IPO guides
Plain-English guides to investing in Indian IPOs — from opening a demat account and applying, to allotment, listing day, GMP and tax. 26 guides, kept up to date as the rules change.
Getting started
Open a demat account, pick your category and apply without mistakes.
How to apply for an IPO in India (UPI & ASBA): step-by-step guideEverything you need to apply for an IPO in India: demat account, UPI mandate or net-banking ASBA, which category to pick, how many lots, deadlines, and what happens to your money afterwards.Read guide →Demat account for IPO: how to open one and what to compareWhat a demat account is, how to open one online with e-KYC, what to compare across brokers (charges, app, UPI IPO support), timing before an IPO and mistakes.Read guide →IPO investor categories: retail, HNI, QIB, anchor and quotasWho qualifies as retail, small HNI, big HNI, QIB, anchor, employee or shareholder in an IPO, the bid limits, each share of the issue, and how allotment works.Read guide →IPO lot size and minimum investment: how much can you apply?How IPO lot size is set, the minimum application value, the most lots a retail investor can bid under ₹2 lakh (worked example), and the SME two-lot minimum.Read guide →IPO cut-off price: what it means and when to tick itWhat bidding at the IPO cut-off price means, who can use it, why retail investors usually should, what happens if you bid lower, and how the rest is released.Read guide →IPO pre-apply: how it works, when the mandate arrivesWhat IPO pre-apply is, how brokers hold your bid until the issue opens, when the UPI mandate arrives, the real pros and cons, and the mistakes to avoid.Read guide →IPO UPI mandate problems: not received, expired, failedFix IPO UPI mandate problems: not received, expired or failed, wrong UPI ID, the ₹5 lakh limit, how to check status, and when to switch to net-banking ASBA.Read guide →Why IPO applications get rejected (and how to avoid it)The common reasons an IPO bid is rejected or never counted — unapproved UPI mandates, PAN or name mismatch, multiple bids, bids below the final price — and a checklist to avoid each one.Read guide →Can you apply for an IPO from multiple accounts or PANs?The one-PAN-one-application rule, multiple demat accounts, family, HUFs and minors, what counts as a duplicate bid, and why using others' accounts is risky.Read guide →
Allotment, refund & listing day
What happens after the issue closes — and what to do on listing day.
How IPO allotment works in India: lottery, categories, oddsHow IPO shares are allotted in India: investor categories, the retail lottery, the NII draw, a worked example of odds, the T+1 timeline and what results mean.Read guide →How to check IPO allotment status by PAN (all registrars)Check IPO allotment status by PAN, application number or DP/client ID on any registrar, BSE, NSE or your broker app, and learn what each status message means.Read guide →IPO refund and unblocking: when is your money released?How ASBA and UPI blocking works in an IPO, when money is released or debited (T+2), partial allotment, and what to do if funds stay blocked.Read guide →IPO listing day explained: pre-open, listing price, sellingIPO listing day in India: the 9–10 am pre-open session, how the listing price is discovered, price bands, and how to sell or hold without costly mistakes.Read guide →Sell IPO shares on listing day or hold? Factors to weighSelling IPO shares on listing day or holding: the factors investors weigh, STCG vs LTCG tax, partial booking, a mental stop-loss and lock-in dates.Read guide →Tax on IPO listing gains in India: STCG, LTCG and ITRHow IPO profits are taxed in India: holding period from allotment, STCG at 20% and LTCG at 12.5% from 23 July 2024, a worked example, losses and which ITR.Read guide →
GMP & subscription
How to read the two numbers everyone watches — and their limits.
What is IPO GMP (grey market premium)? Meaning and risksWhat IPO grey market premium means, how GMP is quoted, how estimated listing price is worked out, kostak and subject-to-sauda, and why GMP is unreliable.Read guide →How accurate is IPO GMP? Why listing differs from GMPHow accurate is IPO GMP? Why the last grey market premium and the actual listing price differ, what affects the gap, and how to check the track record.Read guide →IPO subscription status explained: QIB, NII, retail timesHow IPO subscription is calculated, what "40 times" means in each category, why anchors are excluded, the day-wise pattern and your allotment odds.Read guide →GMP vs subscription: how to read both IPO signalsGMP and IPO subscription measure different things. What each shows, what QIB and retail numbers mean, when they disagree and how to read them together.Read guide →Anchor investors in an IPO and their lock-in periodWho IPO anchor investors are, their share of the issue, the 30-day and 90-day lock-in, why expiry dates matter for the price and where to find the list.Read guide →
Understanding an IPO
Price bands, offer documents and the difference between mainboard and SME issues.
IPO terms explained: a plain-English glossary for investorsEvery IPO term you meet, explained simply and grouped by stage: before the issue opens, while bidding is on, and after it closes and lists on the exchange.Read guide →IPO price band and book building explained (with example)What an IPO price band is, how book building differs from a fixed price issue, how the final price is set, the 120% cap rule and why most IPOs price at the top.Read guide →Fresh issue vs offer for sale (OFS) in an IPO explainedWhat a fresh issue and an offer for sale (OFS) mean in an IPO, where the money goes, how to find the split in the RHP, and what a large OFS can signal.Read guide →How to read an IPO RHP: a section-by-section guideWhat a DRHP, RHP and prospectus are, where to find them, and which sections of the RHP to read, what to look for in each, and the red flags to watch for.Read guide →SME IPO vs mainboard IPO: key differences explainedHow SME IPOs differ from mainboard IPOs: platforms, issue size, who reviews the document, two-lot minimum application, market making, liquidity and listing day.Read guide →SME IPO risks: what to check in the RHP before applyingRisks unique to SME IPOs — promoters, related-party deals, customer concentration, OFS, use of funds, lead manager record, liquidity — and where to check each.Read guide →