Does NSE's price capping on SME IPOs mean no multibagger returns on Day 1?

As SME IPOs gain traction among investors, regulators are moving to formalise the market with stricter controls. The NSE recently imposed a cap on SME issue listing prices at 90%, independent of grey market trends. This impacted Nephro Care, which despite a 300% pre-listing GMP, debuted at only a 90% premium due to the exchange's price cap.