PhysicsWallah made a remarkable debut on the stock market on Tuesday, with its shares opening significantly higher than the issue price. The stock began trading at Rs 145 on the National Stock Exchange (NSE), marking a 33% increase from the IPO price of Rs 109. On the Bombay Stock Exchange (BSE), shares opened at Rs 143.10, up 31%, and later peaked at Rs 162.05 during the day. This strong performance pushed the company's market valuation to Rs 43,453 crore.

Analysts attribute the successful listing to investor confidence in PhysicsWallah's brand and its innovative hybrid teaching model. Shivani Nyati from Swastika Investmart noted that the company's “strong brand recall, affordable test-prep offerings, and fast-growing hybrid model” played a crucial role in its debut. However, she cautioned about potential risks from larger competitors, regulatory challenges, and profitability pressures. Nyati advised investors to consider booking some profits while retaining part of their holdings for medium-term gains, suggesting a stop-loss at Rs 130.

The IPO, valued at Rs 3,480–3,481 crore, was one of the largest in India's edtech sector and saw nearly double the subscription by the final day. The offer included a fresh issue of about Rs 3,100 crore and a Rs 380 crore offer for sale. Qualified institutional buyers (QIBs) showed strong interest, subscribing 2.86 times, while retail interest was at 1.14 times. Employees subscribed 3.71 times, benefiting from a Rs 10 discount.

Founded by Alakh Pandey and Prateek Boob, PhysicsWallah has evolved from a YouTube channel into a significant player in the edtech space, boasting 13.7 million subscribers and 4.46 million paid learners as of June 2025. The company reported a 51% increase in revenue to Rs 3,039 crore for FY25, with a net profit of Rs 243 crore, recovering from a loss in FY24. However, it remains loss-making in cumulative terms, with a reported loss of Rs 127 crore in Q1 FY26.

The funds raised from the IPO will be used for expansion, technology upgrades, infrastructure development, and acquisitions. As the first major pure-play edtech company to list on Indian exchanges, PhysicsWallah's debut is seen as a significant milestone for the sector, especially following the challenges faced by other companies like Byju's and Unacademy.

At the listing event, Alakh Pandey received enthusiastic support from his wife, Shivani Dubey, who applauded him during the ceremony. Pandey expressed gratitude to those who supported his journey, emphasizing the mission of PhysicsWallah to identify and nurture talent across India. The stock's strong performance has sparked discussions among investors about whether to buy, sell, or hold, as the market watches closely for future developments in the edtech sector.