Shares of Physixwala rose 2.6% on the NSE to Rs. 147, while the stock on the BSE was 1.8% lower at Rs. closed at 140.95, amid sharp movement in the final minutes of trade. Between the two closing prices Rs. A difference of 6.05 or around 4% is highly unusual in a tightly arbitrated market like India.
Such price differences are usually short-lived and tend to narrow in early trades in the following session, as arbitrage activity usually brings prices back into alignment.
The odd close came at the end of another tumultuous session for shares. Earlier in the day, shares of the edtech company fell as much as 9% on the BSE to Rs. 130.65, with a market capitalization of Rs. 37,700 crore and in just three sessions Rs. 8,609 crore was eroded. The sudden reversal spooked investors who had enjoyed a blockbuster listing just days before.
From blockbuster debut to sudden shake-out
PhysicsWallah made its debut on November 18, on the NSE at Rs. 145 on BSE and Rs. Listed at 143.10 at a premium of 33%. The rally intensified during the session, with the stock on its first day at Rs. 156.49, down from its Rs. 109 was about 44% higher than the IPO price.
But the excitement faded as quickly as it had arrived. In just three sessions, some of that initial enthusiasm has dissipated, underscoring the volatility surrounding recent listings and fragile sentiment in pockets of the broader IPO market.
PhysicsWallah IPO Snapshot
Physikswala Rs. 3,481 crore public issue was the largest in India’s edtech sector this year. In it Rs. 3,100.71 crore fresh issue and Rs. 380 crores includes an offer for sale.
The IPO was subscribed 1.92 times, driven by strong demand from qualified institutional buyers, who subscribed their stake 2.86 times. Retail investors subscribed 1.14 times, while non-institutional interest was less at 0.51 times. Employee participation was significantly stronger at 3.71 times, which was Rs. 10 was assisted by a discount.
Ahead of the issue, the company on November 10 raised Rs. 1,563 crore was collected. The anchor book of 14.33 crore shares is subject to lock-in between mid-December and mid-February depending on the phase.
A financial snapshot with physics
Founded by Alkh Pandey and Prateek Bub, PhysicsWallah has grown from a single YouTube channel to a major edtech platform with 13.7 million subscribers, 4.46 million paid users and 303 physics centers as of June 2025.
The company reported a 51% jump in FY25 revenue to ₹3,039 crore and a net profit of ₹243 crore, compared to FY24 of Rs. 1,131 crore loss reversal. Its EBITDA margin was 6.7% in FY25. However, accumulated losses persisted and the company in Q1 of FY26 reported Rs. 127 crore loss was reported.
The IPO proceeds are earmarked for offline expansion, lease commitments, technology upgrades, cloud capacity, infrastructure, marketing and acquisitions.
Despite the sharp slide of recent sessions and close to Thursday’s split, the stock is still close to its Rs. Trades comfortably above the IPO price of 109, suggesting that while near-term volatility has intensified, the broader bullish trend is not yet off the table.
Also Read | 8,600 crore wiped out! PhysicsWallah shares crash 19% from 1-day peak
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