PhysicsWallah IPO lists at premium on NSE and BSE after muted opening response

PhysicsWallah IPO lists at premium on NSE and BSE, closing a remarkable loop for an edtech brand that began life as a YouTube channel and is now a listed company. On Tuesday, shares of PhysicsWallah Limited made a strong entry on both major exchanges despite a relatively muted subscription trend in the first two days of the issue.

On the BSE, the stock debuted at Rs 143.10, about 31 percent above the issue price of Rs 109. On the NSE, it opened at Rs 145, translating into a 33 percent premium. The performance underscores how investor sentiment can crystallise late in the book building process and be led by institutional appetite.

How PhysicsWallah IPO lists at premium after a cautious start

The PhysicsWallah issue did not roar out of the gate. For much of the subscription window, demand looked subdued, with retail and non institutional categories showing cautious interest. It was only on the final day that the book pushed past full subscription, ending with close to 2 times overall coverage and about 2.03 lakh applications.

Qualified institutional buyers ultimately drove the momentum, subscribing their portion 2.86 times, with bids for more than 27 crore shares against 9.55 crore on offer. The employee quota also saw healthy demand at 3.71 times subscription, signalling strong internal belief in the company future. Retail investors subscribed 1.14 times, while non institutional investors lagged, taking their category to only 0.51 times.

Despite that uneven mix, the listing day premium suggests that investors who did enter the book were willing to ascribe a meaningful growth narrative to the business.

Key details of the PhysicsWallah IPO structure

The PhysicsWallah IPO is a book built issue of Rs 3,480.71 crore. It comprises a fresh issue of 28.45 crore shares that will raise about Rs 3,100.71 crore for the company and an offer for sale of 3.49 crore shares worth Rs 380 crore by existing shareholders. The price band for the offer topped out at Rs 109 per share.

Bidding for the issue opened on November 11, 2025 and closed on November 13, 2025, setting up the debut that followed on the exchanges. Funds from the fresh issue are expected to support expansion of offline centres, technology, content and possible acquisitions.

From YouTube to Dalal Street what changed

PhysicsWallah started as a YouTube channel in 2016 before being formally incorporated in 2020. It built a loyal following through affordable exam preparation content for engineering and medical entrance tests, then scaled into a full fledged edtech platform.

Today the company operates 198 offline centres under the PW Vidyapeeth and Pathshala brands and serves more than one crore monthly active users across digital platforms. This omni channel setup differentiates it from pure play online peers and offers some insulation from swings in digital only demand.

Financial performance behind the listing

Ahead of the IPO, PhysicsWallah reported revenue of Rs 2,887 crore for FY25, up from Rs 1,940 crore in FY24, indicating strong top line growth despite a wider reset in the edtech sector. Losses narrowed sharply over the same period, from Rs 1,131 crore in FY24 to Rs 243 crore in FY25, reflecting efforts to tighten costs and improve unit economics.

In the first quarter of FY26, the company posted revenue of Rs 847 crore and a loss of Rs 127 crore. While still loss making, the trajectory shows a move toward more sustainable operations, which likely helped institutional investors get comfortable with the story.

What does a successful PhysicsWallah IPO signal for edtech

PhysicsWallah IPO lists at premium on NSE and BSE at a time when sentiment around edtech has been mixed. Several players have faced valuation corrections, funding challenges and questions around profitability. Against that backdrop, a strong listing from a brand that has blended digital reach with offline centres could reset some expectations.

For founders, the debut shows that markets can still reward education businesses that demonstrate clear demand, diversified delivery models and improving financials. For investors, it offers another way to participate in Indias education spending beyond pure private equity or venture capital.

With PhysicsWallah IPO lists at premium on NSE and BSE, the company has completed a journey from YouTube channel to publicly traded edtech player in less than a decade. Backed by expanding offline presence, a large digital user base and improving financial metrics, PhysicsWallah now faces its next test delivering on growth and profitability expectations in full public view.

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