PhysicsWallah's ₹3,480-crore IPO opened to a muted response, with just 2% subscription on Day 1. Retail investors showed 11% interest, while QIBs stayed away. The grey market premium also dipped, reflecting cooling sentiment. Brokerages are divided, some call valuations fair but pricey, others see long-term potential as PhysicsWallah expands its offline reach.