Physics Wallah lists at ₹145 with 33% premium
What's the story
Edtech unicorn Physics Wallah has made a strong debut on the Indian stock market. The company's shares opened at ₹145 per share on NSE, a whopping 33% premium over its issue price of ₹109. On BSE, the shares opened slightly lower at ₹143.1. This marks a significant milestone for Physics Wallah as it is the first Indian edtech company to offer substantial listing gains to its investors.
IPO performance
Physics Wallah's IPO details and market response
PhysicsWallah's initial public offering (IPO) was open for subscription from November 11 to 13, with a price band of ₹103-109 per share. The issue raised a total of ₹3,480 crore through a fresh issue of 28.45 crore equity shares worth ₹3,100.71 crore and an offer-for-sale (OFS) of 3.49 crore shares worth ₹380 crore. The offer received a lukewarm response with an overall subscription rate of 1.8 times, led by institutional interest.
Expansion strategy
Physics Wallah's financials and future plans
Founded in 2020, PhysicsWallah is one of the few profitable large-scale players in India's edtech space. The company runs over 500 offline centers under the Vidyapeeth and Pathshala brands and has over 1 crore monthly active users across its digital platforms. Ahead of its listing, Physics Wallah raised ₹1,563 crore from anchor investors including domestic mutual funds such as ICICI Prudential MF, Kotak MF and Nippon MF as well as global investors like Fidelity.
Financial outlook
Physics Wallah's financial performance and market strategy
In FY25, Physics Wallah reported a revenue of ₹2,887 crore with a loss of ₹243 crore. In Q1 FY26, the company's revenue stood at ₹847 crore while losses widened to ₹127 crore. The IPO proceeds will be utilized for offline centers, covering lease payments, improving cloud infrastructure as well as marketing and acquisitions—marking a strategic shift toward a hybrid model.