InvestorTrack.in

How InvestorTrack.in works

Last updated: 20 October 2026

Every IPO page on this site is built from the same few pieces: the issue details, an analysis of the offer document, the grey market premium (GMP) and the subscription status. This page explains where each piece comes from, how often it is refreshed, and where its limits are, so you can judge how far to rely on it.

The IPO list and issue details

The list of Mainboard and SME IPOs, their dates, price band, lot size and issue size is read automatically from a public IPO tracker twice a day, at 8:00 am and 3:00 pm IST. An IPO appears here as soon as it is announced, even when some details are still missing. A detail that is not known yet is shown as “Not available yet”; we do not fill the gap with a guess.

When the offer document (the RHP, or the DRHP before it) is processed, the values it states take priority over the tracker's. A blank placeholder in the document ([●]) never erases a value we already hold, because it only means “to be decided”.

An IPO's status (upcoming, open, closed, listed) is worked out from its dates every few minutes. Prices and timings can still change at the last moment, so confirm them with the exchange or your broker before you bid.

How the analysis is prepared

The analysis tab (business summary, financial trends, valuation against listed peers, strengths and risks, use of proceeds) is built from the IPO's own offer document. An administrator uploads the RHP or DRHP, an AI model reads that document, and the result is checked before it is published: financial rows must be internally consistent, a draft prospectus is rejected for a current issue, and a number the document does not state is left blank rather than calculated quietly. Each analysis shows which document it came from and says it was AI-prepared.

An IPO with no uploaded offer document has no analysis yet, and the page says so. Automated checks catch many errors, not all of them: for any figure that matters to your decision, check it in the offer document itself.

Valuation figures such as the P/E ratio or market cap are quoted at the upper end of the price band, because that is the highest price you could be asked to pay.

How GMP is read

GMP is the premium at which an IPO's shares are said to trade in the unofficial grey market before listing. It is not regulated, not published by any exchange, and not a forecast. We read it from a public tracker about every 30 minutes during the day, keep every reading so the page can show how it has moved, and ignore a reading that is more than two days old. A repeated figure is recorded as “unchanged”, not as new information.

The percentage shown is the GMP divided by the upper price band. The “estimated listing price” is the upper band plus the GMP. If the price band has not been announced yet, we show the premium but not the percentage or the estimate, since both need the band.

Grey market premiums can swing sharply, differ from one tracker to another, and be wrong. Many IPOs have listed far from what their GMP suggested. Treat it as one signal of sentiment, never as a promise.

How subscription is read

Subscription is the number of times the shares on offer were applied for, split into categories: QIB (qualified institutional buyers), NII (non-institutional investors, usually high-net-worth individuals) and Retail, plus the total. While bidding is open we read it about every 20 minutes on market days. After the close, the figure read at or after 7:00 pm IST is stored as the final one; earlier readings after the close are ordinary snapshots. A reading that is lower than the previous one is not stored, because subscription only goes up.

On the subscription page, demand is described in plain words from the total multiple: below 1x is “not fully subscribed”, up to 2.5x “modest”, up to 10x “moderate”, up to 30x “strong”, and above that “very strong”. These are our labels for quick reading, not an official classification. Retail demand and institutional demand often tell different stories, which is why the categories are shown separately.

Listing prices and the past-IPO archive

After an IPO lists, its opening price on the listing day is added, and the listing gain is the opening price compared with the issue price. The past IPOs archive holds the final subscription, listing price and listing-day close of earlier Mainboard and SME issues. It is built from public exchange and market data, is updated periodically, and can differ from the exchange's own final records.

What we do not do

  • We do not estimate a number we do not have. Missing data stays visibly missing.
  • We do not tell you to apply for, avoid, buy or sell any IPO, and we do not rate IPOs with “subscribe” or “avoid” calls.
  • We have no reader accounts, and we do not sell personal information. See the privacy policy.
  • Everything here is for research and education, not investment advice. Read the full terms and disclaimer.

Found a mistake?

Please tell us, with the IPO name and the page address, through the contact page. New to the vocabulary? The IPO glossary explains RHP, GMP, anchor investors, OFS and the other terms used on this site.