Ed-tech firm PhysicsWallah made a strong debut on the Indian stock market on 18 November 2025, with shares listing at ₹145 on the NSE and ₹143 on the BSE, roughly 33 % above its ₹109 IPO price.
The IPO raised a total of around ₹3,480 crore, comprising a fresh issue of 28.45 crore shares worth ₹3,100.7 crore and an offer-for-sale (OFS) of 3.49 crore shares worth ₹380 crore. The price band was ₹103–₹109 per share, and the IPO was open from 11–13 November.
Institutional investors showed strong interest, with the Qualified Institutional Buyers (QIB) segment subscribed 2.7 times. Retail investors subscribed 1.06 times, while non-institutional investors saw weaker demand at 0.48 times.
PhysicsWallah plans to use the IPO proceeds to fund expansion of offline “Vidyapeeth” and hybrid “Pathshala” learning centres, enhance cloud and technology infrastructure, cover lease costs for existing centres, boost marketing (₹710 crore), and pursue acquisitions (₹941 crore).
The company’s financials show rapid revenue growth from FY 23 to FY 25 at a CAGR of 96.9 %, reaching ₹2,886.6 crore, while adjusted EBITDA grew 90.3 % to ₹432 crore. However, net losses widened to ₹243.3 crore in FY 25 from ₹84.1 crore in FY 23, and EBITDA margins slipped slightly to 15 %.
Analysts note that while the strong listing reflects investor confidence, challenges remain, including heavy competition in the ed-tech sector, high operating costs, and the need to sustain student enrolments to achieve profitability.
PhysicsWallah’s IPO listing has set the tone for other ed-tech firms considering public offerings, showing that investors are willing to back high-growth companies even if they are not yet profitable.
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