In a bull market phase, the primary market often mirrors the exuberance of the secondary market. A surge in IPO activity typically arises as companies aim to capitalize on elevated valuations and investor optimism. Many IPOs are being heavily oversubscribed, fueled by widespread participation, with most applicants targeting listing gains rather than long-term investment.

However, IPOs in such phases often come with steep valuations, reflecting the broader market's bullish sentiment. While recent listings have debuted at substantial premiums, a market correction can swiftly shift this trend. Despite strong oversubscription, it is possible that IPOs may begin listing at a discount, as sentiment cools and investors reassess valuations. This cycle highlights the delicate interplay between market sentiment and IPO performance.