@Thiagarajan Ramasamy There's nothing positive, it's just that people are betting on this for whatever listing gain they can fetch. It could be due to the fact that, in 2023, there's no IPO opened in discount so far irrespective of whatever valuations.
So it's basically operators/DII/FII decide the fate of the IPO no matter whatever the valuations are, and we retailers are at the mercy of them. And so far, they have managed to keep it on the positive side in 2023, and that's why retailers are lured to and ready to play gamble on any company even if they can fetch 10% of listing pop.
Something is better than nothing, since in good IPOs most of us are getting nil allotment. Of course, that must not be the reason to apply IPO, but still, that's mostly the reason retailers are applying.