Price Discovery is the process by which the market determines the fair price of an asset through the interaction of supply and demand from buyers and sellers. In equity markets, continuous trading on platforms like NSE and BSE facilitates real-time price discovery for stocks. In the IPO market, the book-building process enables price discovery by gathering bids from institutional and retail investors within a specified price band. Efficient price discovery is a cornerstone of a well-functioning capital market, ensuring that prices accurately reflect all available information.