By Kavita Iyer 
New Delhi, November 18: The edtech firm PhysicsWallah started its market journey on 18 November 2025 with a listing that surprised even seasoned traders. According to The Economic Times, the stock began trading at ₹145 on the NSE and ₹143.10 on the BSE, comfortably above the ₹109 issue price. The early jump marked one of the more confident openings for a consumer-technology company this year.
As sessions progressed, the mood in the market lifted further. Reuters noted that the stock climbed to nearly ₹161.99 during intraday trade. For early investors, the rise translated into quick gains and pushed the company’s valuation toward 5.2 billion dollars. The reaction pointed to a sentiment shift in a sector that had spent much of the past two years patching up balance sheets and losing investor trust.
An IPO That Drew Solid Interest
The Financial Express reported that the company raised about ₹3,480 crore, a large sum for the education space. Most of the capital came from a ₹3,100 crore fresh issue, while a ₹380 crore OFS rounded off the offer. The subscription figures, around 1.92 times according to India Today, showed that demand held steady through the bidding window.
That said, the market environment for internet-led education companies has been tight since the post-pandemic correction. PhysicsWallah benefitted from its image as a low-cost, reliable coaching platform and its growing presence in the offline segment. The combination helped investors feel more comfortable about the company’s long-term footing.
Mixed Signals For The Sector
The broader edtech landscape has gone through turbulence. Several well-known ventures shrank operations, exited markets, or delayed fundraising after losses mounted. PhysicsWallah moved in the opposite direction by conserving cash, building smaller centres, and attracting students from middle-income households.
Still, analysts quoted by Financial Express flagged concerns about the company’s aggressive push into physical coaching hubs. Running centres demand regular spending on salaries, rent, and infrastructure. These costs tend to rise quickly, and investors will watch how the company balances expansion with profitability.
As it turns out, the strong listing has prompted renewed interest across the sector. Reuters described the debut as an encouraging sign for investors who had stayed cautious about education technology firms through much of 2024 and early 2025.
Retail Mood And Early Decisions
The response from retail investors carried its own story. Many who entered the IPO did so because of the brand’s reach among students preparing for competitive exams. The name recognition appears to have played a role in the buying patterns seen in the early hours of trade.
According to India Today, some analysts suggested that investors could consider partial profit booking after the sharp rally. Even so, several first-time investors are likely to stay put, hoping that the momentum continues as the company begins reporting quarterly performance.
For now, the key question is whether the listing gains will cool off once the market focuses on earnings, expansion costs, and margins.
Hybrid Learning And The Road Forward
PhysicsWallah’s priority is to scale its hybrid network across smaller cities. The model places technology at the core but relies on offline centres to build trust and deepen engagement. This shift demands tighter execution. It also requires a workflow that keeps course quality consistent between digital and physical ones.
Competition is intense in the test-prep market. Long-established coaching players already operate extensive networks in several states. PhysicsWallah aims to break into these regions by offering lower fees and targeted instruction. Whether this strategy leads to meaningful long-term growth will become clearer over the next year.
A Significant Milestone For Education Markets
The company’s listing comes at a time when India’s education market is under renewed scrutiny. Policymakers have stressed the need to protect students from exploitative practices and ensure that coaching centres follow standards. A publicly listed company faces higher accountability and regular disclosures, creating a clearer picture for parents and students.
Investors are looking at the stock as a test case. If PhysicsWallah manages to keep margins stable while expanding, it may encourage fresh interest in other education ventures, considering the public route. If costs swell too quickly, the market’s optimism may fade.
The Outlook
For now, the debut reflects a mix of brand trust and market optimism. The stock’s early performance shows that investors are willing to back companies that blend affordability with scale. The next several quarters will offer a clearer view of whether PhysicsWallah can carry forward the momentum of its first day on the exchanges.
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Former financial consultant turned journalist, reporting on markets, industry trends, and economic policy.
- Kavita Iyerhttps://hindustanherald.in/author/kavita/
- Kavita Iyerhttps://hindustanherald.in/author/kavita/
- Kavita Iyerhttps://hindustanherald.in/author/kavita/
- Kavita Iyerhttps://hindustanherald.in/author/kavita/
Ananya Sharma, Kavita Iyer and Neeraj Kapoor