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Most people apply for IPOs… But very few actually understand how IPO pricing works. In this lecture, we break down the complete Primary Market system — step by step. You will clearly understand: • What is Face Value (and why it DOESN’T matter for market price) • What is Issue Price and how it is decided • How merchant bankers and valuation affect IPO pricing • What is Listing Price and who actually decides it • Why some IPOs give listing gains and others give losses • How retail category, lot size, and application amount work • The difference between IPO and FPO • What is Grey Market Premium (GMP) and why it’s NOT a guarantee This is Lecture 2 of the Stock Market Basics Series. If you want to build a strong foundation in the stock market — from zero to confident investor — this series is designed for you. No hype. No tips. Only clarity. Comment below: Have you ever applied for an IPO? Did you get listing gain or loss? Lecture 3: Complete IPO Application Process (Step-by-Step Guide) #IPO #PrimaryMarket #StockMarketIndia #StockMarketBasics #IPOExplained #FaceValue #IssuePrice #ListingPrice #InvestingForBeginners #ShareMarket #indianstockmarket