@Manan Surana Regardless of how sound the company is, and how well it has done in the past, the GMP and other attributes associated to it until the stock lists are short term bets, based on pure speculation. One bad quarter or one bad news could easily evaporate all the GMP gains if listing happens like to like. Real driver of P/E to get expanded would be the company earnings. Nothing can surpass that and no news or event can hold the price for long if earnings keep on coming.
On the other hand, this so-called Bull frenzy is all in one way or another associated to the anticipated rate cut, but eventually by the time the rates actually get cut, the markets might have already made some upmove, so correction at some instances is inevitable.