PhysicsWallah IPO Subscribed 9% on Day 2; GMP Indicates Tepid Listing

When the PhysicsWallah IPO opened on November 11, 2025, it carried a big headline. We saw the price band set at ₹103–₹109 per share and the company hoping to raise around ₹3,480 crore. By Day 2, subscriptions remained low, only about 9 % of the issue had been bid for. At the same time, the grey‑market premium (GMP), which gives an early signal of investor sentiment, was modest and trending downward. We’ll walk through who PhysicsWallah is, what the IPO details are, how Day 2 played out, what the GMP suggests, and what this could mean for investors.