Early indications from the grey market point to a cautious beginning for the much-anticipated initial public offering (IPO) of edtech unicorn PhysicsWallah, which opens for subscription today. The listing is set to mark a milestone as the first pure-play edtech company in India to go public. The company is targeting a fundraising of ₹3,480 crore through a combination of fresh issue and an offer-for-sale (OFS).