"The IPO market premium is primarily linked to the sentiment in the secondary markets. When the markets are euphoric, IPOs demand premium valuations, but no one likes an overvalued company in tough times, especially if the profits are low."
from Moneycontrol Market Outlook https://www.moneycontrol.com/news/market-outlook/daily-voice-|-sonam-srivastavawright-research-advises-cautionemudhra-ipo-expects-tepid-listing-for-delhiveryvenus-at-premium_16408461.html
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