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Guys
This is not like a normal IPO. This is more like an index fund. Allotment price (NAV) will be based on the price of the constituents PSU share prices. So if the price of these constituents shares goes down, then the fund price could go down as well. The 3% discount is not a discount to the allotment price. GoI gives 3% discount on the price of the PSU share which somewhat gets reflected to the allotment price.
This time GoI may not sell all required constituents shares to the fund then in that case the AMC (Reliance Mutual Fund) will buy the constituents shares from the market. In that case, the 3% discount gets further diluted.
My take is apply for it and then sell on allotment ASAP.

dear sir,
most off people apply for CPSE ETF issue for only listing gains.
according to past records people got listing gain.