Latham Advises on PhysicsWallah’s US$393 Million IPO

Latham & Watkins has advised the book running lead managers on PhysicsWallah’s US$393 million initial public offering (IPO) on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE). The listing is the first-ever Indian IPO in the edtech sector.

Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, and Axis Capital Limited were the book running lead managers on the transaction.

This transaction marks the fifth Indian IPO Latham has advised on in recent weeks, following Pine Labs Limited’s US$440 million IPO, Groww's US$748 million IPO, Tata Capital's US$ 1.75 billion IPO, the largest IPO in India to date this year, and LG Electronics' US$1.3 billion IPO, the third largest IPO in India to date this year.

The Latham team was led by Singapore partner Rajiv Gupta, with associates Esha Goel and Zheyi Feng. Advice was also provided on US tax matters by Chicago partner Rene de Vera, with associate Valerie Silva Parra; and on regulatory matters by Chicago partner Laura Ferrell, with associates Tim Cummings and Jennifer Tian.

About PhysicsWallah

PhysicsWallah offers test preparation courses for competitive examinations, and other courses such as for upskilling, across online, offline, and hybrid channels of delivery.

About Latham’s India Practice

With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practices among international law firms. The multi award-winning practice comprises more than 50 lawyers globally, and the team has advised on India-related matters with a combined value in excess of US$100 billion since 2018.