Shares of PhysicsWallah rose 45% in their trading debut on Tuesday, valuing the Indian edtech firm at $5.1 billion, as prospects for continued growth fueled investor appetite.
The stock opened at 145 rupees on the National Stock Exchange of India, 33% higher than the issue price of 109 rupees and soared as much as 45% to 158.38 rupees as of 10:02 a.m. IST.
Broader markets inched lower ahead of key U.S. data.
PhysicsWallah is the first edtech company to go public after the sector saw Byju's - once valued at $22 billion - going into insolvency and other players such as Unacademy struggling with layoffs and financial strain.
PhysicsWallah had targeted a valuation of $3.19 billion from its $393 million IPO, which garnered bids worth $414 million, led by qualified institutional buyers.
Its listing is the latest in a string of strong market debuts by firms such as online brokerage Groww and payment solutions company Pine Labs.
India's IPO market headed for record fundraising in 2025 and has seen over 300 companies raising about $16.55 billion as of early November, data compiled by LSEG showed.
