Utkarsh Small Finance Bank IPO

Utkarsh Small Finance Bank was listed on 21st July 2023, and on the same listing day there was an upper circuit on the share price, whereas there should be no upper circuit on the listing day to facilitate price discovery. Can anyone explain this please?

This is no longer the case.
Nowadays, Exchanges have a pre-open trading session for IPO shares on their listing day. During this session, the orders can be entered, modified and canceled. No orders get executed at this time. For 15 minutes after the pre-open trading session, the IPO listing price is discovered and pre-open orders get executed.
Once price is discovered, normal trading resumes and circuits are fixed based on discovered price.

In Utkarsh’s case, discovered price was 40, that is where it listed. 20% up at 48 was UC for today.

This is no longer the case.

IPO Issue Size <250 Crore have 5% UC with 10 day T2T.
IPO Issue Size >250 Crore have 20% UC.

Most fondly I remember Burger King’s IPO in the last couple of years, where it did upper circuit 20% for 3-4 days.