What does discount means in ipo debut?

IRFC debuts at 25, a 4% discount. What does it means? Does it means that of if i got one lot of IRFC at rs 26 then 575 rupees will be discount & refunded to me?

Suppose IPO issued price is 25 and it got listed at 20 then that means you are at a loss or discount of say RS 5 or 20%, and suppose it is listed at a premium of say 20% of the issued price then the trading price would be 30.
No it wont be given back to you until you book your profit/loss

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Discount - Lesser than the IPO price(Loss)
Premium - Higher than the IPO price(Profit)

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Thanks Arpan :slightly_smiling_face: