Highlights: After the three-day subscription period and the allotment process, the shares of PhysicsWallah finally made their stock market debut today. The company’s shares were listed on both the BSE and NSE. The stock is listed at a premium of 33% over the upper price band of Rs 109.
| PhysicWallah IPO | Key Details |
| Issue Price | Rs 109 per share |
| Subscription | 1.92x |
| GMP | 13% |
| IPO Allotment date | November 14 |
| Listing date | November 18 |
PhysicsWallah IPO: Key details
The Rs 3,480.71 crores worth IPO’s allotment was finalised on November 14. The issue was a combination of 28.45 crore fresh shares amounting to Rs 3,100.71 crores and an offer for sale of 3.49 crore shares aggregating to Rs 380 crores. The IPO bidding started on November 11 and closed on November 13. Investors could bid for the IPO between a price band of Rs 103 to Rs 109 per equity share.
PhysicsWallah IPO: Book manager and registrar
Also, the issue included a reservation of up to 7 lakh shares for employees offered at a discount of Rs 10 to the issue price. Kotak Mahindra Capital Co. took care of the books, while MUFG Intime India worked as the registrar of the issue.
About PhysicsWallah
The edtech major Physicswallah offers test preparation courses for various competitive examinations like JEE, NEET, UPSC, etc. and upskilling courses like Data science and analytics, banking and finance, software development, etc.
PhysicsWallah Share Price, IPO Listing LIVE: Deven Choksey on PhysicsWallah
Speaking on the PhysicsWallah issue, Deven Choksey, Managing Director of DRChoksey FinServ raised two key concerns. He believes that the USP of the business model is technology-enabled and replaceable, “I think there is no unique proposition per se in this company. Technology and the platform are enablers; they are not substitutes. I think the online model gives the strength of a demography and distribution. The substitution for this entire activity is only the product and the product innovation. I think the product innovation proposition is not being seen as loud as it has been claimed in the IPO prospectus.”
PhysicsWallah Share Price, IPO Listing LIVE: Cash flow and margin improvements
The company reported positive operating cash flow of Rs 507 crore in FY25, showing better financial discipline. Free cash flow came in at Rs 340 crore, and operating margin improved to 6.7%. These metrics indicate the company is transitioning from rapid expansion to a more stable operating model.
Economies of scale are real, content and platform fixed costs are spread across millions of free and paying users, and PhysicsWallah’s large free-content footprint reduces incremental CAC, making low price points cash-productive where competitors cannot replicate the same LTV/CAC trade-off easily.
PhysicsWallah Share Price, IPO Listing LIVE: Closes around 44% higher than issue price
The shares of PhysicsWallah closed the listing day 8% higher than the listing price, at Rs 156.49. The shares commenced their first day of trading with a gain of 33%. The stocks opened the day at Rs 145 on the bourses. The closing price shells out a total gain of 44% on the listing day.
PhysicsWallah Share Price, IPO Listing LIVE: Working of hybrid model
PhysicsWallah’s hybrid centres, branded as PW Pathshala, employ a ‘two-teacher’ model: one instructor delivers live classes from a studio, while another is physically present to manage in-class engagement and doubt resolution. This structure allows simultaneous delivery across multiple centres, enabling replication of high-quality instruction at scale while keeping costs lower than a fully offline set-up.
Why Alakh Pandey thrived and Byju’s didn’t
A deeper look into understanding how India’s two biggest edtech companies ended up on completely different paths, here’s a breakdown comparing PhysicsWallah’s rise and Byju’s ongoing legal troubles. PhysicsWallah reported FY25 operating revenue of Rs 2,886.6 crore (Rs 3,039.1 crore total income), while BYJU’S last declared revenue stood at Rs 5,015 crore in FY22.
Also read: PhysicsWallah’s Rs 31,000 cr story: Why Alakh Pandey thrived and Byju’s didn’t
PhysicsWallah Share Price, IPO Listing LIVE: Deven Choksey on IPO valuation
“I think there is no unique proposition per se in this company. Technology and the platform are enablers; they are not substitutes. I think the online model gives the strength of a demography and distribution. The substitution for this entire activity is only the product and the product innovation. I think the product innovation proposition is not being seen as loud as it has been claimed in the IPO prospectus,” said Deven Choksey, Managing Director of DRChoksey FinServ.
