Mumbai, November 18, 2025 – In a landmark moment for the Indian edtech sector, Physics Wallah (PW) made a thunderous debut on the stock exchanges today. The company, founded by popular educator Alakh Pandey, listed at a robust premium of 33% over its issue price, signaling strong investor confidence despite the broader challenges facing education technology firms.
This listing makes Physics Wallah the first major “pure-play” edtech unicorn to hit the Indian public markets, setting a new benchmark for the industry.
A Strong Start on Dalal Street
The shares of Physics Wallah listed at ₹145 on the NSE and ₹143.10 on the BSE, a significant jump from the IPO issue price of ₹109. The strong opening defies the skepticism that has surrounded the edtech sector following the struggles of giants like Byju’s.
- IPO Issue Price: ₹109 per share
- Listing Price (NSE): ₹145 per share (+33%)
- Market Capitalization: Approx. ₹43,000 Crore ($5.1 Billion)
The IPO, which aimed to raise ₹3,480 crore, was oversubscribed 1.92 times overall, driven largely by Qualified Institutional Buyers (QIBs) who poured in heavy bids on the final day.
From YouTube Channel to Public Company
The journey of Physics Wallah is nothing short of a startup fairytale. Started in 2016 as a humble YouTube channel by Alakh Pandey to teach physics to JEE and NEET aspirants for free, it has evolved into a profitable edtech behemoth.
Unlike its competitors who burned cash on celebrity endorsements and aggressive marketing, PW focused on:
- Affordability: Courses priced as low as ₹3,000-₹4,000.
- Hybrid Model: Rapid expansion of “Vidyapeeth” offline centers.
- Profitability: It remains one of the few profitable edtechs in India, posting a revenue of ₹3,039 crore in FY25 (up 51% YoY) and an adjusted EBITDA of ₹193 crore.
Financial Health Check
While the listing pop is impressive, analysts advise caution due to the company’s aggressive expansion costs.
- Revenue (FY25): ₹3,039 Crore
- Net Loss (FY25): ₹243 Crore (Narrowed from previous year)
- Growth Areas: Offline centers now contribute nearly 40% of revenue, shifting the business model from purely digital to “Phygital.”
What Should Investors Do?
Market experts have given a “Subscribe for Long Term” rating to the stock. The immediate listing gain of 33% is a great exit opportunity for short-term flippers, but for long-term believers in the Indian education story, holding the stock could be viable as the company expands its offline footprint and enters new categories like UPSC and upskilling.
Alakh Pandey’s Statement: “This IPO is not an exit for us; it is a new beginning. The funds will be used to open more centers and reach the remotest corners of Bharat.”
🎥 Watch: Physics Wallah IPO Analysis
For a deeper dive into the IPO details and what this listing means for the edtech sector, check out this analysis:
Shares Of PhysicsWallah Lists On Dalal Street | Public Listing
This video covers the live listing ceremony and initial market reactions to the Physics Wallah stock debut.
