Listing Overview
Physics Wallah (PW) is set to debut on the NSE and BSE on November 18, 2025, after closing one of the most closely tracked education-sector IPOs of the year.
Priced in the ₹103–₹109 band, PW enters the market with a strong reputation for affordable learning and profitable growth a combination that has become increasingly rare in India’s edtech space.
The grey market premium (GMP) near ₹8 suggests the stock may list around ₹116–₹118, pointing to a steady premium without excess speculation. The sentiment is constructive, supported by PW’s brand strength and clear financial visibility.
Physics Wallah IPO Summary
PW’s large fresh issue signals its focus on strengthening offline presence and operational expansion.
Subscription Snapshot
About Physics Wallah
Founded in 2020 by Alakh Pandey and Prateek Maheshwari, PW has grown into one of India’s most trusted education brands.
What started as a YouTube-led learning channel is now a full ecosystem of online courses, test series, hybrid batches, educational books, and a rapidly expanding offline network of 60+ Pathshala centres.
PW now serves over 1 crore students, with a model built around accessible pricing and strong educator-led trust. The hybrid approach digital content for scale and offline centres for structure has helped PW reach deeper into Tier-II, Tier-III, and aspirational markets across India.
Financial Highlights (₹ crore)
PW’s performance has stood out in the edtech landscape thanks to its rapid scale-up, strong student acquisition, and disciplined cost structure. Its ability to grow while keeping operations efficient continues to shape positive investor interest.
Valuation and Listing Outlook
At the upper band of ₹109, PW’s valuation exceeds ₹11,000 crore.
The company enters the public market with a profitability track record, strong digital distribution, and a fast-growing offline footprint all factors that justify a valuation premium compared to other education players.
The GMP around ₹8 supports expectations of a moderate premium listing, driven by PW’s brand, scale, and trusted teaching base.
Post-listing performance will depend on how effectively PW manages its offline expansion while protecting margins and faculty depth.
Key Risks
PW’s offline rollout requires operational discipline and consistent educator quality.
Competition remains intense, with Unacademy, Aakash, BYJU’S, and various regional institutes fighting for the same student cohorts.
Test-prep demand cycles can create seasonal revenue patterns, and education policy changes may also influence future growth.
Sahi’s Take
Physics Wallah’s listing marks a defining moment for India’s edtech sector. It enters the market with strong brand recall, profitable operations, and a hybrid model that has resonated across student communities.
A steady premium listing appears likely, and long-term investor confidence will hinge on PW’s ability to scale offline classrooms without compromising what made it successful in the first place affordable, trusted, high-quality education.