Learn about IPOs
An IPO has its own vocabulary: lots, price bands, ASBA, QIB and HNI, subscription, GMP, allotment, listing. These guides explain each piece in plain English, in the order you meet them, from what an IPO is to what happens on listing day. They are written for people applying for their first IPO and for anyone who wants to read the numbers on an IPO page with more confidence.
Everything here is general information and not investment advice. For any word you do not know, there is also the IPO glossary.
Start here · 3 guides
What is an IPO and how does it work?An IPO is when a company sells its shares to the public for the first time and lists on the stock exchange. How an IPO works in India, step by step, from the SEBI filing to the listing day.8 min read · Last reviewed 30 October 2026IPO lot size, price band and minimum investmentWhat an IPO lot is, how the price band and cut-off price work, and how to calculate the minimum investment and the most lots a retail investor can bid for. With worked examples.6 min read · Last reviewed 30 October 2026IPO investor categories: retail, S-HNI, B-HNI and QIBWho the IPO categories are, how much of an issue each gets, where the ₹2 lakh and ₹10 lakh lines fall, what anchor investors are, and why subscription is reported category by category.7 min read · Last reviewed 30 October 2026
Applying · 4 guides
How to apply for an IPO, step by stepHow to apply for an IPO in India: what you need, how to place a bid through your broker app with UPI or through net banking with ASBA, how to approve the mandate and how to check what happened.7 min read · Last reviewed 30 October 2026UPI mandate for IPO applications, explainedWhat a UPI mandate is in an IPO application, how to approve it, what happens to the blocked amount, the ₹5 lakh UPI limit for individuals, and what to do when the request does not show up.6 min read · Last reviewed 30 October 2026What is ASBA in an IPO?ASBA means Application Supported by Blocked Amount. How ASBA works in an IPO, how it differs from paying up front, the two ways to apply (UPI and net banking) and what happens to your blocked money.5 min read · Last reviewed 30 October 2026Why IPO applications get rejectedThe common reasons an IPO application is rejected in India, such as a PAN or demat mismatch, an unapproved UPI mandate, multiple applications or a wrong category, how to avoid each, and what happens to your money.6 min read · Last reviewed 30 October 2026
After you apply · 2 guides
How the IPO allotment lottery worksHow IPO shares are allotted when an issue is oversubscribed: the computerised draw for retail bids, proportionate allotment for HNI bids, why more lots do not improve retail odds, and how to estimate your chance.8 min read · Last reviewed 30 October 2026IPO listing day, explainedWhat happens on an IPO's listing day in India: when shares are credited, the special pre-open session, how the listing price is found, the first-day price band, and how the listing price differs from the issue price.6 min read · Last reviewed 30 October 2026
Reading the numbers · 3 guides
What is IPO GMP and how to read itIPO GMP, or grey market premium, explained: what it is, how it forms, how to turn it into an implied listing price and a percentage, why it moves, and why it is not a reliable forecast.7 min read · Last reviewed 30 October 2026How to read IPO subscription numbersWhat subscription means in an IPO, how to read the QIB, NII (S-HNI and B-HNI) and retail figures, why numbers change through the three days, and what a high or low subscription does and does not tell you.7 min read · Last reviewed 30 October 2026SME IPO versus mainboard IPOHow SME IPOs differ from mainboard IPOs in India: the companies, the exchanges, the minimum bid, the categories, liquidity and risk, and what to check in an SME IPO's offer document.6 min read · Last reviewed 30 October 2026
Tools
IPO GMP calculatorTurn a grey market premium into rupees, a percentage and an implied listing price for the lots you applied for.IPO application amount calculatorHow much money an IPO bid blocks, how many shares it is, and which category (retail, S-HNI or B-HNI) it falls in.IPO allotment probability calculatorYour rough chance of getting shares at a given subscription, for retail and non-institutional bids.
All of them are on the IPO calculators page.