Built around how QIB, anchor and mutual fund desks actually work an IPO: screen the mandate, read and model, meet management, write the investment committee note, bid and monitor. Every number links to its page.
QIB bid below normal weight; add after two quarters confirm the thesis.
Analysts usually have days, not weeks, between the RHP and the anchor book. DRHP Lens does the reading and cross-checking, so the team spends its time where judgment matters.
Size, liquidity and mandate fit: post-issue market cap, free float, anchor book, scheme limits.
Restated financials, KPIs, peers, WACA, use of proceeds, capital history, cross-checked.
Roadshow, one-on-one and plant visit with a question list built from the document's numbers.
Customers, suppliers, competitors and experts, aimed at the gaps the document leaves.
Thesis, valuation range, risks, governance, desk stance and walk-away price.
Anchor or QIB bid, then lock-in dates, quarterly results and use-of-proceeds reports.
Desk times are typical, illustrative ranges; your desk's will vary.
Open any DRHP or RHP in the app; step 8 of the report is the Institutional desk.
Desk stance, comfort and walk-away price, thesis, valuation, key risks and governance on one page.
Word · copy as textQuality radar, valuation matrix, reverse DCF, WACA ladder, peer heat map, trends and scenarios in a printable pack.
PDF · on screenPost-issue market cap and size bucket, QIB share, anchor book and mutual fund reservation in ₹, free float, one fund house's 10% ceiling, lock-in dates.
On screenQuestions generated from the document's own numbers (receivable days, GCP, OFS share, pre-IPO pricing), each with why the desk asks it.
On screen · in the Word noteUp to thirteen offer-document sections located with their page, plus what to ask the lead managers, rating agencies and exchanges for.
On screen · in the Word noteEvery table with live formulas: financials, ratios, peers, capital history with implied valuations, ten valuation methods.
ExcelTen methods from peer and NSE sector multiples to book value and earnings power, with the last private deal as a market test.
On screen · ExcelHover any figure to see it matched on its source page; open the page in a readable view with its tables rebuilt.
On screenTotals, cash flow, EPS and net worth re-added from the company's own numbers; red-flag score with the pages behind it.
On screenListing, anchor unlocks at 30 and 90 days, pre-IPO holders at six months, with the share of the company each frees up.
On screen · factsheetSeven sections in one printable pack: quality radar with DuPont and ROCE, a valuation matrix against peer quartiles, a reverse DCF, the WACA and insider cost ladder, peer benchmarking, earnings and cash trends, and bear, base and bull scenarios with an expected value.
Every multiple at the upper band against the peer 25th, median and 75th percentile.
| Multiple | IPO | Peer median | |
|---|---|---|---|
| P/E | 38.0x | 31.0x | +23% |
| EV/EBITDA | 21.4x | 24.9x | −14% |
| EV/Sales | 4.2x | 5.1x | −18% |
| P/B | 6.8x | 7.4x | −8% |
| RoNW | 19.1% | 15.6% | better |
The 10-year profit growth the price needs at a 12.5% cost of equity, against what the company delivered.
What insiders paid in the last 18 months against the floor and cap price, as SEBI requires.
Illustrative figures for an example company. In the app every number is computed from the offer document and cited to its page.
Each is scored from the document automatically, with the page, so the team can agree or override it in minutes.
Under Regulation 6(1), up to 50% of the offer goes to QIBs; under 6(2), at least 75%. Up to 60% of the QIB portion can be placed with anchor investors the day before opening, and 40% of that anchor book is reserved for domestic institutions.
For a ₹1,000 crore issue under 6(1), that is up to ₹300 crore of anchor book, with about ₹100 crore reserved for mutual funds and ₹20 crore for insurers and pension funds. The desk sees this for every IPO it opens.
| Task | Usually | With DRHP Lens |
|---|---|---|
| Find and table restated financials, KPIs and peers | Copy from the PDF into Excel, line by line | Tabled, cross-checked, exported with formulas |
| Work out pre-IPO valuations from capital history | Manual split and bonus adjustments | Every allotment with the implied valuation |
| Prepare for the management meeting | Generic question list | Questions built from this company's numbers |
| Check the document for gaps | Search 400 pages section by section | Key sections located with pages; external asks listed |
| Draft the IC note | Half a day to a day | Draft in one click, ready to edit in Word |
Under SEBI's amended ICDR rules, 40% of the anchor portion is reserved for domestic institutions: one-third (33.33%) for domestic mutual funds and 6.67% for insurers and pension funds. Unused insurer and pension allocation can go to mutual funds.
Half of an anchor investor's shares are locked in for 30 days and the other half for 90 days from the date of allotment. The desk shows both dates for every IPO.
No. It reads the offer document, cross-checks the numbers and drafts the IC note, questions and checklist with page references, so analysts spend their time on management meetings, channel checks and judgment. The desk stance is model output, not a recommendation.
The red-flag scan and the institutional desk run in your browser, and the Word IC note and Excel workbook are generated on your device. The optional AI analysis sends only the relevant page excerpts for processing; documents are not stored.
Yes. Each analyst can open the same RHP and export the same format, so IC notes look alike across IPOs. Write to us for team access.
Upload the PDF, go to step 8, and take the IC note draft into your next meeting.
Rules as published: SEBI ICDR (Third Amendment) Regulations, 2025, via Taxscan · Business Standard · INDmoney: how mutual funds invest in IPOs · ipomarket.in: analyst meets and plant visits. The example IC note above is illustrative, not a real company.
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