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IPO

Live subscription, dates and grey market sentiment. Tap any issue for full details.

IPO type

Source: NSE India public market data. Subscription figures may be delayed. GMP marked * is unofficial and unregulated. Education only, not investment advice.

How to read an IPO table

What does 3.4x subscription mean?

Investors have bid for 3.4 times the shares on offer in that category. It shows demand, not quality, and it does not predict listing price.

QIB, NII, RII: who are they?

QIB are qualified institutional buyers such as mutual funds and insurers. NII are non-institutional or high-net-worth investors. RII is the retail category with applications up to ₹2 lakh.

Why does the retail number matter to a beginner?

If the retail portion is oversubscribed, allotment is done by lottery, so applying for more lots does not increase your chance beyond one lot per PAN.

What is a price band and lot size?

The price band is the floor-to-cap range at which bids are accepted. A lot is the minimum number of shares you must apply for in one application.

What is GMP or grey market premium?

GMP is the extra amount, over the issue price, that buyers in an unofficial grey market are willing to pay for IPO shares before they list. Issue price plus GMP is what people call the estimated listing price.

Is GMP reliable?

No. The grey market is unregulated, thinly traded and driven by rumour. GMP can be inflated, can vanish in a day, and regularly gets the listing direction wrong. Treat it as sentiment, never as a forecast.

What should you actually check before applying?

Read the RHP: what the company does, revenue and profit trend, debt, promoter holding, valuation versus listed peers, use of proceeds and risk factors. Those decide long-term outcomes; GMP decides nothing.

Is high subscription a buy signal?

No. Subscription reflects short-term demand. A study of the prospectus, financials, valuation and use of proceeds matters far more, and none of this is a recommendation.

Data disclaimer. IPO figures are pulled from public exchange market data, and grey market premium from a public third-party tracker. Both may be delayed, incomplete or revised. Grey market data is unofficial and not recognised by SEBI or the exchanges. VIA Capital does not recommend any IPO and provides no investment advice. Always read the RHP. New to IPOs? See the step-by-step first-timer guide below.

What to expect from an IPO

A plain walkthrough of what actually happens between the day you apply and the day the stock trades, so nothing on listing day comes as a surprise.

Money is blocked, not debited

Under ASBA and UPI mandate, the application amount is only frozen in your bank account. It is debited if you get an allotment and released within a couple of working days if you do not.

Allotment is a lottery when oversubscribed

If the retail category is oversubscribed, the registrar runs a computerised draw for one lot per applicant. Multiple applications on the same PAN are rejected, not rewarded.

The T+3 calendar

Allotment is finalised the working day after close, refunds and demat credit follow, and listing is normally on the third working day after the issue closes.

Listing price can go either way

A stock can list above, at, or below its issue price. Around a third of Indian IPOs have historically listed flat or lower, regardless of how strong the demand looked.

Grey market premium is sentiment only

GMP tells you what an unofficial market is whispering today. It has no legal standing, changes hourly, and has been wrong on plenty of high-profile issues.

Costs and tax on the exit

Selling on listing day attracts brokerage, STT, exchange and stamp charges, and gains within a year are short-term and taxable. Compute returns after all of that.

First-time applicant

How to apply for your first IPO, step by step

Written for someone who has never applied before. Follow the checklist, then the 11 steps. Every rule below follows the standard SEBI UPI-ASBA process used by all Indian brokers.

A demat + trading account

Shares are held electronically, so you need a demat account with any SEBI-registered broker. Opening it is free and takes about 15 minutes with PAN + Aadhaar.

A bank account with UPI

Retail IPO applications are made through UPI. The UPI ID must belong to a bank that is on the SEBI list of UPI-enabled IPO banks (most large banks are).

Money already in the bank

The amount is not debited when you apply. It is only blocked (ASBA). It stays in your account and earns interest until allotment.

PAN linked and KYC done

Only one application per PAN is allowed in the retail category. Multiple applications on the same PAN get rejected.

No demat account yet? Open a free one on Groww in about 15 minutes, then come back and apply. Referral code A2X4UQ.

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  1. 1

    An IPO accepts bids for roughly 3 working days. On the IPO Centre above, any issue marked Open is accepting applications right now. Note its price band, lot size and closing date.

    Tip: Upcoming issues cannot be applied for yet. Set a reminder for the opening date.

  2. 2

    Open the RHP (Red Herring Prospectus) linked on the exchange or SEBI site. At minimum skim: what the company does, revenue and profit for the last 3 years, how the IPO money will be used, and the risk factors section.

    Tip: If you cannot explain the business in one sentence, that is a signal to slow down, not to hurry.

  3. 3

    In Groww, tap Investments then IPO. You will see Open, Upcoming and Closed issues. Tap the issue you want and press Apply.

    Tip: Same flow exists in every broker app and in most bank net-banking portals under ASBA / IPO.

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The typical IPO calendar

  • Day 1 to 3Issue open, you apply and approve the mandate
  • Day 4Bidding closes, basis of allotment worked out
  • Day 5Allotment finalised, refunds and unblocking start
  • Day 6Shares credited to demat, then listing on the exchange

Exact dates differ per issue and are shown on each IPO card above. Working days only.

Mistakes first-timers make

  • Applying from two accounts with the same PAN. Both applications get rejected.
  • Not approving the UPI mandate in time, so the bid is never accepted.
  • Bidding below cut-off to save a few rupees, which usually means no allotment.
  • Assuming heavy subscription equals a profitable listing. They are unrelated.
  • Borrowing money to apply, expecting a certain listing gain.
  • Ignoring the RHP risk factors and buying only because the IPO is trending.

A worked example

Price band ₹95 to ₹100, lot size 150 shares. You apply for 1 lot at cut-off, so ₹100 × 150 = ₹15,000 is blocked in your bank account. If the final issue price is ₹100 and you are allotted, ₹15,000 is debited and 150 shares reach your demat. If the stock lists at ₹115, the notional gain is (115 − 100) × 150 = ₹2,250 before brokerage, taxes and charges. If it lists at ₹88, the notional loss is ₹1,800. If you are not allotted, the ₹15,000 block is simply released.

Educational content only. VIA Capital does not recommend any IPO and gives no investment advice. Process steps follow the public SEBI UPI-ASBA framework and can be revised by the regulator or your bank. Always confirm details in the issue documents and with your broker. The Groww link is a referral link.

Partner referral

Open a free demat accountand start your investing journey

Account opening on Groww is fully digital and usually finishes in under ten minutes. Use the VIA Capital referral code below while signing up.

Open free demat account

Six steps to get started

  1. 01Install the appOpen the referral link and install Groww from the Play Store or App Store.
  2. 02Verify your numberEnter your mobile number and confirm the one time password.
  3. 03Add basic detailsName, email, PAN, and date of birth for your KYC record.
  4. 04Complete KYCFinish Aadhaar verification and a short in app selfie video.
  5. 05eSign the formDigitally sign the account opening form in a single tap.
  6. 06Link your bankAdd your bank account and your free demat account goes live.

What a demat account does

It holds your shares and mutual fund units in electronic form. Paired with a trading account, it lets you buy and sell listed securities, apply for IPOs, and run SIPs from one place.

Stocks and ETFs
SIP in mutual funds
Apply for IPOs
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Disclosure: This is a referral link for Groww. VIA Capital is not a registered broker, investment adviser, or distributor. We do not recommend any broker, stock, mutual fund, or investment strategy. Please read all scheme documents, risk factors, and terms on the Groww app before investing. Markets are subject to risk. Read our full disclaimer.

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Educational content only. VIA Capital does not provide buy/sell calls, tips, or personalized advice. Always do your own research.