Physics Wallah Share Price: What to Expect at IPO Listing on 18 November 2025

If you’re wondering “what will the Physics Wallah share price be when it lists?” — here’s the short version up front: The upcoming listing of Physics Wallah Ltd. (ticker to be determined) is expected to debut at around ₹123 per share (versus the upper issue price of ₹109) based on the current grey market premium (GMP) of about ₹14, implying a potential listing gain of roughly 12.8%.

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Why this matters — Physics of the pricing

When an IPO like Physics Wallah goes live, investors want to know two things: when and at what price. The company fixed the issue price band at ₹103–₹109 per share. On the grey market (an informal whisper-market of sorts) the premium has ticked up to ₹14 as of early 18 November, pushing the implied listing price to ~₹123.

If you believe that informal gauge, then yes — you might see a modest gain at listing. But as we’ll dig into, it’s not guaranteed and there are plenty of “ifs” ahead.

The basics: IPO size, dates, offering

Let’s lay the groundwork so you’re clear on the nuts & bolts:

IPO size: ~₹3,480 crore (fresh issue of ~28.44 crore shares ~₹3,100 crore + offer for sale (OFS) ~3.49 crore shares ~₹380 crore).
Price band: ₹103–₹109 per share.
Lot size: 137 shares (so at the top band you need ~₹14,933 minimum retail investment).
Subscription timeline: Opened for bids from 11 Nov to 13 Nov 2025.
Listing date: Shares will list on the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE) on 18 November 2025.

The story behind Physics Wallah — brand hits vs balance sheet blips

Here’s the why: what makes Physics Wallah tick, and where the caution flags lie.

The good stuff

Physics Wallah started as a YouTube channel by founder Alakh Pandey and co-founder Prateek Maheshwari, teaching physics and other core subjects.
The company built a hybrid model: online, offline and hybrid coaching centres, affordable pricing, strong traction in Tier II & III cities.
Revenue growth has been strong: e.g., from ~₹1,941 crore to ~₹2,887 crore in the span of a year.

The caution flags

The company is not yet profitable. For FY 2025 it reported a net loss (e.g., around ₹243 crore).
Valuation is steep: At the upper band issue price, valuations translate to EV/Sales multiples around 9.7-10.8x for FY25, which for a loss-making business raises questions.
Expansion into offline/hybrid centres adds fixed cost risk. Dependence on brand (Alakh Pandey), competition from other edtech players, regulatory risk all loom.

What the grey market is saying: Physics Wallah Share Price expectations

When the formal market hasn’t yet opened, the grey market gives a sense of investor sentiment (though it’s informal and not guaranteed).

As of 18 November morning, grey market premium (GMP) for Physics Wallah was around ₹14, suggesting listing at ~₹123 vs issue upper band of ₹109.
A few days earlier, GMP had been much lower. For example, on Day 1 of subscription, GMP was around ~₹3 (implying listing at ~₹112).
Explanation: The higher GMP suggests improved sentiment ahead of listing, but again, grey market is speculative and may not translate into actual listing performance.

So yes, current signals point to a modest upside (10-15%ish) at listing — but not blockbuster sorts of gains.

Brokerages & analysts: the mixed views

Here’s what the professionals are saying about whether you should jump in, hold, or stay away.

InCred Equities sees the business model as strong, especially due to the freemium strategy, hybrid operations and large digital audience. They give the IPO a “Subscribe” rating for medium-to-long-term investors, but highlight risks.
SBI Securities is more cautious: they give a “Neutral” rating, citing fair valuation and profitability pressure.
Anand Rathi says “Subscribe – Long Term” and points to potential across multiple education categories and regional markets.

In short: If you’re thinking short-term listing pop, caution. If you believe in the long-term story (3-5 years or more), maybe there’s something here — but know you’re taking execution risk.

So, should you apply for the Physics Wallah IPO?

Here’s a breakdown in plain terms:

For short-term investors

If you apply hoping for a big listing jump (say 30-40 %), you might be disappointed. GMP suggests ~10-15% at best.
Given valuations are high, market may temper enthusiasm.
If you do apply, treat it as speculative and limit the size of exposure.

For long-term investors (3-5+ years)

If you believe in the brand, hybrid model, and India’s education growth story — this could be interesting.
But note: no profits yet. So you’re banking on execution, margin improvement, offline/online scale up.
Make sure your portfolio can handle volatility, and you’re comfortable with company still being in ‘growth mode’ rather than ‘steady profits mode’.

My verdict

If I had to pick: This IPO is interesting but not a sure bet. The upside at listing looks modest. The real value depends on what happens over the next few years. If you’re conservative, you might wait and watch how things go post-listing (say 6-12 months). If you’re aggressive/savvy and comfortable with risk, you might apply — but don’t go “all-in”.

FAQ – Physics Wallah Share Price & IPO

Here are some frequently asked questions with quick answers:

Q1. What is the Physics Wallah share price expected at listing?
A1. Based on current grey market premium (~₹14), the expected listing price is around ~₹123 per share (vs upper issue price of ₹109), implying ~12.8% listing gain.

Q2. When will the Physics Wallah shares list?
A2. The listing date is scheduled for 18 November 2025 on NSE & BSE.

Q3. What is the price band of the IPO?
A3. The price band is set at ₹103 – ₹109 per share.

Q4. Is Physics Wallah profitable?
A4. No, the company is currently loss-making. For example, it reported a net loss of ~₹243 crore in FY2025.

Q5. Should I apply for the Physics Wallah IPO?
A5. It depends on your investment horizon:

For short term (flip at listing): upside appears modest.
For long term (3-5 years): if you believe in brand and execution, there is potential — but also risk.

Q6. What are the key risks associated with this IPO?
A6. Some of the risks: high valuation, ongoing losses, cost/overhead of offline expansion, dependence on founder brand image, competition in edtech, regulatory uncertainties.