The NSE IPO's grey-market premium has fallen nearly 70% from ₹192 to ₹58, implying a listing gain of about 3% over the ₹1,785 issue price. Despite weakening sentiment, the ₹22,562-crore IPO was fully subscribed by day two, with 12.64 crore shares offered by existing shareholders. Institutional and non-institutional demand was strong, while retail participation remained weak.