Physics Wallah (PW), India’s leading ed-tech unicorn, has made a thunderous debut on the stock market, defying grey market expectations and moderate subscription numbers. The company’s shares listed at a stellar 33% premium over the issue price, turning heads on Dalal Street and signaling a potential revival in investor sentiment towards the ed-tech sector.
Here is a detailed breakdown of this blockbuster listing, the numbers behind the buzz, and what this means for investors.
Table of Contents
🚀 Listing Day Highlights: The Big Numbers
The market debut on November 18, 2025, exceeded predictions, rewarding investors who kept faith in the company’s hybrid business model.
| Metric | Details |
| IPO Price Band | ₹103 – ₹109 per share |
| Listing Price (NSE) | ₹145 (33.03% Premium) |
| Listing Price (BSE) | ₹143.10 (31.28% Premium) |
| Listing Gains | ~₹36 per share |
| Lot Size | 137 Shares |
| Profit Per Lot | ~₹4,932 (on listing) |
| Post-Listing Valuation | ~₹43,453 Crore (approx. $5.1 Billion) |
While the prompt mentions a valuation of ₹41,900 crores, intraday trading saw the market capitalization surge even higher, crossing the ₹43,000 crore mark as the stock hit a high of ₹162.05.
💡 The Journey: From YouTube to Dalal Street
Founded by Alakh Pandey and Prateek Maheshwari, Physics Wallah began as a humble YouTube channel in 2016 aimed at democratizing education. Unlike its cash-burning peers, PW focused on affordability and community building, which helped it stay profitable for the first three years of its operations.
Key Differentiators:
- Hybrid Model: A mix of online courses and offline “Vidyapeeth” centers.
- Affordability: Courses priced significantly lower than competitors.
- Cult-like Following: Over 13.7 million YouTube subscribers and 4.46 million paid app users.
📊 IPO Subscription & Financial Health
The IPO, which ran from November 11–13, 2025, saw a moderate overall subscription of 1.92 times.
- QIB (Qualified Institutional Buyers): 2.86x (Strong interest saved the issue)
- Retail Investors: 1.14x
- NII (Non-Institutional Investors): 0.51x (Muted response)
Financials at a Glance:
While revenue grew by 50% to ₹3,039 crore in FY25, the company reported a net loss of ₹243 crore due to aggressive expansion into offline centers. However, it remains operationally profitable with a positive EBITDA of ₹193 crore, a rarity in the ed-tech space.
📈 Why Did It List So Well?
Despite a weak Grey Market Premium (GMP) of just 13% prior to listing, the stock listed at 33%. Analysts attribute this to:
- Institutional Confidence: Strong backing from anchor investors and QIBs.
- Sector Revival: Investors are looking for value in ed-tech after the correction in valuations of peers like BYJU’s.
- Brand Loyalty: The “Alakh Pandey” factor creates immense trust among retail investors and students.
🧐 What Should Investors Do?
With the stock trading significantly above its issue price, market experts have mixed views:
- Short-term Investors: Experts like Shivani Nyati from Swastika Investmart suggest booking partial profits to lock in the ~33% gains.
- Long-term Investors: Analysts from InCred Equities recommend “Subscribe” for the long term, citing the company’s scalable hybrid model and market leadership. A stop-loss at ₹130 is advised for holding positions.
Conclusion
Physics Wallah’s listing is a landmark moment for the Indian startup ecosystem, proving that companies with real revenue and a sustainable model can win public market trust. With a valuation crossing ₹41,900 crores, PW has not just listed; it has arrived as a heavyweight in India’s education sector.
