PhysicsWallah Ends First Trading Session 44% Above Issue Price

SUMMARY

PhysicsWallah’s shares listed at INR 145 on the NSE and INR 143.10 on the BSE

The stock touched an intraday high of INR 161.09 on the NSE and INR 162.05 on the BSE

PhysicsWallah’s market capitalisation stood at INR 44,382.43 Cr (about $5 Bn) at the end of the session

Update | November 18, 16:55 IST

Shares of PhysicsWallah jumped following their listing to touch an intraday high of INR 161.99 on the NSE. The stock ended the session at INR 156.49, up 43.6% from the issue price and 7.9% from the listing price.

On the BSE, the stock touched an intraday high of INR 162.05. It shed some of the gains to end the first trading session at INR 155.20, up 42.4% from the issue price of INR 109 and 8.5% from the listing price.

The company’s market capitalisation stood at INR 44,382.43 Cr (about $5 Bn) at the end of the session.

Post the listing, the two cofounders, Prateek Maheshwari and Alakh Pandey still own shares worth INR 16,044.1 Cr in the edtech giant.

Meanwhile, as per the stock’s last closing price, institutional backer Hornbill Capital still owns stock worth INR 1,787 Cr in the company. GSV Ventures also owns shares worth INR 1,154 Cr, while Lightspeed has a stake worth INR 725 Cr in the edtech unicorn.

Original | November 18, 10:05 IST

Edtech major PhysicsWallah’s shares made a stellar debut on the bourses today, listing at a premium of 33% at INR 145 on the NSE.

The stock got listed at INR 143.10 on the BSE, a premium of 31.39% to the issue price of INR 109.

As of 10:08 IST, the company’ shares were trading at INR 151.50 apiece on the BSE, up 39% from the issue price and 5.9% from the listing price. The company’s market capitalisation stood at INR 43,467.33 Cr (about $4.9 Bn).

The edtech company had set a price band of INR 103-109 for its public issue. At the upper end of the price band, the company sought a valuation of INR 31,169 Cr (about $3.5 Bn).

The IPO, which comprised a fresh issue of INR 3,100 Cr and an offer for sale (OFS) of INR 380 Cr, was subscribed 1.8X.

PhysicsWallah’s cofounders, Alakh Pandey and Prateek Maheshwari, sold shares worth INR 780 Cr via the OFS. None of the institutional investors offloaded their shares via the OFS.

While Pandey and Maheshwari held 40.31% stake each in the company ahead of the IPO, WestBridge held a 6.40% stake. GSV Ventures and Lightspeed had 2.85% and 1.79% stake, respectively, in the company.

PhysicsWallah plans to use a majority of the fresh proceeds to expand its offline footprint by setting up new coaching centres and managing leases. Besides, it plans to allocate some capital for advertising and brand promotion.

Founded in 2016 by Pandey, PhysicsWallah started as a YouTube channel which prepared students for competitive exams. Maheshwari joined the company as a cofounder in 2020. Following this, it turned into a full-fledged edtech startup with the addition of numerous other courses.

On the financial front, the company reported a net loss of INR 125.5 Cr in the first quarter of the ongoing fiscal year (Q1 FY26), up 78% from INR 70.6 Cr in the year-ago quarter. Operating revenue rose 33% to INR 847 Cr during the quarter from INR 635.2 Cr in Q1 FY25.

In FY25, PhysicsWallah managed to narrow its net loss by 78% to INR 243.3 Cr, while revenue from operations jumped 49% YoY to INR 2,886.6 Cr.

Notably, PhysicsWallah is the first major edtech startup to go public in India. Another edtech company, Imarticus Learning, is also preparing for its public issue.