Cyril Amarchand Mangaldas (“CAM”) acted as Indian legal counsel to the book running lead managers in the initial public offering of equity shares by Physicswallah Limited (“Offer”). The Offer comprised a fresh issue of 284,468,537 equity shares aggregating to approximately Rs. 31,000 million and an offer for sale of 34,862,384 equity shares by the promoter selling shareholders aggregating to approximately Rs. 3,800 million. The book running lead managers to the Offer were Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited and Axis Capital Limited.
The capital markets transaction team comprised Vishal Yaduvanshi, Partner (Regional Co-Head – Capital Markets – North); Amitpal Singh, Principal Associate; Medhashree Verma, Senior Associate; Sanskar Modi, Associate; and Mahima Aggarwal, Associate.
Aarushi Jain, Partner (Head – Media, Education & Gaming); also advised on sector specific matters.
The Offer opened on Tuesday, November 11, 2025 and closed on Thursday, November 13, 2025.