PhysicsWallah jumps 42% on debut as edtech sentiment shows signs of revival

PhysicsWallah made a strong stock market debut with shares rising 42% over the issue price, reflecting renewed optimism in India's troubled edtech sector following recent high-profile setbacks

Edtech firm PhysicsWallah made a stellar stock market debut on Tuesday, with its shares climbing as much as 49 per cent over its issue price. After hitting a high of ₹162 and a low of ₹138, the stock ended at ₹155, up ₹46, or 42.4 per cent, over its initial public offering (IPO) price of ₹109. 

The WestBridge Capital-backed firm’s strong debut comes close on heels of encouraging listing by Groww, whose shares have nearly doubled from their issue price. 

PhysicsWallah’s IPO had garnered less than two times demand than its shares on offer amid concerns over the health of the edtech sector, which has seen Byju’s, once valued at $22 billion, going into bankruptcy, while Unacademy struggled with layoffs. 

 

At the last close, PhysicsWallah was valued at ₹44,382 crore ($5 billion), exceeding the valuation exceeds of unlisted peers such as Temasek-backed upGrad, which was last valued at $2.25 billion and SoftBank-backed Unacademy, valued at $3.44 billion. 

The listing “underscores renewed investor interest in the edtech sector, which has struggled in recent years,” Aishvarya Dadheech, founder of Fident Asset Management, said. “That, along with the company’s sustained revenue growth and strong outlook, is lifting the shares.” 

At the IPO price, PhysicsWallah was valued at ₹31,527 crore ($3.2 billion). The company’s ₹3,480-crore IPO consisted of fresh fund raise of ₹3,100 crore and secondary share sale of ₹380 crore. 

Founded as a YouTube channel in 2016, the company runs online and brick-and-mortar coaching centres, and is one of India’s largest edtech firms by the number of students. The firm had posted 50 per cent revenue growth in the financial year ended March 2025, with losses narrowing to ₹240 crore from ₹1,130 core in the previous fiscal. 

 

Emmvee Photovoltaic Power shares end flat on stock market debut

 

Shares of Emmvee Photovoltaic Power made a flat market debut on Tuesday, but later ended over 1 per cent higher against the issue price of ₹217. 

The stock was listed at ₹217 apiece on the BSE and NSE. 

During the day, the stock hit a high of ₹227.80 and a low of ₹206.85 on the BSE. It finally ended at ₹219.05, up 0.94 per cent.

At the NSE, the stock ended at ₹219.40, a premium of 1.10 per cent. 

The company’s market valuation stood at ₹15,165.82 crore. 

The initial share sale of Emmvee Photovoltaic Power Ltd received 97 per cent subscription on the final day of bidding last week. The ₹2,900-crore initial public offering (IPO) had a price band of ₹206-217 per share. 

The IPO had a fresh issue of shares worth ₹2,143.86 crore and an offer for sale (OFS) of shares valued at ₹756.14 crore by promoters, aggregating the issue size to ₹2,900 crore. Proceeds from the fresh issue worth a little over ₹1,621 crore will be utilised for repayment or prepayment of loans and interest taken by the company and its key subsidiary. 

Milestone Gears files papers with Sebi to raise ₹1,100 cr via IPO 

Precision components maker Milestone Gears Ltd on Tuesday filed preliminary papers with capital markets regulator Sebi to raise ₹1,100 crore through an initial public offering (IPO). 

The company’s maiden public offering comprises fresh issue of shares aggregating up to ₹800 crore along with an offer for sale (OFS) component of shares valued at ₹300 crore by promoters and a shareholder, according to the draft red herring prospectus (DRHP). Also, the company may consider a Pre-IPO placement of up to ₹160 crore, and if undertaken, the amount raised through this placement will be reduced from the fresh issue. 

Of the fresh issue, the firm will allocate ₹356.86 crore towards debt payment and another ₹296.42 crore will be invested in a new greenfield project. 

Capillary Technologies public issue booked 53x on final day 

The initial share sale of Capillary Technologies India Ltd got subscribed 52.95 times on the final day of subscription on Tuesday. The ₹877.5 crore initial public offering (IPO) received bids for 44,38,95,325 shares against 83,83,430 shares on offer, according to NSE data. 

Among investor categories, non-institutional investors’ portion fetched 69.84 times subscription while the quota for qualified institutional buyers (QIBs) was subscribed 57.27 times. The category for retail individual investors (RIIs) received 15.82 times subscription. 

Blackstone offloads 9.46% stake in Mphasis 

Controlling shareholder BCP Topco IX (Blackstone) on Tuesday sold 9.46 per cent stake in Mphasis through open market transactions. It sold 18 million shares at ₹2,626 apiece. Shares of Mphasis last closed at ₹2,663, down 1 per cent. At the end of September 2025, Blackstone held a 40.1 per cent stake in Mphasis. 

Bain Capital sells 2.43% stake in Emcure Pharma 

BC Investments IV (Bain Capital) sold 2.43 per cent stake in Emcure Pharmaceuticals to raise ₹610 crore. The private equity firm sold 4.6 million shares at ₹1,326 apiece. Shares of Emcure last closed at ₹1,361, down 2.5 per cent. At the end of September 2025, Bain held a 6.3 per cent stake in Emcure. 

Saif Partners divests Paytm shares worth ₹1,556 crore 

Saif Partners on Tuesday sold shares worth ₹1,556 crore of One 97 Communications (Paytm) via block deals. It sold a total of 11.92 million shares at ₹1,305 apiece. Shares of Paytm ended at ₹1,294, down 3 per cent.