PhysicsWallah Share Price, IPO Listing LIVE: Deven Choksey on PhysicsWallah
Speaking on the PhysicsWallah issue, Deven Choksey, Managing Director of DRChoksey FinServ raised two key concerns. He believes that the USP of the business model is technology-enabled and replaceable, “I think there is no unique proposition per se in this company. Technology and the platform are enablers; they are not substitutes. I think the online model gives the strength of a demography and distribution. The substitution for this entire activity is only the product and the product innovation. I think the product innovation proposition is not being seen as loud as it has been claimed in the IPO prospectus.”
PhysicsWallah Share Price, IPO Listing LIVE: Sandeep Sabharwal on valuation
“The valuations of PhysicsWallah significantly high at current levels. Not investing at current levels,” said a well-known fund manager and an industry veteran, Sandip Sabharwal of Asksandipsabharwal.com on the company's valuation.
PhysicsWallah Share Price, IPO Listing LIVE: Stock up nearly 6%
PhysicsWallah shares continued to trade in the green during the ongoing session. On the BSE, the stock was last seen at Rs 151.40, up 5.80%, while on the NSE, it was trading at Rs 151.27, higher by 4.27%.
“The attrition rate is very high. Approximately 50% of revenue goes towards meeting staff and teacher salaries; the kind of margins that they are talking about are difficult to sustain. People have doubts about that model," said market veteran Arun Kejriwal.
He further added that another thing is that they are now banking more on an offline model. They are investing in capex for building more classrooms. Why invest in capex for going back to the bricks-and-mortar story, building classrooms, and having revenue coming from there? He is not very convinced about charging people roughly 10 times more than what they pay online. So it’s a little confusing. Only time will tell what happens, Kejriwal said.
Read more: PhysicsWallah IPO: ‘Overpriced’ or ‘Long-Term Buy’? 4 Market Gurus weigh in
PhysicsWallah Share Price, IPO Listing LIVE: Challenges with offline centres
Despite digital reach, a large portion of the Indian test-prep market remains trust driven and geographically localised. Physical presence enhances brand credibility, improves student stickiness, and increases average revenue per user (ARPU).
Offline operations introduce fixed costs such as real estate lease payment, faculty salaries, and infrastructure, thereby reducing flexibility. The company mitigates this partly through franchise partnerships, which handle most of the hybrid centres, transferring a part of the capital intensity to third parties.
PhysicsWallah Share Price, IPO Listing LIVE: Offline mode
PhysicsWallah entered the offline format in FY22, expanding rapidly to 152 cities across India and the Middle East by Jun 2025. Offline students receive physical learning materials, structured classes, and access to in-person doubt resolution counters.
Speaking on PhysicsWallah's fundamentals several market experts raised concerns. “As of today, it’s an overpriced issue. Whether it will be a long-term buy, only time will tell. More importantly, after being listed, they need to watch out for their performance when they declare quarterly numbers. You need to understand – selling the issue, talking of the future in a veiled manner, and relying on the past is much easier than when a stock has listed. There is no place to hide after that,” said market veteran Arun Kejriwal.
Read more: ‘Overpriced’ or ‘Long-Term Buy’? 4 Market Gurus weigh in
PhysicsWallah Share Price, IPO Listing LIVE: Apps and other services
The company operates 14 mobile applications, cumulatively downloaded 71.25 million times as of June 2025. The flagship app, PW – JEE/NEET, UPSC, GATE, SSC, functions as a multipurpose platform spanning all major examination categories. Vertical specific apps (e.g., Utkarsh, PW Curious Jr., PW MedEd) support category-focused delivery and deepen engagement.
PhysicsWallah Share Price, IPO Listing LIVE: PhysicsWallah shares slip after listing
Post listing, PhysicsWallah’s stock showed mixed movement across exchanges. On the BSE, the shares were trading at Rs 146.50, up 2.38%, while on the NSE, the stock was seen at Rs 140.71, down 2.96%.
The shares of PhysicsWallah finally made their debut on the stock exchanges today at a premium of 33%.
On the NSE, the stock opened at Rs 145, a 33% premium. On the BSE, it made its debut at Rs 143.10, also marking a 31% premium.
