@DuckkyDuck You can't bluntly blame, the promoters for their derived price.
You have an IPO with exaggerated price, you should have done your homework before applying. Nobody forced to apply here.
I personally had negative feelings for Paytm IPO, and I haven't applied, neither suggested someone to do so. One of my friend got allotted here, I told him immediately sell his full lot of listing. That time he cursed me, but afterwards thanked me for the advice.
I can't say I am an expert, I had made huge loss in Cartrade , Nuvoco etc.
Same type feeling I got for Honasa, but this type I was proven wrong.
Nothing comes easy, one has to do his/her own risk/reward assessment.