PhysicsWallah made a strong debut on Dalal Street on Tuesday, delivering a listing that was far better than what the grey market premium (GMP) had suggested before the debut.
and Rs 143.10 on the BSE, giving investors a 33% premium over the issue price of Rs 109. This opening surprised market participants, as the GMP trend had pointed to only a mild gain ahead of the listing.
PhysicsWallah shares jumped further after its market debut and were trading at 151.15, up nearly 6% as of 11:28 am.
PhysicsWallah, founded by Alakh Pandey, is one of India’s most popular education brands. What started as a YouTube channel has grown into a large hybrid education platform offering online and offline coaching for JEE, NEET, UPSC, and various state-level exams. The company has 13.7 million YouTube subscribers and operates 303 offline and hybrid centres across India.
in total, with the retail category subscribed 1.14 times, the qualified institutional buyers (QIB) portion 2.86 times, and the non-institutional investors (NII) segment 0.51 times as of November 13.
Though the subscription numbers were modest, analysts said the strong buying from institutional investors showed confidence in the company’s long-term potential.
The IPO had a price band of Rs 103–Rs 109, with a lot size of 137 shares, requiring a minimum investment of Rs 14,933. For sNII investors, the minimum investment was Rs 2,09,062, and for bNII investors it was Rs 10,00,511.
Market analysts say the company’s brand strength, loyal student base, low-cost offerings, and hybrid learning model played a major role in driving demand. PhysicsWallah is among the few profitable edtech companies in India, which also gave confidence to investors.
According to Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, the strong listing reflects the company’s solid position in the test-prep space and its fast-growing offline network.
She said the company’s strengths include:
A loyal student community
Scalable online content engine
Rapid offline expansion through PW Pathshala centres
Presence across JEE, NEET, UPSC, and state exams
However, she also warned investors about key risks such as rising competition, regulatory uncertainty in the education sector, and the need to maintain profitability as expansion continues.
Nyati suggested that investors who received an allotment may consider booking partial profits while holding the rest for medium-term gains. She recommended a stop-loss at Rs 130.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)