IPO learning hub
This hub teaches the mechanics and research process behind public issues. We deliberately show no apply buttons, no allotment predictions and no return claims.
The calendar below uses clearly-labelled illustrative issues to teach the format. It is not live IPO data and nothing here is a recommendation to apply to any offer.
| Issue | Sector | Window | Band | Lot | Size | Status |
|---|---|---|---|---|---|---|
| Sample Logistics Ltd (illustrative) | Logistics & Supply Chain | 12 – 14 Aug | ₹ 214 – 226 | 66 shares | ₹ 1,240 cr | Open |
| Demo Speciality Chemicals (illustrative) | Speciality Chemicals | 19 – 21 Aug | ₹ 480 – 505 | 29 shares | ₹ 2,100 cr | Upcoming |
| Example Fintech Services (illustrative) | Financial Services | 26 – 28 Aug | ₹ 96 – 102 | 147 shares | ₹ 640 cr | Upcoming |
| Practice Consumer Brands (illustrative) | FMCG | 28 – 30 Jul | ₹ 310 – 328 | 45 shares | ₹ 890 cr | Listed |
Terminology
DRHP
Draft Red Herring Prospectus — the first public draft of the offer document filed with SEBI.
RHP
Red Herring Prospectus — the near-final document containing the price band and offer details.
Fresh Issue
New shares issued by the company; the money raised goes to the company.
Offer for Sale (OFS)
Existing shareholders selling their shares; proceeds go to them, not the company.
Price Band
The range within which investors can bid, decided by the issuer and its bankers.
Lot Size
The minimum number of shares that can be applied for in one bid.
Anchor Investor
Institutional investors allotted shares a day before the issue opens, with a lock-in period.
QIB / NII / RII
Investor categories: qualified institutions, non-institutional and retail individual investors.
Subscription
How many times the offered shares were bid for; a demand measure, not a quality measure.
GMP
Grey market premium — an unofficial, unregulated sentiment indicator with no exchange oversight.
Cut-off Price
A retail bidding option to accept the final discovered price within the band.
Listing Day
The first day shares trade on the exchange; opening price is discovered, not guaranteed.
Research checklist
Work through each area and write down what you could not answer. Unanswered questions are themselves a finding.
Risk factors
Valuation set by the issuer, not by market discovery — the band reflects the seller's view.
Limited public track record compared with long-listed companies.
Offer-for-sale heavy issues leave the company's balance sheet largely unchanged.
Lock-in expiry can add share supply weeks or months after listing.
Sentiment indicators such as GMP are unofficial, unregulated and often wrong.
Subscription numbers measure demand, not business quality.
Case studies
A heavily subscribed issue is evidence of demand, not of business quality. This case walks through how to separate the two signals and record your own conclusion before sentiment data is visible.
When most of the raise is an offer for sale, the company balance sheet barely changes. We trace how that alters the growth thesis you can reasonably underwrite.
A structured review comparing the pre-IPO thesis with four quarters of reported numbers, and what the gap teaches about assumption setting.