The Indian stock market witnesses a significant event today as shares of the edtech giant Physicswallah Limited make their much-anticipated debut. The company's initial public offering (IPO) concludes its journey, with the equity shares scheduled for listing and trading on both the BSE and NSE from Tuesday, November 18, 2025.
Key Details of the PhysicsWallah IPO Listing
The official notification from the Bombay Stock Exchange (BSE) confirmed the listing, stating that the equity shares of Physicswallah Limited will be listed in the 'B' Group of Securities. In a significant note for traders, the scrip will be part of a Special Pre-open Session (SPOS) on the listing day. Following this session, the stock will be available for regular trading starting from 10:00 AM.
The public issue was open for subscription between November 11 and November 13, 2025. The allotment of shares was finalized on November 14, paving the way for today's listing. The IPO had a price band of ₹103 to ₹109 per share.
Strong Grey Market Signal and Analyst Outlook
Ahead of the listing, the grey market premium (GMP) has provided strong positive signals. Market data indicates that the PhysicsWallah IPO GMP today has climbed to ₹14 per share. This robust demand in the unofficial market suggests that the shares are expected to list at a significant premium to their issue price.
Based on the current GMP, the estimated listing price for PhysicsWallah shares is around ₹123 per share. This represents a premium of nearly 13% over the upper end of the IPO price band of ₹109. Market analysts echo this optimism, anticipating a decent premium listing for the edtech firm's stock.
A Landmark Moment for India's Edtech Sector
This IPO is seen as a pivotal moment for the Indian education technology landscape. Bhavik Joshi, Business Head at INVasset PMS, commented on the company's journey, highlighting its remarkable revenue growth. He noted that PhysicsWallah's revenue expanded sharply from ₹772 crore in FY23 to over ₹3,000 crore in FY25, demonstrating strong brand momentum.
However, Joshi also pointed out a critical challenge: cumulative losses exceeding ₹1,400 crore across FY23 to FY25. This, combined with a steep valuation, positions the IPO as a long-term play dependent on the company's future execution rather than a bet on immediate profitability.
IPO Subscription and Financial Highlights
The public issue witnessed a varied response across investor categories. Overall, the PhysicsWallah IPO was subscribed 1.81 times. A breakdown shows that the Qualified Institutional Buyers (QIBs) category was the most enthusiastic, with their portion being subscribed 2.70 times. The Retail Individual Investors (RIIs) category was booked 1.06 times, while the Non-Institutional Investors (NII) segment saw a 48% subscription.
The company raised a total of ₹3,480.71 crore from this book-build issue. This comprised a fresh issue of 28.45 crore equity shares worth ₹3,100.71 crore and an offer-for-sale (OFS) of 3.49 crore shares aggregating ₹380 crore. Kotak Mahindra Capital Co. Ltd. acted as the book running lead manager, and MUFG Intime India Pvt. Ltd. was the registrar for the IPO.
All eyes are now on the stock exchanges as PhysicsWallah begins its new chapter as a publicly listed company, testing investor confidence in the evolving edtech business model.
