Edtech unicorn PhysicsWallah (PW) made a stronger-than-expected entry into the public markets on Tuesday, listing at ₹145 on the NSE, a 33% premium to its issue price of ₹109. On the BSE, the stock opened at ₹143 before gaining momentum, trading at ₹155.5 by 10:00 AM and delivering early listing gains to investors — a rare outcome for the Indian edtech sector.
IPO Structure and Subscription Trends
The ₹3,480 crore IPO featured a ₹3,100 crore fresh issue and a ₹380 crore offer for sale. The issue, priced between ₹103–109, saw 1.8× overall subscription, led by strong institutional demand. QIB participation (excluding anchors) stood at 2.7×, while the retail portion saw a modest 1.05× subscription. PW also raised ₹1,563 crore from anchor investors including ICICI Prudential MF, Kotak MF, Nippon MF, and global investor Fidelity.
Growth Plans Backed by New Capital
PW plans to deploy the fresh funds toward expanding its offline centres, strengthening its technology and content infrastructure, and acquiring companies in test prep, skilling and adjacent learning categories. The company already operates 500+ centres under Vidyapeeth and Pathshala and serves 1 crore monthly active users across its digital ecosystem.
Financial Snapshot and Market Context
Founded in 2020, PhysicsWallah has grown into one of India’s largest education platforms. The company posted ₹2,887 crore revenue and a ₹243 crore loss in FY25. In Q1 FY26, revenue reached ₹847 crore, though losses widened to ₹127 crore due to expansion-led investments. Despite the volatility in edtech, PW remains among the few large players demonstrating scale and profitability potential.
Final Take
PhysicsWallah’s strong market debut signals renewed confidence in digital-first education models backed by hybrid expansion. As the company accelerates offline growth and broadens its product stack, its public performance may influence future edtech listings in India.
