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IPO research hub

IPO Checklist for Indian Investors

Use this page as a pre-application checklist before you apply for any IPO via ASBA/UPI.

1) Business quality

  • Can you explain what the company does in one sentence?
  • Is revenue quality improving (not just one-off gains)?
  • Are margins and cash flows improving over the last 3 years?
  • Does management discuss risks clearly in DRHP/RHP?

2) Valuation discipline

  • Compare issue valuation to listed peers (P/E, EV/EBITDA, P/S).
  • If priced at a premium, identify what growth justifies it.
  • Avoid applying only because of social-media hype or GMP chatter.

3) Issue structure

  • Check Fresh Issue vs OFS split. Fresh issue funds growth; OFS gives exits.
  • Review promoter holding before and after listing.
  • Read lock-in periods and potential post-listing supply pressure.

Execution checklist before applying

  1. Read the risk factors section in RHP, not just summaries.
  2. Set objective: listing gain trade or long-term hold.
  3. Define exit plan before listing day (target and stop scenario).
  4. Apply only with capital you can lock temporarily.
  5. Track allotment and listing date from official exchange notices.

Common mistakes

  • Blindly using GMP as the only decision factor.
  • Ignoring debt, related-party transactions, and customer concentration.
  • Applying in every issue without position-sizing rules.

Continue learning

Start with our long-form guide on IPO mechanics, allotment, and listing behavior.

Read IPO Guide