Edtech firm PhysicsWallah Limited made a robust debut on Dalal Street on November 18, 2025, listing at a 33% premium over its issue price of ₹109. The stock opened at ₹145 on the NSE and ₹143.10 on the BSE, signalling strong investor confidence in one of India’s most prominent education technology companies.
Following its debut, the stock gained a further 13% in intraday trade, underscoring bullish sentiment around PhysicsWallah’s hybrid education model and growth potential.
IPO Overview
The ₹3,480 crore IPO comprised a fresh issue of ₹3,100 crore and an offer for sale (OFS) worth ₹380 crore by existing shareholders.
The issue was priced at ₹109 per share and received an overall subscription of 1.92 times, led by strong institutional participation.
The subscription breakdown was as follows:
- Qualified Institutional Buyers (QIBs): 2.86×
- Retail Investors: 1.14×
- Non-Institutional Investors (NIIs): 0.51×
- Employee Quota: 3.71× (with a ₹10 discount)
The IPO allotment was finalised on November 14, 2025, and the stock was listed on both BSE and NSE on November 18, 2025.
About PhysicsWallah
Founded by Alakh Pandey, PhysicsWallah has grown into one of India’s top five edtech firms by revenue, offering online and offline test preparation for exams such as JEE, NEET, and UPSC, along with a range of upskilling and foundation courses.
As of June 30, 2025, the company had:
- 4.13 million online transacting users
- 0.33 million offline students
- 303 hybrid and physical centres
- 6,267 faculty members
- 13.7 million YouTube subscribers
The company’s hybrid learning ecosystem, combining digital access with physical ‘Vidyapeeth’ and ‘Pathshala’ centres, has positioned it as a leader in India’s rapidly evolving education sector.
Financial Performance
PhysicsWallah reported strong revenue growth over the past two years, driven by increased student enrolments and expansion of its offline presence.
- Revenue (FY25): ₹3,039 crore, up 51% YoY
- Net Loss (FY25): ₹243 crore (narrowed from ₹1,131 crore in FY24)
- Adjusted EBITDA (FY25): ₹432 crore, with a 15% margin
- Average Revenue Per Offline User: ₹40,404.6 in FY25 (up from ₹34,467.2 in FY23)
While the company remains loss-making, the reduction in losses highlights improving operational efficiency and scalability.
Objects of the Issue
The funds raised through the IPO will be utilised across key strategic initiatives, reflecting PhysicsWallah’s aggressive growth and diversification plans.
Key allocations include:
- Expansion of Offline and Hybrid Centres: ₹460.55 crore
- Lease Payments for Existing Centres: ₹548.31 crore
- Technology and Infrastructure Upgrades: ₹200.11 crore
- Marketing and Brand Building: ₹710 crore
- Investment in Subsidiaries: ₹47.17 crore (Xylem Learning) and ₹28 crore (Utkarsh Classes)
- Increasing Stake in Utkarsh Classes: ₹26.5 crore
- New Acquisitions and General Corporate Purposes: Remaining proceeds
This allocation underlines the company’s dual focus on scaling its offline footprint and strengthening its digital infrastructure to reach millions more students nationwide.
Industry Outlook
India’s education sector continues to witness robust expansion.
Valued at ₹15–16 trillion in FY25, it is projected to grow at a 10% CAGR, reaching ₹24–26 trillion by FY30.
The number of universities increased from 903 to 1,168, and colleges from 39,050 to 45,473 between FY18 and FY22 — underscoring the sector’s accelerating infrastructure growth and rising learner demand.
This macro backdrop, coupled with rapid digitisation and hybrid learning adoption, bodes well for PhysicsWallah’s long-term growth trajectory.
Promoters and Leadership
PhysicsWallah is promoted by Alakh Pandey and Prateek Boob, who jointly hold an 81.6% pre-issue stake.
Both founders continue to lead the company post-listing, steering its transformation into a scalable, technology-driven education brand.
Market Performance and Investor Sentiment
On listing day, PhysicsWallah’s shares debuted at ₹145 on the NSE and ₹143.10 on the BSE, marking a 33% and 31% premium, respectively, over the IPO price.
During intraday trade, the stock rose further by 13%, reflecting investor optimism about its market leadership and expansion plans.
Despite ongoing losses, analysts highlighted that PhysicsWallah’s strong brand recognition, vast student base, and scalable hybrid model could deliver long-term profitability.
Also Read:
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- Groww IPO Listing: Shares Debut with 14% Premium, Trade Firm Post Listing
- Lenskart IPO: ₹7,278 Crore Issue Makes Subdued Market Debut, Shares Rebound Post Listing
Conclusion
The PhysicsWallah IPO marks a defining moment for India’s edtech industry, as one of its home-grown success stories transitions into the public market.
The 33% listing premium and subsequent rally underscore the company’s brand strength and investor belief in its hybrid education strategy.
With continued investments in infrastructure, technology, and marketing, PhysicsWallah is well positioned to consolidate its leadership in India’s growing education landscape — bridging digital access and offline learning for millions of students.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
