An unlisted illusion: Highbrow Securities’ Tarun Singh demystifies IPO pricing

For over thirty years, I have observed the Indian capital markets evolve, mature, and occasionally convulse. From the boom of the 1990s to the emergence of global capital inflows in the 2000s, to the retail investor revolution of the 2020s, one fundamental question has remained central: how is the true share price of a company determined? The answer appears deceptively simple — that price is what buyers and sellers agree upon — but the mechanics, psychology, and contexts that underlie this “agreement” are far more layered.