PhysicsWallah (PW) is set to debut on the Indian stock market today, November 18, 2025, with experts predicting a strong premium listing. The IPO, which closed on November 13, 2025, saw decent investor demand and the allotment was finalized on November 14, 2025. The shares will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
The IPO price band was fixed at ₹103 to ₹109 per share, with a lot size of 137 shares. The issue comprised a fresh issue of 28.45 crore shares aggregating to ₹3,100.71 crores and an offer for sale of 3.49 crore shares aggregating to ₹380.00 crores. The IPO aimed to raise ₹3,480.71 crore.
Ahead of the listing, the Grey Market Premium (GMP) for PhysicsWallah shares is signaling a positive debut. Market experts reported the GMP at ₹9 per share, indicating that in the grey market, the shares were trading ₹9 higher than their issue price. This suggests an estimated listing price of ₹118 per share, an 8.26% premium over the IPO price of ₹109. However, it is important to note that GMP is volatile and should not be the sole basis for investment decisions.
The IPO was subscribed 1.81 times in total. The retail individual investors (RIIs) category was booked 1.06 times, while the non-institutional investors (NII) segment saw 48% subscription. The qualified institutional buyers (QIBs) category received 2.70 times subscription.
PhysicsWallah, founded in 2020 by Alakh Pandey, has become a popular edtech platform, providing affordable online learning, and expanding into offline hybrid centers, test prep, and upskilling segments. It offers test preparation courses for exams like JEE, NEET, and UPSC, as well as upskilling courses in areas like data science and software development. As of June 2025, PhysicsWallah has 4.46 million paid users, 4.13 million unique online transacting users and 0.33 million students in offline centers. It operates 303 centers with 6,267 faculty and 18,028 employees across India and has published 4,382 books in FY25.
While PhysicsWallah has demonstrated strong revenue growth, it has also reported losses in recent years. For FY25, the company reported a net loss of ₹243 crore. Despite these losses, some analysts believe that the company is well-placed to disrupt the edtech space, citing its strong brand and business expansion. Other experts advise investors to consider the high valuation and limited profitability visibility and recommend waiting for future performance clarity before investing.
Kotak Mahindra Capital Co. Ltd. is the book-running lead manager for the IPO, and MUFG Intime India Pvt. Ltd. is the registrar. Trading members have been informed that the equity shares of PhysicsWallah Ltd. will be listed and admitted to dealings on the exchange in due course.
