media, Education & Gaming) advised on sector‑specific matters. Latham & Watkins acted as international legal counsel to the book‑running lead managers.

Shardul Amarchand, Cyril Amarchand and Latham & Watkins advise on PhysicsWallah ₹3,480 crore IPO

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