PhysicsWallah (PW), India’s prominent edtech unicorn, recently made a remarkable debut on the Indian stock exchanges on November 18, 2025. The shares listed at ₹145 on the NSE, representing a 33.03% premium over the IPO price band of ₹103–₹109. On the BSE, the stock opened at ₹143.10, up 31.28%. This surge pushed the company’s market capitalization to approximately ₹40,922 crore, surpassing grey market expectations that had predicted a more modest 13% gain. The IPO saw a near 2x subscription, primarily fueled by strong retail investor interest despite ongoing concerns around governance and recent financial challenges.
Alakh Pandey’s Remarkable Founder Story and Early Struggles
Alakh Pandey, co-founder and CEO of PhysicsWallah, embodies a true rags-to-riches tale. Born in Prayagraj (Allahabad), he began his journey as a passionate physics teacher, creating free educational content on YouTube starting in 2016. With no lavish budgets or polished corporate backing, Alakh’s raw, authentic teaching style and commitment to affordable quality education helped build a loyal student base. The platform soon expanded into a full-fledged edtech venture offering live interactive courses for competitive exams like JEE, NEET, GATE, and UPSC across India.
Pandey’s journey wasn’t without hurdles. In 2023, some top educators left the company, citing deviations from its student-centric mission, and layoffs raised concerns about its work culture. However, the core vision of Break the barriers for access to quality education persisted, driving PhysicsWallah to unicorn status.
PhysicsWallah Foundation and Community Initiatives
Alongside commercial growth, PhysicsWallah Foundation has played a vital role in providing free educational content focused on 9th and 10th-grade students preparing for year-end board exams. Its emphasis on accessibility and quality has helped position PhysicsWallah as a socially responsible edtech pioneer, committed to enabling affordable education for underprivileged students.
IPO Milestones and Financial Details
- The IPO consisted of a fresh issue worth ₹3,100 crore and an Offer For Sale (OFS) of ₹380 crore by founders and early investors.
- Applications were received for approximately 1.92 times the issue size, with Qualified Institutional Buyers (QIBs) oversubscribing their quota nearly 2.7 times.
- Gross proceeds are earmarked for expanding offline and hybrid education centers with an investment of ₹460 crore, supporting lease payments of nearly ₹550 crore, marketing (₹710 crore), and technology infrastructure upgrades.
- The company also plans acquisitions in community-driven education platforms to boost its market footprint.
Growth and Future Outlook
PhysicsWallah reported strong revenue growth in FY23, driven by threefold expansion largely due to offline education centers contributing nearly 45% of revenue. The financial health has been bolstered by rising cash reserves, marking a target year for profitability in FY25. The company remains well-positioned in India’s crowded but fast-growing edtech market, holding a significant share against giants like Byju’s, Unacademy, and Vedantu.
Read this: PhysicsWallah Failed to Protect Students? — Zerodha Flags Unique Concerns in PW IPO Papers
