PhysicsWallah had a strong debut on Dalal Street, surpassing expectations set by the grey market premium (GMP) before going public. The stock opened at Rs 145 on the NSE and Rs 143.10 on the BSE, a significant 33% premium over its issue price of Rs 109, surprising many market observers who anticipated a more modest increase based on GMP projections.
This impressive listing reflects continued investor confidence in the company’s growth prospects, despite lackluster subscription numbers during the IPO. PhysicsWallah, founded by Alakh Pandey, is a prominent name in India’s education sector, evolving from a YouTube channel into a rapidly expanding hybrid education platform. Offering online and offline test-prep courses for exams like JEE, NEET, and UPSC, the company also provides upskilling programs. With over 13.7 million YouTube subscribers and 303 offline and hybrid centers nationwide, PhysicsWallah has established itself as a leading education brand in the country.
The PhysicsWallah IPO garnered a total subscription of 1.92 times, with retail investors subscribing 1.14 times, qualified institutional buyers (QIB) portion 2.86 times, and non-institutional investors (NII) segment 0.51 times as of November 13. While the subscription rates were moderate, analysts noted the strong participation from institutional investors as a sign of confidence in the company’s long-term potential.
The IPO price range was set at Rs 103–Rs 109 per share, with a lot size of 137 shares requiring a minimum investment of Rs 14,933 at the upper limit. The company’s success in the edtech sector can be attributed to its competitive pricing, extensive reach, and robust digital engagement. Its hybrid model, combining free online content with paid courses and offline centers, has been a key driver of growth.
PhysicsWallah’s debut at a 33% premium has surpassed market expectations, indicating a high level of trust in the company’s future prospects, its profitable track record in a challenging edtech industry, and the increasing demand for structured test-prep services in Tier-2 and Tier-3 cities. This strong start suggests that both retail investors and institutions are willing to support established brands with clear revenue visibility, even in a market cautious towards new-age tech IPOs.