The premiums have sharply come down in the last few days due to the sharp correction in the indices and the fact that SBI is going to rescue Yes Bank from it troubles.

For example, the premium used to be 50-60% earlier but now it is down to just about 10-12%. Against the IPO price of Rs.755, the grey market is indicating at a listing of Rs.840-850.

Of course, the listing is only on the 16 of March and a lot could change by then. But one thing is clear that the initial euphoria surrounding the listing has largely evaporated in the markets.