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Zoom in: What changes today is market access for Indian edtech. The first listing since sector upheaval drew a firm debut and a clear institutional signal.

IPO Launch and Pricing

PhysicsWallah’s offer was priced in a ₹103–₹109 band and raised roughly ₹3,480–₹3,481 crore, according to available reports. The issue window ran November 11–13, with allotment finalized on November 14 and listing slated for both NSE and BSE on November 18.

By the numbers:

• Price band: ₹103–₹109 per share.
• Gross proceeds: about ₹3,480–₹3,481 crore.
• Offer period: November 11–13; allotment on November 14.
• Exchanges: NSE and BSE on November 18.

Listing Day Performance

On debut, shares opened at ₹145 on the NSE, a 33% premium to the ₹109 issue price. On the BSE, they opened at ₹143.10, a 31% premium. Trading was active from the open, reflecting healthy price discovery.

Subscription Details

Demand was solid but selective. Overall subscription stood near 1.81 times. However, Qualified Institutional Buyers (QIBs) bid 2.7 times, while retail was 1.06 times and non-institutional investors came in at 0.48 times.

By the numbers:

• Overall: ~1.81x.
• QIB: 2.7x.
• Retail: 1.06x.
• NII: 0.48x.

The mix suggests institutions took the lead, while retail participation was measured. Consequently, near-term flows may depend on institutional positioning rather than broad retail momentum.

Anchor Investor Participation

Before the offer opened to the public, anchor investors committed ₹1,563 crore on November 10. This pre-listing allocation helped underpin confidence, while the BSE’s notice confirmed the company’s admission to dealings and symbol details ahead of the debut. As a result, book quality appeared robust even as retail remained cautious.

Market Reaction and Valuation

Beyond the opening print, the stock surged as much as 45% intraday to ₹158.38. That move briefly implied a market value near $5.1 billion. Still, listing-day pops often normalize as allocations settle and early trades unwind.

Sector and Industry Context

PhysicsWallah is the first Indian edtech company to go public after the sector saw Byju’s slide into insolvency proceedings. Therefore, this listing is a stress test for sentiment toward education technology after a bruising reset. The company operates across online, offline, and hybrid formats in test preparation and upskilling, which diversifies delivery and revenue paths.

Pros and cons

• Pros: Strong anchor support; clear institutional demand; multi-format delivery across online and offline.
• Cons: Modest retail and weak NII bids; edtech sentiment remains fragile; execution scrutiny will be high post-pop.

The upshot: The market rewarded scarcity and scale in an embattled category. However, sustained performance will hinge on growth delivery, unit economics, and clarity on expansion cadence across formats.

What’s next:

• Watch post-listing stability and volumes as early allocations rotate.
• Track how management communicates operational priorities in the first public updates.
• Monitor appetite for follow-on supply as lock-ins expire and as peers assess the window.

By the numbers: debut snapshot

• NSE open: ₹145 (+33%).
• BSE open: ₹143.10 (+31%).
• Intraday high: ₹158.38 (+45%).
• Implied value at peak: about $5.1 billion.

In short, the debut sets a credible reference point for edtech in India’s busy IPO calendar. Yet the real test begins after day one, when fundamentals, not just scarcity, drive the tape.

Disclaimer: This article is for informational purposes only and does not constitute investment, legal, or tax advice.