“This article expresses my personal analysis based on publicly available financial data and market reports.”

The student who once bought a ₹4,000 course from PhysicsWallah to prepare for his class exams is now watching that very company gear up for an IPO worth over $3.5 billion. That’s the incredible journey of PhysicsWallah (PW).

And the buzz around “PhysicsWallah IPO GMP” (Grey Market Premium) isn’t just about share prices—it’s about investor confidence, the revival of India’s edtech sector, and a fascinating story of scale, strategy, and emotion shaping the country’s education landscape.

What the “physicswallah ipo gmp” really means

The term IPO GMP refers to the grey market premium—an informal indicator of how much more (or less) people are willing to pay above the official IPO price before the shares list. For PhysicsWallah, reports suggest the GMP stood at about ₹9 for a share priced at ₹109, indicating an ~8.2% premium.

That level of GMP signals positive sentiment—but it’s a signal, not a guarantee. The actual listing day can surprise on either side. What makes it more meaningful in this case: PhysicsWallah is among the first major edtech startups in India to test the public markets after a tough phase for the sector.

PhysicsWallah’s IPO valuation & price band in 2025

• PhysicsWallah has set its price band at ₹103-109 per share, aiming to raise around ₹3,480 crore. 
• At the upper end of this band, the valuation comes out to about ₹31,500 crore (~US$3.6 billion). 
• Just a year earlier (September 2024), its valuation stood at US$2.8 billion following a funding round. 
• Put simply: from ₹4,000-priced courses to a multi-billion valuation in less than a decade—it’s a leap that feeds hope, but also calls for healthy scepticism.

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Why investors are paying attention — and what’s driving it

Real-world insight

• PhysicsWallah began in 2016 as a YouTube channel and has grown into a full-stack edtech platform offering online and offline education. 
• The company currently operates around 300 offline centres and plans to expand to 500 in the next three years.
• According to The Economic Times, the addressable market is huge: with over 300 million students in India and 60 million exam takers, the founders believe they’ve only penetrated ~4% of their adjacent market. 

Why this matters for GMP and sentiment

• The edtech sector globally is under pressure (over-hyped entrants, growing losses), but PW’s model of low-cost access and growth in offline/online hybrid mode gives it traction.
• The relatively low price of basic courses (₹4,000) shows affordability remains a core strength.
• Investors may view PW’s IPO as a bellwether for other edtech companies in India, so the GMP reflects broader market expectations as much as company-specific ones.

Caution flags and things to watch

While the current mood is upbeat, a few things warrant attention:

• PW reported a net loss of ₹127 crore in Q1 FY26 on revenue of ₹847 crore, even though revenue grew ~33% annually.
• Offline expansion, while promising, brings higher fixed costs, lease obligations, and slower returns than online models.
• The GMP is a secondary market indicator, not an official guarantee of listing performance. As one article notes: “GMP can swing dramatically as it’s detached from fundamentals.”

In short: the hype around the “physics wallah ipo gmp” is justified—but the underlying business still needs to deliver.

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My take on the IPO and what it could mean

I find this IPO story deeply human. It’s not just numbers—it’s about democratizing education. When you consider thousands of students in tier-3 towns getting access to quality courses for ₹4,000, the mindset shifts. PhysicsWallah is not just chasing growth—it’s carving a purpose.

If the IPO succeeds, it could be a turning point for Indian edtech. But success isn’t guaranteed by valuation alone. Real growth will occur when profitability improves, retention is effective, and there is synergy between offline and online efforts.

For retail investors eyeing this, the GMP jump might tempt—but ask: Are you buying the story or the fundamentals?

Conclusion

The “physicswallah ipo gmp” buzz is real, and for good reason—this is an edtech story that’s evolving fast. But while the valuation headline grabs attention, I believe the true test will be whether PhysicsWallah can convert its purpose-driven model into sustained profit and scale. If it pulls that off, we won’t just talk about GMP—we’ll talk about a class-apart listing and a new era in India’s education journey.

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Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not US News Weeks. We advise investors to check with certified experts before making any investment decisions.

Source : The Economic Times & The Times of India - PhysicsWallah IPO GMP Soars