The company made its market debut on 18 November 2025 at Rs 143.10, a 31.28% premium to the issue price of Rs 109. It surged to a record high of Rs 162.05 before settling at Rs 155.20 on listing day. The reversal began the next day, and the current market price is 21.26% below the peak but still 17.06% above the IPO price.

The IPO opened for subscription on 11 November 2025 and closed on 13 November 2025. The public issue was subscribed 1.81 times. The IPO, priced between Rs 103 and Rs 109, consisted of a fresh issue of Rs 3,100 crore and an offer for sale of Rs 380 crore. Founders Alakh Pandey and Prateek Boob each sold 1.74 crore shares worth Rs 190 crore at the upper band.

The company plans to deploy Rs 460.5 crore from the fresh issue towards fit-outs of new offline and hybrid centres and Rs 548.3 crore towards lease payments for existing centres. It has earmarked Rs 47.2 crore for subsidiary Xylem Learning and Rs 33.7 crore for Utkarsh Classes & Edutech, along with allocations for server infrastructure, marketing and acquisitions. Ahead of the IPO, Physicswallah raised Rs 1,562.84 crore from 57 anchor investors by allotting 14.33 crore shares at Rs 109 each.

Physicswallah offers test preparation programmes for JEE, NEET and UPSC, as well as upskilling courses in analytics, finance and software development. It delivers content through online platforms and runs tech-enabled offline and hybrid centres. The company operated 303 offline centres as of 30 June 2025, supported by 6,267 faculty members.

For the quarter ended June 2025, the firm reported a consolidated net loss of Rs 127.01 crore on sales of Rs 847.09 crore.