The price discovery session, which is an early trading session prior to the listing of IPO shares, is an early trading session. This process is also called a 'call auction'.
This session lasts for about an hour before regular trading begins. When regular trading begins, the circuit filter will be calculated based on the session's weighted average price.
According to SEBI (the market regulator), there are no limitations on price discovery during price discovery sessions. During price discovery, the exchanges have an operating limit of 75%. This is so that the process does not get twisted by a few random bids. BSE and NSE officials can jointly relax the ceiling if there is a lot of demand for the higher end of the 75% range. If demand isn't as high, the ceiling of 75 percent will remain.