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Guides to Indian offer documents
How diligence teams read a DRHP, RHP or NCD prospectus: which sections matter, which disclosures are warning signs, and what to ask. Written by a CFO who has taken a company through a main-board IPO.
IPO GMP today: live grey market premium
Issue price, GMP, implied listing price and gain for upcoming main-board and SME IPOs, refreshed through the day…
ValuationHow to value an IPO: 10 methods to check if the price is fair
Ten simple ways to check whether an IPO price is fair: peer and industry P/E, P/B, EV/EBITDA, PEG, earnings power, Gra…
InstitutionsHow anchor investors and QIBs evaluate an IPO: the 12 checks
What mutual funds, insurers and foreign funds check before they bid in an Indian IPO, how the anchor book works after …
DecisionShould I apply for this IPO? A clear decision framework
A simple framework to decide whether to apply for an IPO: business quality, valuation, stake and governance, and marke…
Capital structurePre-IPO valuation: what the share capital history tells you
How to work out a company's valuation before its IPO from the share capital history in the DRHP: implied value, bonus …
IPO basicsHow to read a DRHP without reading all 400 pages
A practical, section-by-section method for reading a Draft Red Herring Prospectus (DRHP) for an Indian IPO: where to start, what to skip and which pages decide the issue.
ChecklistDRHP red flags: a checklist for Indian IPO documents
The warning signs diligence teams look for in a DRHP or RHP: auditor qualifications, promoter pledges, OFS-heavy issues, customer concentration, litigation, defaults and more, with where to find each.
IPO basicsDRHP vs RHP vs Prospectus: the three IPO documents explained
The difference between a Draft Red Herring Prospectus, a Red Herring Prospectus and the final Prospectus in an Indian IPO: who files each, when, and what changes between them.
Use of proceedsOffer for sale vs fresh issue: who gets your IPO money?
How to tell from a DRHP whether IPO money goes to the company (fresh issue) or to selling shareholders (offer for sale), and what objects of the offer and general corporate purposes reveal.
PromotersPromoter pledge in an IPO: what it means for investors
What a promoter share pledge is, where a DRHP discloses pledged and encumbered shares, how pledges interact with IPO lock-in, and the questions to ask before you subscribe.
Debt issuesHow to analyse an NCD prospectus before you invest
A checklist for reading a public NCD shelf prospectus or information memorandum in India: credit rating and outlook, security cover, covenants, debenture trustee, asset quality and repayment history.
ChecklistHow to analyse an IPO before applying: a 12-point checklist
A practical 12-point checklist for analysing an Indian IPO before you apply: issue structure, valuation, promoters, financial quality, use of proceeds, litigation and lock-ins, with where to find each in the RHP.
IPO basicsIPO GMP explained: what grey market premium really tells you
What IPO GMP (grey market premium) means, how kostak and subject-to-sauda rates work, why GMP is unofficial and often wrong, and what to read in the RHP instead.
IPO processIPO allotment status: how to check it and how allotment works
Check IPO allotment status on the registrar (KFin, MUFG Intime, Bigshare), BSE or NSE, understand the T+3 timeline and why retail allotment is a lottery when an IPO is oversubscribed.
IPO processIPO subscription status explained: QIB, NII, retail and anchors
What “subscribed 40 times” really means. How the QIB, NII (bNII and sNII), retail and anchor portions work in an Indian IPO, and which subscription number matters most.
SME IPOsSME IPO rules 2026 and the red flags to check
Current SEBI rules for SME IPOs (₹2 lakh minimum application, ₹1 crore operating profit, 20% OFS cap), the October 2026 consultation proposals, and the SME-specific red flags to check in the offer document.
ReferenceIPO glossary: 38 terms explained in plain English
Plain-English meanings of the IPO terms Indian investors search for most: DRHP, RHP, price band, cut-off, OFS, GCP, WACA, anchor, QIB, NII, ASBA, UPI mandate, T+3, GMP, kostak and more.
Annual reportsAnnual report red flags: ten warning signs to check
Ten red flags to look for in an Indian listed company’s annual report: auditor remarks, CARO, cash flow vs profit, receivables, related parties, contingent liabilities, pledges and more.
AIFsHow to read an AIF PPM: fees, hurdle and red flags
A practical guide to reading a SEBI-registered AIF private placement memorandum: fund category, strategy, fees and carry, hurdle rate, drawdowns, tenure, conflicts of interest and the red flags to check.
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