Indian IPO FAQ

What is IPO GMP (Grey Market Premium)?

GMP is the premium at which an IPO's shares change hands in an informal, unofficial market before they list on the exchange. If an IPO is priced at ₹100 and the GMP is ₹30, grey-market dealers are quoting ₹130. It is unregulated, based on dealer word-of-mouth, changes many times a day, and has no reliable link to the actual listing price. Platform shows the GMP from the leading public tracker, along with what each other source is quoting and the spread between them.

Is GMP reliable? Does a high GMP mean the IPO will list high?

No. GMP is a sentiment indicator, not a forecast. It is frequently wrong, can be manipulated, and dries up entirely for weak issues. Many IPOs with a strong GMP have listed flat or below issue price, and vice-versa. Treat it as one weak data point among many.

How much money do I need to apply for an IPO?

For a mainboard IPO the retail minimum is one lot — usually ₹14,000–₹15,000. For an SME IPO the retail minimum has been two lots (above ₹2 lakh) since 1 July 2025 under SEBI's amended ICDR rules. Platform shows the exact 'minimum to apply' for each IPO and a full bid ladder (retail min, retail max, and the NII/HNI rungs).

When is an IPO allotment date?

Allotment is typically finalised 1–2 working days after the issue closes; the shares are credited and trading begins 1 day after that. Each IPO page on Platform shows the expected allotment and listing dates from the prospectus.

How do I check my IPO allotment status?

Enter your PAN or application number on your IPO's registrar site (KFin Technologies, MUFG Intime, Bigshare, Cameo, etc.) or on the BSE 'application status' page. Platform links you straight to the correct page for each IPO — it never asks for or handles your PAN. Registrars protect these pages with a CAPTCHA; that one step happens on their site.

What do QIB, NII and retail subscription numbers mean?

An IPO's shares are split into buckets: QIB (Qualified Institutional Buyers — mutual funds, banks, FIIs), NII/HNI (Non-Institutional Investors applying for more than ₹2 lakh, further split into small and big NII), and Retail (individuals up to ₹2 lakh). '25x subscribed' for a bucket means demand was 25 times the shares on offer there. Heavy QIB and NII demand is often read as institutional confidence, but it does not guarantee a listing gain.

What is the difference between a mainboard IPO and an SME IPO?

Mainboard IPOs are larger companies listing on the main NSE/BSE platforms with stricter disclosure and eligibility norms. SME IPOs list on the NSE Emerge / BSE SME platforms, are smaller, have a higher minimum application (2 lots / ₹2 lakh+ for retail), lower liquidity and higher risk. Platform colour-codes and filters the two.

What are the chances of getting an IPO allotment?

When the retail portion is oversubscribed N times, roughly 1 in N valid single-lot applications receives an allotment via a computerised lottery. Applying for more than one lot does not improve your per-application odds. Platform shows an indicative retail allotment probability on each IPO page — it is an estimate, not a guarantee.

What is Kostak and Subject-to-Sauda?

Kostak is a fixed amount a grey-market buyer pays for your full IPO application regardless of whether you get an allotment. 'Subject to Sauda' (STS) is a deal that only settles if you actually receive an allotment. Both are informal, unregulated grey-market arrangements.

Where does Platform get its data?

Platform aggregates from several public sources — IPO Watch and other trackers for GMP and live subscription, company IPO pages for lot size, registrar and the date timeline, and Yahoo Finance for the current price of recently listed stocks. NSE and BSE public data is used where reachable. Every figure on an IPO page lists which source it came from, and the live health of each source is on the status page.

How often is the data updated?

A background job re-scrapes every few minutes during market hours and stores a snapshot; every page shows how old the data is. Subscription figures update most often near an IPO's close.

Is Platform affiliated with NSE, BSE or SEBI?

No. Platform is an independent information aggregator. It is not associated with any exchange, registrar or regulator, and nothing on it is investment advice.

Platform is an independent aggregator and not affiliated with NSE, BSE, SEBI or any registrar. Nothing here is investment advice — see the disclaimer.