The ₹3,480-crore IPO of PhysicsWallah received nearly 2 times (1.81 times) subscription on its final day, at a price band of ₹103-109 per share. | Photo Credit: istock.com
Shares of PhysicsWallah made a stellar stock market debut today, defying pre-listing expectations. The listing reflected investor confidence in PW’s strong brand recall, affordable test-prep offerings, and its fast-growing hybrid model through both online platforms and PW Pathshala centers, Shivani Nyati, Head of Wealth at Swastika Investmart Ltd., said.
The stock opened at ₹145 on the NSE, a sharp 33 per cent premium over its IPO price of ₹109. On the BSE, the stock listed at ₹143.10, reflecting a 31.2 per cent gain.
Minutes into trade, investor enthusiasm pushed the price further to ₹162, underscoring strong demand on debut day.
At 10.15 am, the stock traded at ₹145.78 on the NSE.
Nyati advised that allottees may book partial profits and hold the remaining shares for medium-term growth with stoploss of ₹130.
The coming weeks will test whether the company can sustain this early momentum as it deploys IPO proceeds toward expansion, infrastructure, and growth initiatives.
The company’s strengths include a loyal student base, scalable digital content engine, expanding offline footprint, and diversified presence across JEE, NEET, UPSC, and state-level exams. However, competition from other edtech and offline coaching giants, regulatory uncertainties in the education sector and the challenge of sustaining profitability during expansion remain key risks.
The ₹3,480-crore IPO of PhysicsWallah received nearly 2 times (1.81 times) subscription on its final day, at a price band of ₹103-109 per share. The healthy retail participation was supported by expectations of continued demand for hybrid learning and deeper penetration in Tier II–III markets, according toShivani Nyati.
The issue comprised of a fresh issue of equity shares worth ₹3,100 crore and an Offer for Sale (OFS) of up to ₹380 crore by the promoters — Alakh Pandey and Prateek Boob. Ahead of the IPO, the company raised ₹1,563 crore from anchor investors.
Emmvee Photovoltaic Power
Meanwhile, Emmvee Photovoltaic Power made a quiet entry into the stock market, with its shares debuting at ₹217 on both the NSE and BSE, same as its IPO price.
It then gradually oscillated within a narrow band, drifting between ₹206 and ₹219 through the trading session.
The ₹2,900-cr offer received 97 per cent subscription on its closing day of bidding. The IPO comprised a fresh issue of shares worth ₹2,143.86 crore and an offer for sale (OFS) of shares valued at ₹756.14 crore by promoters, at a price band of ₹206-217.
The solar photovoltaic modules and solar cells maker mobilised ₹1,305 crore from anchor investors.
Published on November 18, 2025