PhysicsWallah Share Price, IPO Listing LIVE: Pre-listing trend
The company’s shares were quoted at Rs 145 apiece on the NSE in pre-listing, up 33.03% from the IPO issue price of Rs 109.
PhysicsWallah Share Price, IPO Listing LIVE: Cash flow and margin improvements
The company reported positive operating cash flow of Rs 507 crore in FY25, showing better financial discipline. Free cash flow came in at Rs 340 crore, and operating margin improved to 6.7%. These metrics indicate the company is transitioning from rapid expansion to a more stable operating model.
PhysicsWallah Share Price, IPO Listing LIVE: Offline expansion strategy
PW is focusing heavily on growing its offline presence through classroom centres and newly designed “fit-outs.” These centres help the company reach more students and compete directly with well-established coaching institutes. This move also supports hybrid learning, combining face-to-face teaching with online tools.
PhysicsWallah Share Price, IPO Listing LIVE: Reduction in losses
Although PW is not consistently profitable yet, its losses narrowed sharply. The company reduced its loss from Rs 1,131 crore in FY24 to Rs 243 crore in FY25. This improvement came through better cost control, optimization of teaching operations, and improved average revenue per user (ARPU).
PhysicsWallah Share Price, IPO Listing LIVE: Trading schedule update
The stock will take part in the Special Pre-open Session today, November 18, 2025. Trading will begin at 10:00 a.m.
PhysicsWallah Share Price, IPO Listing LIVE: Operations began from online channels
PhysicsWallah’s online operations began with freely accessible content through YouTube and other social media channels. As of June 2025, it managed 888 social media handles with 119.27 million subscribers/followers, positioning it as one of the largest digital education networks in India. The open-access model continues to serve as a lead generation funnel, where free content attracts potential customers to paid batches on its website or apps.
PhysicsWallah Share Price, IPO Listing LIVE: Change in promoter holding
The founders Alakh Pandey and Prateek Maheshwari sold a portion of their stake through the OFS. After the IPO, promoter ownership declined from 80.62% to 72%. Despite this reduction, the founders continue to hold a controlling stake in the company.
PhysicsWallah Share Price, IPO Listing LIVE: Wide range of educational courses provided
Foundation programs (classes 6–10) feed early engagement, flagship and subscription online batches address JEE (Joint Entrance Examination) and NEET (National Eligibility cum Entrance Test) preparation, higher-aspirational tracks cover other undergraduate/postgraduate gateways (CUET (Common University Entrance Test), GATE (Graduate Aptitude Test in Engineering), CAT (Common Admission Test)), public administration and railway exams, and professional qualifications (chartered accountant), and a ‘skills’ bucket targets upskilling needs (data science & analytics, banking & finance, software development).
PhysicsWallah Share Price, IPO Listing LIVE: Planned use of IPO proceeds
The funds raised from the IPO will support multiple areas, including:
Rs 710 crore for marketing to strengthen brand visibility.
Rs 548 crore for lease payments of new offline and hybrid centres.
Rs 460 crore for capital expenditure such as classroom equipment and infrastructure.
Rs 471 crore for investment in subsidiary Xylem Learning Pvt. Ltd.
Additional capital for acquisitions, platform upgrades, and general corporate purposes.
PhysicsWallah Share Price, IPO Listing LIVE: Competing in the edtech market
PW’s major competitors include Byju’s, Unacademy, Vedantu, and Gradeup. However, the platform stands out for focusing on affordability and using vernacular languages. These factors helped the company capture students who may not be able to afford premium-priced courses.
PhysicsWallah Share Price, IPO Listing LIVE: IPO subscription window and listing date
The IPO was open for bidding from November 11 to November 13. Following this, the allotment of shares was completed on November 14. PW’s shares officially listed on both the NSE and BSE on November 18.
PhysicsWallah Share Price, IPO Listing LIVE: Growing presence in offline learning
PW today is not limited to online classes. It also operates offline coaching centres and hybrid classrooms across India. These physical centres are aimed at students who prefer in-person teaching or need additional support along with online lessons.
PhysicsWallah Share Price, IPO Listing LIVE: IPO size and fundraising structure
The company launched a public issue worth Rs 3,480 crore. Out of this, Rs 3,100 crore comes from newly issued shares, while Rs 380 crore comes through an Offer For Sale (OFS) by the founders. Notably, early institutional investors did not sell their shares in this IPO.