From YouTube to Dalal Street: PhysicsWallah finally lists on NSE, BSE at a 33% premium to its IPO price

Indian edtech giant PhysicsWallah, which began as a YouTube channel in 2016, made a strong debut on Dalal Street on Tuesday, listing its shares at a premium on both major stock exchanges, NSE and BSE.

Shares of PhysicsWallah Limited debuted at Rs 143.10 on the BSE, reflecting a 31% premium over the issue price of Rs 109 (upper band). On the NSE, the stock opened at Rs 145, up 33% from the IPO price.

The #NSEBell has rung in the celebration of the listing of PhysicsWallah Limited at our exchange @nseindia.#NSEIndia#listing#IPO#StockMarket#ShareMarket#PhysicswallahLimited@ashishchauhan@physics__wallah@PhysicswallahAPpic.twitter.com/7vOKLn00Zz

— NSE India (@NSEIndia) November 18, 2025

Although Alakh Pandey’s edtech company saw a muted response from investors during the first two days of the IPO, it was fully subscribed on the final day, with nearly 2x subscription, primarily led by QIB investors. Overall, it received 2.03 lakh IPO applications.

The qualified institutional buyers (QIB) segment led the demand with 2.86x subscription, bidding for more than 27 crore shares against 9.55 crore on offer. The retail investor category was subscribed 1.14x, with bids for about 3.64 crore shares against 3.19 crore available. The employee quota also witnessed strong interest, receiving 3.71x subscription, with bids for about 26 lakh shares against 7.07 lakh reserved.

In comparison, the non-institutional investor (NII) category saw a muted response, recording 0.51x subscription.

The PhysicsWallah IPO is a book-built issue of Rs 3,480.71 crore, comprising a fresh issue of 28.45 crore shares aggregating to Rs 3,100.71 crore and an offer for sale of 3.49 crore shares worth Rs 380 crore. IPO bidding opened on November 11, 2025, and closed on November 13, 2025.

Founded in 2020, PhysicsWallah operates 198 offline centres under its ‘PW Vidyapeeth’ and ‘Pathshala’ brands, and serves over one crore monthly active users across digital platforms. 

For FY25, PhysicsWallah reported revenue of Rs 2,887 crore, up from Rs 1,940 crore in FY24, while losses narrowed sharply to Rs 243 crore from Rs 1,131 crore a year earlier.

In Q1 FY26, it recorded Rs 847 crore in revenue and a loss of Rs 127 crore.