The much-anticipated IPO of PhysicsWallah, the burgeoning edtech company, opened its subscription window on November 11, 2025, and captured investors’ attention with a mix of cautious optimism and subdued early activity.

**Subscription Status on Day 1**
The IPO witnessed a modest start on its first day. Within about an hour of opening, it was subscribed by roughly 2%, showing a slow but steady interest from investors. By late morning, the subscription rate edged up to around 4% and climbed to 5% by midday. This slow uptake suggests investors are weighing the offering carefully, possibly reflecting broader market volatility and cautious sentiment towards tech stocks. National Institutional Investors (NIIs), in particular, showed minimal enthusiasm, subscribing only 0.01 times the issue, highlighting a strategic wait-and-watch approach.

**Grey Market Premium (GMP) Trend**
In the grey market, the PhysicsWallah IPO shares traded at a slight premium, with an accepted Grey Market Premium (GMP) hovering around Rs 3 per share. The IPO’s price band was fixed between Rs 103 and Rs 109 per share. This GMP indicates a mild positive sentiment indicating that investors anticipate the shares might list at or slightly above the upper band price, potentially around Rs 112. Although the GMP is positive, it is not strongly bullish, reflecting a balanced outlook.

**Analyst Views**
Market experts and analysts have shared mixed but generally cautious views on the PhysicsWallah IPO. Many acknowledge the company’s strong positioning in the affordable educational technology space, highlighting its scalability and long-term relevance. However, some brokerage firms have adopted a neutral stance, urging investors to consider the company’s current profitability concerns and relatively aggressive valuation.

Analysts also point out that while the brand recognition should help the IPO see modest listing gains, potential investors should keep an eye on the company’s financial performance post-listing. SBI Securities, for instance, has categorized the IPO as ‘Neutral,’ recognizing the growth potential but advising caution on valuation grounds.

**Key Details of the IPO**
The PhysicsWallah IPO is a main-board issue totaling approximately Rs 3,480 crore. The company has set the price band between Rs 103 and Rs 109, with a lot size of 137 shares — meaning the minimum application amount is about Rs 14,933.

The issue comprises about 31.9 crore equity shares, and the subscription window will remain open until November 14, 2025. The anchor investor period was a day before the public issue, on November 10.

Final allotment details are expected by November 14, with shares credited to investors’ demat accounts by November 17.

**Conclusion**
PhysicsWallah’s IPO represents an intriguing entry into the fast-growing edtech sector for investors. While early subscription numbers show a cautious interest and the GMP indicates modest confidence, analysts advise balancing growth expectations with valuation concerns and current profitability challenges.

Investors keen on tapping into the edtech growth story may find value in PhysicsWallah, but as with any new-age tech listing, a careful, informed approach is recommended. Monitoring post-listing performance will be key to understanding how this IPO performs in the longer term.