Physics Wallah (PW) began trading on India’s stock exchanges on November 18, 2025, and rose well above its ₹109 IPO price during its first session. The strong debut contrasted with contemporaneous reports of layoffs, funding constraints and distress at Indian edtech peers—but it was one company’s market debut, not evidence that the sector had recovered.
How Physics Wallah shares performed on November 18, 2025
The IPO was priced at ₹109 per share, at the top of a ₹103–₹109 price band. Bidding ran from November 11 to 13, 2025. On the November 18 debut, Indian Express reported an opening price of ₹145 on the NSE and ₹143.10 on the BSE. TechCrunch reported an intraday high of ₹161.99 and a closing price of ₹156.49, which it described as 44% above the listing price. Business Standard reported a close of ₹155, up 42.4% from the IPO price. These are source-specific reported closing figures, not a single uncontested price. Indian Express; TechCrunch; Business Standard.
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| Price reference | Reported figure | What it refers to |
|---|---|---|
| IPO issue price | ₹109 per share | Final issue price, at the top of the ₹103–₹109 band. |
| NSE opening | ₹145 | Opening price reported by Indian Express on November 18, 2025. |
| BSE opening | ₹143.10 | Opening price reported by Indian Express on November 18, 2025. |
| Intraday high | ₹161.99 | High reported by TechCrunch on November 18, 2025. |
| Session close | ₹156.49 | Close reported by TechCrunch, which described it as 44% above the listing price. |
| Session close | ₹155 | Close reported by Business Standard, up 42.4% from the IPO price. |
The BSE listing notice, quoted by Indian Express, said the shares would be listed and admitted to dealings effective Tuesday, November 18, 2025, in the exchange’s “B” Group of Securities. These figures describe that historical debut session; they are not current share-price information.
What the IPO raised—and who received the proceeds
The offering raised ₹34.8 billion (approximately $393 million in TechCrunch’s report). Of that total, ₹31 billion was a fresh issue, while ₹3.8 billion came from an offer for sale by co-founders Alakh Pandey and Prateek Boob. Fresh-issue proceeds go to the company; offer-for-sale proceeds go to the shareholders selling their existing shares. TechCrunch.
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At the time of the IPO, management said most of the proceeds were intended for expanding offline centers, strengthening technology and potential acquisitions. That was a stated plan, not evidence of how the money was subsequently spent. The SEBI index lists a final prospectus filing dated November 14, 2025. SEBI.
Why the debut stood out in Indian edtech
Contemporaneous reporting described a difficult backdrop for parts of the sector. TechCrunch pointed to layoffs, a funding drought and the unraveling of Byju’s, which was facing a corporate-governance crisis, lender litigation, cash pressure, mass layoffs and insolvency proceedings. It also reported that Unacademy had cut staff and scaled back operations. Business Standard cited Byju’s bankruptcy and Unacademy layoffs while noting that demand for the Physics Wallah offer was less than two times. TechCrunch; Business Standard.
Those examples explain the contrast in the headline, but they are not a comprehensive measure of Indian edtech or proof that every company was struggling. Equally, one successful first-day performance cannot establish that the wider sector had turned a corner.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Physics Wallah’s growth, losses and offline expansion
Physics Wallah sells test-preparation and upskilling courses through its website, apps and offline centers. The company’s FY2025 figures, reported by TechCrunch citing its filing, showed rising revenue and subscribers alongside a continuing net loss:
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- Revenue: ₹28.9 billion in FY2025, up 49% year over year.
- Net loss: ₹2.4 billion in FY2025, narrowed from ₹11.31 billion. The company was not profitable on this measure.
- Paying subscribers: 4.5 million in FY2025, a 23% year-over-year increase.
- Operating revenue mix: 48.6% from online channels and 46.8% from offline centers in FY2025.
As of June 2025, the company had 303 centers across 152 cities in India and the Middle East, up from 182 centers the prior year, according to TechCrunch. The growing physical footprint helps explain why expansion of offline centers was among management’s stated uses for IPO proceeds. TechCrunch.
What the first-day rise does—and does not—tell investors
A first-day gain measures how trading began relative to the IPO price; it does not establish a company’s future returns or resolve questions about its finances, competition or execution. For readers assessing the event, keep the reference points distinct: the issue price, each exchange’s opening, the session high and the reported close are different measures. The closing-price discrepancy should also remain attributed to the outlets that reported each figure.
Alakh Pandey called the IPO “a good milestone” at the Mumbai ceremony, while adding that “the mission and vision are a lot to be left to be completed,” as reported by TechCrunch. The remark captures the distinction between reaching a public-market milestone and completing the company’s longer-term ambitions. TechCrunch.
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