Edtech major PhysicsWallah on Thursday announced a price band of Rs 103–109 per share for its upcoming initial public offering (IPO). The company’s Rs 3,480-crore maiden IPO will open on November 11 and close on November 14.

The issue comprises a fresh issue of Rs 3,100 crore and an offer for sale (OFS) worth Rs 380 crore by co-founders Alakh Pandey and Prateek Maheshwari, who will each offload shares worth Rs 190 crore. Notably, the Noida-based firm has reduced its OFS size from Rs 720 crore, as stated in its draft prospectus—meaning that around 90% of the issue now consists of primary capital.

“We made a conscious call to cut our secondaries. Since 80% of the company is owned by us, and retail buyers will be the same middle-class India and students’ families we serve, we wanted to l

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