The ₹3,480-crore initial public offering (IPO) of edtech platform PhysicsWallah opens for subscription in the primary market today at 10 am. The company raised ₹1,562.85 crore from 57 anchor investors a day earlier.

Capital Group, Goldman Sachs, Fidelity, Abu Dhabi Investment Council, and PineBridge were among the marquee foreign investors.

PhysicsWallah IPO: What analysts say

SBI Securities

The brokrerage has ascribed a 'Neutral' view on the IPO, saying that it would like to monitor the company's performance post-listing. The brokerage said that over the last three years, PhysicsWallah has delivered a sales/EBITDA CAGR of 96.9% and 88.8%, respectively.

However, the company's net loss widened from ₹81 crore in FY23 to ₹216 crore in FY25 due to higher depreciation expenses and impairme

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