Edtech unicorn PhysicsWallah (PW) delivered an impressive debut on the Indian stock markets on Tuesday, rewarding investors with strong listing gains and reaffirming confidence in the rapidly expanding education technology sector.
Stellar Listing on NSE and BSE
Shares of PhysicsWallah opened at ₹145 on the National Stock Exchange (NSE), marking a 33.03% premium over its IPO issue price of ₹109. On the BSE, the stock listed at ₹143.10, up 31.28% from the issue price.
The debut momentum continued as the stock surged to an intraday high of ₹162.05, translating to an impressive 48.66% gain. At last check, PW shares were trading steady at ₹152, giving the company a market capitalisation of ₹43,410.13 crore on the BSE.
Strong IPO Backing From Anchors
Before the initial public offering (IPO) opened to retail investors, PhysicsWallah raised ₹1,563 crore from anchor investors—a clear indication of institutional trust in the company’s financial trajectory and long-term growth potential.
Why Investors Are Bullish
According to market experts, the robust listing performance reflects investor belief in PW’s unique positioning in the edtech landscape. The company has built a strong reputation for affordable learning, high-quality content, and a rapidly growing hybrid model that blends digital education with offline learning centers.
Shivani Nyati, Head of Wealth at Swastika Investmart Ltd., noted that PhysicsWallah’s key strengths include:
- A large and loyal student community
- Scalable digital-first teaching model
- Expanding offline footprint through PW Pathshala centers
- Strong presence across major competitive exam categories including JEE, NEET, UPSC, and state-level exams
However, Nyati also highlighted challenges such as:
- Rising competition from edtech and traditional coaching giants
- Regulatory uncertainties in the education sector
- Pressure to maintain profitability during rapid expansion
GMP Signals Were Strong Ahead of Listing
In the grey market, PhysicsWallah’s unlisted shares were trading at about ₹14, indicating a grey market premium (GMP) of ₹123, or nearly 12.84% over the IPO price. This early enthusiasm translated effectively into today’s bullish listing.
What PhysicsWallah Does
PhysicsWallah began as a YouTube channel and has grown into one of India’s fastest-scaling edtech enterprises. The company offers preparation courses for a range of competitive exams, including:
- JEE
- NEET
- GATE
- UPSC
It also provides upskilling programs and operates through:
- YouTube
- Its website and mobile apps
- Tech-enabled offline centers
- Hybrid “Pathshala” centers combining virtual lectures with in-person support
The company is supported by prominent investors such as WestBridge Capital, Hornbill, and GSV Ventures.
Improving Financial Health
In terms of performance, PhysicsWallah significantly reduced its losses to ₹243 crore in FY2025, down from ₹1,131 crore in the previous financial year. This improved financial outlook has strengthened its credibility among investors and contributed to today’s strong listing.
