PhysicsWallah lists at Rs 145 with 33% premium on stock exchange

Edtech unicorn PhysicsWallah made a stronger-than-expected public market debut on Tuesday, listing at Rs 145 per share on the NSE, a 33% premium over its issue price of Rs 109. On the BSE, the stock opened marginally lower at Rs 143.

PhysicsWallah’s IPO, which was open for subscription between November 11–13, had a price band of Rs 103–109 with a minimum investment size of Rs 14,111. 

The Rs 3,480 crore issue consisted of a Rs 3,100 crore fresh issue and an OFS of Rs 380 crore. The offer saw a modest response with overall subscription at 1.8X, driven primarily by institutional participation. The retail portion was subscribed 1.05X, while QIBs (excluding anchors) subscribed 2.7X.

The company has lined up a sizeable expansion plan. As per its RHP, the fresh proceeds will be deployed to scale PW’s offline footprint, bolster its tech infrastructure, and pursue acquisitions across test prep and skilling categories.

Ahead of the listing, PhysicsWallah raised Rs 1,563 crore from anchor investors, attracting domestic mutual funds including ICICI Prudential MF, Kotak MF, Nippon MF, and global names such as Fidelity.

Founded in 2020, PhysicsWallah has emerged as one of the few profitable large-scale players in India’s edtech ecosystem, even as the sector battles a prolonged funding downturn. The company operates more than 500 offline centres under the Vidyapeeth and Pathshala brands and claims over 1 crore monthly active users across its digital properties.

Financially, the startup posted Rs 2,887 crore revenue with Rs 243 crore loss in FY25. In Q1 FY26, it clocked Rs 847 crore revenue while losses widened to Rs 127 crore.

PhysicsWallah is now the first Indian edtech company to deliver meaningful listing gains to its investors. The stock was trading at Rs 155.5 as of 10:00 AM, translating into a 38% premium over its issue price.