Edtech firm Physics Wallah's (PW) ₹3,480-crore IPO saw 13% subscription on its second day, after receiving 7% subscription on Tuesday. Non-Institutional Investors (NIIS) was subscribed 6%, Retail Individual Investors received 58% subscription and Employee Reserved was subscribed 1.77 times. The IPO's latest Grey Market Premium (GMP) stood at ₹2 with an upper price band of ₹109 per share.