The Indian primary market is buzzing with activity as three companies – Pine Labs, PhysicsWallah, and Emmvee Photovoltaic Power – gear up for their Initial Public Offerings (IPOs). Each of these offerings is currently showing modest grey market premiums, indicating investor interest ahead of their official listings.

IPO Details and Grey Market Premiums

Pine Labs IPO

Pine Labs, a leading merchant commerce platform, opened its IPO on November 7, which is set to close on November 11. The company aims to raise ₹3,899.91 crore through this public offering. On the first day of subscription, the issue was subscribed 0.13 times, indicating a slow start but potential for growth in the coming days.

PhysicsWallah IPO

EdTech company PhysicsWallah is set to open its IPO from November 11 to November 13. The ₹3,480 crore issue comprises fresh shares worth ₹3,100 crore and an offer-for-sale component of ₹380 crore. The company's focus on affordable online education has garnered attention in the rapidly growing EdTech sector.

Emmvee Photovoltaic Power IPO

Emmvee Photovoltaic Power, a solar cell manufacturer, is also scheduled to open its IPO from November 11 to November 13. The company's ₹2,900 crore issue includes fresh shares worth ₹2,143.86 crore and an offer-for-sale of ₹756.14 crore. Notably, Emmvee shows the highest grey market premium among the three, possibly reflecting investor optimism in the renewable energy sector.

Market Implications

All three companies plan to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) between November 14-18. The modest grey market premiums suggest cautious optimism among investors, with Emmvee Photovoltaic Power generating the most excitement.

While grey market premiums can provide some indication of investor sentiment, it's important to note that they are unofficial and subject to change. Investors should conduct thorough research and consider their risk appetite before making investment decisions.

As these IPOs unfold, they may offer insights into investor appetite for new offerings across diverse sectors – fintech, education technology, and renewable energy – reflecting the evolving landscape of the Indian economy.

PhysicsWallah plans to broaden its offline footprint across India as it prepares for its initial public offering (IPO). The company's co-founder and CEO, Alakh Pandey, announced plans to open new learning centres in nine cities, signaling an expansion strategy in the competitive education sector.

Offline Expansion

PhysicsWallah is targeting growth in tier 2 and tier 3 cities, with new centres planned in:

• Muzaffarpur
• Dhanbad
• Akola
• Latur
• Rajkot
• Ujjain
• Bhatinda
• Jorhat
• Chennai

This expansion builds on the company's existing offline presence. As of June 30, PhysicsWallah operates 303 offline centres across 152 cities, up from 182 centres a year earlier, demonstrating a rapid scaling of its physical infrastructure.

IPO Details

PhysicsWallah is preparing to launch its IPO on November 11, with the following key details:

The offer for sale component will be contributed by the company's promoters.

Financial Performance

PhysicsWallah has shown significant growth in its operational and financial metrics:

The company has managed to substantially narrow its losses while achieving strong revenue growth, indicating improved operational efficiency.

Digital Presence

PhysicsWallah's YouTube network has also seen substantial growth:

• Subscribers as of June 30: 98.80 million
• Compound Annual Growth Rate (CAGR) between FY23 and FY25: 41.80%

This robust digital presence complements the company's expanding offline network, creating a multi-channel approach to education delivery.

As PhysicsWallah prepares for its public debut, the company's expansion strategy and improved financials suggest a focus on sustainable growth. The upcoming IPO will be closely watched by investors and industry observers alike, as it could set a benchmark for EdTech valuations in the current market environment.