IPO 2025 · Edtech
PhysicsWallah IPO: issue price, listing date and listing gain
Priced at 109 rupees, listed about 31.28% above its 109 rupee issue price on 18 November 2025. The verified listing record and the desk read.
The listing record
PhysicsWallah priced its IPO at 109 rupees per share and listed about 31.28% above its 109 rupee issue price on 18 November 2025, raising about 3,480 crore rupees. BazaarBaazi scores the debut at an IPO Scorecard of 66/100 (a strong listing). It is editorial framing, not investment advice.
BazaarBaaziSource & method
The offer
PhysicsWallah raised 3,480 crore rupees at an issue price of 109 rupees per share, listing on BSE and NSE on 18 November 2025. PhysicsWallah built its brand on affordable, high-quality online education content, particularly for students preparing for JEE and NEET entrances, and grew into an omni-channel platform covering online courses, offline Vidyapeeth centres, books, and tutoring.
The company's positioning is at the opposite end of the edtech spectrum from premium, high-ticket platforms. It reached a massive student base by making content genuinely affordable, and then layered on paid offerings as the platform scaled. This breadth of the student base, rather than the ticket size per student, is the core asset.
The IPO subscription was 1.81 times, a measured response that reflected the market's ongoing caution about edtech valuations after a difficult post-pandemic period for the sector. Investors applied selectively rather than bidding with lottery-winner enthusiasm.
The listing and the read
PhysicsWallah listed on 18 November 2025 at 143.10 rupees on BSE, a 31.28 percent premium over the 109 rupee issue price. It was a bumper debut that beat the grey-market premium estimates heading into the listing, surprising the bears who had doubted edtech appetite.
BazaarBaazi reads an edtech debut on unit economics and the durability of the brand among the aspirant-class student base. PhysicsWallah's edge is distribution reach and trust at a price point that does not exclude anyone. The post-listing trajectory depends on whether it can convert that reach into a repeating, monetisable relationship with students across years of their education journey, not just the crackdown prep window. Editorial framing, not investment advice.
The verified record
The hard, cross-checked facts of the listing.
Listing-day figures are verified against public IPO records. Post-listing prices move daily and are not shown here; this page is the durable record of how PhysicsWallah came to market, not a live quote.
FAQ4 reader questions · AEO-eligible
Common questions on the PhysicsWallah IPO.
What was the PhysicsWallah IPO issue price?
PhysicsWallah priced its IPO at 109 rupees per share and raised 3,480 crore rupees, listing on 18 November 2025.
How did PhysicsWallah list?
PhysicsWallah listed at 143.10 rupees on BSE on 18 November 2025, a 31.28 percent premium over the 109 rupee issue price, a bumper debut that beat the grey-market premium estimates.
Why did PhysicsWallah pop more than the grey-market premium hinted?
Grey market premiums often lag real demand when a subscription is modest and the market is cautious. The listing-day move was driven by buyers who had not applied in the IPO but wanted in once they saw the debut price, creating momentum above the GMP estimate.
What does PhysicsWallah sell?
PhysicsWallah offers affordable online and offline courses for competitive entrance exams (JEE, NEET, and others), supplementary books, and tutoring, with a focus on students who cannot afford premium coaching. Its offline centres operate under the Vidyapeeth brand.
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