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The air in the trading room felt… subdued, this morning. Or maybe I’m just projecting. Still, the numbers coming in about PhysicsWallah’s IPO weren’t exactly electrifying.
As of 11:00 AM IST on the final day, the issue was only subscribed 16%. That’s according to the reports, anyway. A far cry from the kind of frenzy you sometimes see. It’s the third day the IPO has been open, by the way.
The edtech unicorn, PhysicsWallah, you know, has been a big name in the Indian market. They offer online coaching and educational resources. So the IPO’s performance, or lack thereof, is definitely being watched.
I remember seeing the initial projections, all optimistic. The company itself had been, I think, hoping for a much stronger showing. But market sentiment, as always, is a fickle thing. The tricky part is figuring out why.
One analyst, speaking anonymously, mentioned the valuation. “It’s possibly a bit rich for some investors,” they said, “especially given the current economic climate.” That was the gist of it, as I understood.
The details, of course, are complex. The IPO itself, the market conditions, the specific terms of the offering. All of it. But the bottom line, at least for now, is that the response has been lukewarm.
It’s a reminder that even for well-known companies like PhysicsWallah, there are no guarantees. The market decides, ultimately. Whether it’s in Mumbai, or New York, or anywhere else. The market always decides.
