India’s IPO market has been booming, with many companies entering the public market and attracting massive investor attention. Among the most talked-about names are Groww, Pine Labs, and PhysicsWallah. Each of these companies represents a different part of India’s fast-growing digital economy. Their IPO stories show how investor expectations, business strength, and market trends can create winners and expose weaknesses.
Groww’s IPO became one of the biggest moments for India’s fintech sector. The company received strong demand from retail investors and delivered a sharp rise of around 50 percent over its issue price on listing day. The main reason for this excitement was Groww’s rapid growth in users, especially among first-time investors. It also held a strong share in new demat account openings, making it a major force in the digital investing space.
The market rewarded Groww for its simple platform, fast scaling ability, and strong brand appeal among young investors. However, the long-term challenge is much bigger. The company must convert its rising user base into steady earnings. Competition from other brokers and regulatory changes can also influence how much profit the company can make. So while the IPO performance was a major win, the future will depend on how well Groww expands its products, such as mutual funds, equities, and other investment tools, without losing its core audience.
Pine Labs entered the stock market with high expectations because of its strong presence in payments and merchant solutions. The company listed at a premium, with reports showing about a 9 to 14 percent gain on the first day. It attracted interest because investors have been looking closely at businesses connected to digital payments and merchant technologies.
Pine Labs has a wide merchant network and earns steady income from payment processing, lending services, and buy-now-pay-later offerings. Its IPO performance showed that investors trust the company’s long-term potential. But the moderate listing gain also reflected the market’s more cautious mood. The payments industry is becoming more competitive, and margins can be squeezed if rivals offer cheaper services. Pine Labs must continue improving its value-added services and protect its merchant base to maintain strong growth in the public market.
PhysicsWallah surprised many by delivering one of the strongest edtech IPO performances. On listing day, its stock jumped between 33 and 44 percent according to various reports. This strong debut came at a time when several edtech companies had been struggling. Investors responded positively to PhysicsWallah’s hybrid model, which combines online learning with a fast-growing offline centre network.
The funds raised through the IPO are now being used to expand offline classrooms, improve content production, and launch more subscription-based services. The company’s strong brand among students helped it attract heavy investor interest. But edtech is not easy to scale. Offline centres require heavy investments and the sector is filled with competitors. PhysicsWallah must manage costs carefully while maintaining quality to protect its margins. The excellent listing is a good start, but long-term success will depend on smart expansion and efficient operations.
The broader IPO environment in India has been extremely active. In 2025, the volume of IPOs and total funds raised have been among the highest in recent years. However, the average listing gains have not always been as spectacular as earlier IPO waves. Many experts believe that investors are now becoming more selective. Market activity is high, but investors are giving top valuations only to companies that show real growth and a clear path to profitability.
This means businesses without strong fundamentals are finding it harder to enjoy huge listing pops. The trend shows a shift from emotional investing to more careful decision-making. Companies in fintech, manufacturing, and consumer tech have performed better, while others have had mixed outcomes. The IPO boom is definitely strong, but investors are no longer chasing every new listing blindly.
Groww, Pine Labs, and PhysicsWallah each enjoyed a successful entry into the public markets. Groww benefited from massive retail interest, Pine Labs gained from faith in digital payments, and PhysicsWallah proved that well-run edtech companies still attract strong demand. But listing gains only show early market excitement. The true winners in India’s IPO boom will be the companies that deliver consistent growth, manage competition, and show strong financial discipline.
The IPO market continues to offer huge opportunities, but long-term value will depend on steady performance, not just a strong first day on the stock exchange.