Physics Wallah (PW), an Indian edtech company, enjoyed a strong debut on the stock market today, bucking the trend of a broader slowdown in the Indian edtech sector. The IPO listing took place on Tuesday, November 18, 2025, with shares listing on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
The initial public offering (IPO) was a book-built issue with a total value of ₹3,480 crore. This comprised a fresh issue of 28.44 crore shares worth ₹3,100 crore and an offer for sale of 3.49 crore shares worth ₹380 crore. The IPO opened for subscription on November 11, 2025, and closed on November 13, 2025. Allotment was finalized on November 14, 2025.
The IPO price was set at ₹109 per share. PhysicsWallah's shares jumped significantly upon listing, opening at ₹145 on the NSE, a 33% premium over the IPO price. On the BSE, the shares began trading at ₹143.10, up 31%. During the day, the stock price climbed further, reaching ₹162.05.
The strong listing reflects investor confidence in the edtech firm's brand presence and hybrid teaching model. Shivani Nyati of Swastika Investmart noted PhysicsWallah's loyal student base, broad exam portfolio, and scalable digital content system as contributing factors to its success.
The company's market value reached ₹43,453 crore. The IPO was subscribed 1.81 times in total. Ahead of the IPO, PhysicsWallah raised ₹1,563 crore from anchor investors.
Founded by Alakh Pandey and Prateek Boob, PhysicsWallah has evolved from a YouTube channel into a major edtech brand. As of June 2025, the company boasts 13.7 million subscribers, 4.46 million paid learners, and over 300 centers. In FY25, PhysicsWallah's revenue increased by 51% to ₹3,039 crore, with a net profit of ₹243 crore after a loss in FY24.
While analysts are optimistic about PhysicsWallah's future, some suggest caution due to competition, regulatory uncertainty, and profitability pressures. Nyati suggested that those who were allotted shares may consider booking some profits while holding a portion for medium-term gains, with a stop-loss at ₹130.
