PhysicsWallah, the popular edtech company, made a strong entry into the stock market on November 18, 2025. Its shares listed at a 33 percent premium on the National Stock Exchange, drawing attention from investors eager to see how this education platform performs after its initial public offering.
This debut highlights growing interest in edtech firms amid a recovering market, with shares opening at 145 rupees on the NSE against an issue price of 109 rupees. The listing came after a subscription period that showed mixed investor response but ended with solid demand from institutional buyers.
Key Details of the PhysicsWallah IPO
The initial public offering raised funds through a fresh issue and an offer for sale. This structure allowed the company to bring in new capital while letting promoters sell some shares.
The IPO included a fresh issuance worth 3,100 crore rupees and an offer for sale of up to 380 crore rupees by founders Alakh Pandey and Prateek Boob. The price band was set between 103 and 109 rupees per share, aiming to support expansion in education services.
Investors showed interest despite challenges in the edtech sector. The offering was part of a broader trend where education companies seek public funding to scale operations.
Subscription closed on November 13, 2025, after opening on November 11. It attracted bids for over 33 crore shares against about 18 crore on offer.
Strong Listing Performance on Exchanges
Shares of PhysicsWallah started trading with gains on both major exchanges. This positive start exceeded some expectations based on grey market trends.
On the NSE, the stock opened at 145 rupees, marking a 33.03 percent jump from the upper end of the price band. It saw some volatility in early trades but held above the listing price.
The BSE listing was at 143.10 rupees, up about 31 percent. This performance reflects confidence in the company’s growth potential in competitive exam coaching.
Market watchers noted that the debut was better than anticipated, given muted retail participation during subscription. The stock’s movement will be key to watch in coming days as trading volumes build.
How Much Investors Earned Per Lot
Allottees who got shares in the IPO saw immediate paper profits. The lot size and premium translated to clear gains for those who applied.
The minimum lot was 137 shares, requiring an investment of about 14,933 rupees at the issue price. With the NSE listing at 145 rupees, each lot gained 4,932 rupees right away.
This means investors made around 33 percent return on day one for allotted lots. However, not all applicants received shares due to oversubscription in some categories.
For those who sold immediately, the profit per lot was substantial. Long term holders might see more upside if the company meets growth targets.
Company Background and Services
PhysicsWallah has grown rapidly as an edtech leader in India. Founded by Alakh Pandey, it focuses on affordable education for competitive exams.
The platform offers courses for JEE, NEET, GATE, and government job exams. It uses online apps, websites, and hybrid centers where students can attend classes and get doubts cleared in person.
Expansion plans include more offline centers and tech investments. This mix of digital and physical learning sets it apart from pure online competitors.
Recent years saw revenue growth to over 3,000 crore rupees in fiscal 2025, despite some losses. The IPO funds aim to fuel further scaling.
PhysicsWallah competes with firms like Byjus and Unacademy but emphasizes quality teaching at low costs. Its YouTube origins helped build a massive student base.
Subscription Breakdown and Investor Response
The IPO saw varying interest across investor groups. Institutional demand drove the overall subscription.
Here is a quick look at the key subscription figures:
- Qualified Institutional Buyers: Subscribed 2.70 times
- Non Institutional Investors: Subscribed 0.48 times
- Retail Investors: Subscribed 1.06 times
- Overall: Subscribed 1.81 times
| Category | Shares Reserved | Shares Bid For | Subscription Multiple |
|---|---|---|---|
| Qualified Institutional Buyers | 10,11,55,340 | 27,30,29,418 | 2.70 |
| Non Institutional Investors | 5,05,77,669 | 2,44,24,223 | 0.48 |
| Retail Investors | 3,37,18,446 | 3,56,00,272 | 1.06 |
| Total | 18,62,04,143 | 33,62,27,044 | 1.81 |
This data shows strong backing from big investors, while retail was moderate. The employee quota also saw participation.
Use of IPO Proceeds
The company outlined clear plans for the raised capital. Most funds will go toward expansion and infrastructure.
A major portion supports new centers and marketing. Investments in subsidiaries like Xylem Learning and Utkarsh Classes are also planned.
Proceeds break down as follows in a table for clarity:
| Purpose | Amount (in crore rupees) |
|---|---|
| Capital expenditure for new centers | 460.55 |
| Lease payments for existing centers | 548.30 |
| Investment in Xylem Learning | 47.16 |
| Investment in Utkarsh Classes | 28.00 |
| Server and cloud infrastructure | 200.10 |
| Marketing initiatives | 710.00 |
| Acquiring stake in Utkarsh Classes | 26.50 |
| Unidentified acquisitions and general purposes | Unspecified |
These allocations aim to strengthen operations and reach more students. The focus on hybrid models could drive future growth.
Market Impact and Future Outlook
This listing adds to the wave of tech IPOs in 2025. It follows other debuts in sectors like renewable energy and manufacturing.
Analysts predict volatility but potential upside if edtech rebounds. PhysicsWallah’s model of accessible education could appeal in a job hungry market.
Investors should monitor quarterly results and expansion news. The stock’s performance may influence other edtech firms considering listings.
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