Shares of PhysicsWallah soared as much as 45 per cent in their trading debut on Tuesday, valuing the Indian edtech company at $5.1 billion and highlighting robust investor enthusiasm for fresh growth in the sector.
PhysicsWallah’s shares opened at Rs145 on the National Stock Exchange of India, jumping 33 per cent above the IPO issue price of Rs109 and climbing to Rs158.38 as of 10:02 a.m. IST, a surge of 45 per cent. The market debut exceeded analyst expectations, even as broader Indian markets edged lower in anticipation of key US economic data.
PhysicsWallah is the first major edtech company to go public following a turbulent period for the industry. Competitor Byju’s—once valued at $22 billion—has entered insolvency proceedings, while other leading players such as Unacademy have been forced to grapple with layoffs and financial pressures.
Physicswallah CEO Alakh Pandey says that the listing is significant milestone in company’s journey. However, the bigger battle is to bring more and more talented students across India in the learning ambit and make education a true universal feature.
Its key competitors include Byju’s, Unacademy, Vedantu, and Gradeup.
PhysicsWallah’s initial public offering targeted a valuation of $3.19 billion with a $393 million IPO, but institutional demand drove total bids to $414 million. The successful listing aligns the company with other recent high-profile debuts including online brokerage Groww and payment firm Pine Labs, reflecting renewed investor interest in India’s technology sector.
India’s IPO market is poised for a record fundraising year in 2025, with over 300 companies raising approximately $16.55 billion by early November. PhysicsWallah’s strong listing further underscores India’s position as a hub for high-growth tech startups seeking capital on public markets.
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