IPO guides
Plain-English explanations of how IPOs work in India — from reading an offer document to applying with UPI, allotment, refunds and listing day. Written by the Niva Market Watch editorial team; each guide shows when it was last reviewed.
IPO basics
What Is an IPO? How Public Issues Work in India
What an initial public offering is, why Indian companies go public, who regulates the process, and what happens between filing and listing.
IPO basicsIPO Timeline Explained: From Bidding to Listing (T+3)
The day-by-day IPO timeline in India under the T+3 rule: bidding, allotment, refunds, demat credit and listing, and what each date means for applicants.
IPO basicsMainboard vs SME IPOs: Key Differences
How SME IPOs on BSE SME and NSE Emerge differ from mainboard IPOs — eligibility, application size, liquidity, disclosure and listing rules.
IPO basicsFresh Issue vs Offer for Sale (OFS) in an IPO
The difference between a fresh issue and an offer for sale, where the money goes in each case, and how to find the split in an offer document.
IPO basicsQIB vs NII (HNI) vs Retail: IPO Investor Categories
Who qualifies as a QIB, NII (small and big) or retail investor in an Indian IPO, how shares are reserved for each, and how allotment differs by category.
Offer documents & financials
DRHP vs RHP: What the IPO Offer Documents Contain
What a Draft Red Herring Prospectus and a Red Herring Prospectus are, how they differ, and which sections to read before applying for an IPO.
Offer documents & financialsHow to Read IPO Financials in an RHP
A practical walkthrough of the restated financial statements in an IPO offer document: revenue, profit, margins, debt, cash flow and red flags to check.
Applying for an IPO
Price Band, Cut-off Price and Lot Size Explained
How IPO price bands are set, what bidding at the cut-off price means, and how lot size determines the minimum and maximum you can apply for.
Applying for an IPOHow to Apply for an IPO Using UPI or ASBA
Step-by-step: applying for an IPO through a broker app with UPI or through net banking with ASBA, and the common mistakes that get applications rejected.
Applying for an IPOHow IPO Subscription Works (and How to Read the Numbers)
What subscription multiples like 3.2× or 150× mean, how they are calculated per category, how anchor investors fit in, and what the numbers do not tell you.
Allotment, refunds & listing
How IPO Allotment Works in India
How the registrar decides the basis of allotment, why oversubscribed retail and NII categories use a lottery, and what does and does not change your chances.
Allotment, refunds & listingHow to Check IPO Allotment Status
Where and how to check IPO allotment — registrar websites, exchange status pages, your bank and demat account — and what each status message means.
Allotment, refunds & listingIPO Refunds and Fund Unblocking: What Happens If You Are Not Allotted
How blocked IPO money is released when you are not allotted shares, how long it should take under T+3, and what to do if funds stay blocked.
Allotment, refunds & listingHow the IPO Listing Price Is Determined (and Listing Gains or Losses)
How the pre-open call auction on listing day discovers the opening price, why it can differ from the issue price and GMP, and how listing gains or losses are calculated.
Grey market premium
What Is IPO GMP (Grey Market Premium)?
What IPO grey market premium means, how GMP, kostak and subject-to-sauda rates are quoted, and why GMP is unofficial and unregulated.
Grey market premiumWhy IPO GMP Can Be Unreliable
The structural reasons grey market premium is a weak predictor of listing price — thin trading, no disclosure, conflicts of interest and fast-changing sentiment.
Comparing IPOs
These guides explain processes and terminology. They are not advice on whether to apply for any issue. See our editorial policy and disclaimer.