People who got excited for an IPO, and have applied for it but did not get allotted buy on the listing day, not necessarily for fundamental reasons or owning the shares for longer periods, but due to the created hype, and want to get a piece of the action, FOMO included. These days, a lot of people know and talk about GMP, so my opinion is that, it has no weight, I could be wrong.
Manipulation is a loose word, it has no exact meaning, and is thrown around a lot, as it has become quite popular. I don’t know if it is a term used in law, in the context of markets. Manipulation or not, when everyone is so excited and pumped up, and is talking about an IPO, the price can see highs even after listing until the sellers take a decision. And, of course, occasionally there might come a business which can be looked at from a long term view, and can be participated in.
When people are talking about buying the parent company so that they can apply as shareholders in addition to applying in retail category, and if they can apply as HNI, via UPI, netbanking and what not, there sure is a frenzy. And this can go on until the excitement withers away and liquidity dries.
Not applied for any IPO recently, although the little excitement of applying for a newly listed business and getting allotted so as to ‘feel’ like an early bird does occur from time to time, despite knowing that it does not move the needle 
You can check this thread for some perspective.
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