IPOs and DRHP filings

The IPO Tracker follows an issue from the moment a company files its draft offer document with SEBI through subscription, allotment and listing. It covers mainboard and SME issues.

Nothing on this page is gated by plan. The tracker, the SEBI filing analysis and the allotment odds are all available whether you are signed in or not.

The IPO board#

Open IPO Tracker from the top bar. Five stat tiles double as filters: All live, Open now, Upcoming, Awaiting listing (closed, with allotment or listing still pending) and Listed (listed in the last 30 days, with the realised gain). Select a tile to filter the board to it.

Under the tiles, pills split the board into Mainboard and SME issues, and a sort dropdown orders the list by closing date, GMP percentage, subscription, closing date or issue size. A view toggle switches between cards and a table.

Each card or row shows:

• Price band: the price range the company is offering shares at.
• Lot: the minimum number of shares you can apply for, and its rupee value at the upper band.
• Issue size: the total value of the offer, in crore.
• Subscribed: how many times the issue has been bid for, overall and by category (QIB, NII, RII).
• Grey market premium (GMP), described below, before listing; the realised listing gain once the stock has listed.

A value DocStoX does not have is left blank, never shown as zero.

An IPO detail page#

Select any IPO to open its page. It reads in the order you would actually decide in: a read of the disclosed numbers first, then the subscription window and allotment odds, then GMP, then the offer itself, what the money is being used for, the financials, the risks, and how similar recent issues actually performed after listing.

The read of the disclosed numbers#

Where DocStoX has read enough of the offer document, the page opens with a summary built entirely from figures shown elsewhere on the same page: valuation against the issuer's own named peers, revenue and profit growth, margins and return on equity, leverage, how much of the issue is a fresh raise versus existing shareholders selling down, and disclosure quality (related-party transactions, promoter holding after the issue, litigation, audit qualifications).

This read needs signals from at least three different areas (for example valuation, growth and governance) before it says anything at all. Below that, the page states plainly that it cannot judge the issue rather than guess from a couple of numbers. Every point it makes carries the figure behind it, so you can check it against the filing yourself.

Allotment odds#

For retail applicants, allotment above the minimum lot is by lottery once the retail book is oversubscribed, so the odds shown are the chance of getting at least one lot: roughly 1 in the retail subscription multiple. If the retail book is undersubscribed, every valid application is shown as fully allotted.

For the HNI/NII category, allotment is proportionate, so the figure shown is the expected share of what you bid for, not a win-or-lose chance.

These odds come directly from the subscription multiples shown on the same page. DocStoX does not convert grey market premium into an expected listing gain: GMP is unregulated and thinly traded, and turning it into a forecast is exactly what this page avoids doing.

Grey market premium#

GMP is the premium at which an IPO's shares are said to trade unofficially before listing, outside any exchange. Where DocStoX has a GMP history for an issue, the page shows how it has moved and whether it is rising, falling or flat.

Outcomes of comparable issues#

Once at least four comparable recent issues have listed, the page shows the median listing gain across them, and the best and worst outcome, so you can see what actually happened to similar issues rather than relying on GMP alone.

DRHP filings: what companies tell SEBI before an IPO#

SEBI filings tracks every draft offer document, updated (RHP) filing and final prospectus that SEBI publishes for an IPO, before the issue necessarily appears on the board above. A company can file a DRHP months before opening its issue, and many filings never lead to a listing at all.

Three stages are tracked:

• Draft (DRHP): filed with SEBI, not yet cleared. This is not an approved offer.
• Cleared (RHP): SEBI has signed off and the issue is going ahead.
• Completed (Prospectus): the issue has been and gone.

A coverage line at the top of the page states how many filings are tracked, how many have been analysed, and the date of the latest filing.

Why a DRHP matters#

A DRHP is the only public document that carries a company's audited restated financials, its full risk disclosures, promoter litigation, and the split between fresh capital raised and existing shareholders selling down. The subscription and price-band data on the IPO board comes from the exchange feed; the DRHP is a separate, deeper source DocStoX reads on its own.

What the analysis extracts#

Where a filing has been analysed, its card and detail page show:

• Financials: revenue and profit for the reported years, with growth.
• Offer structure: how much of the issue is a fresh issue versus an offer for sale.
• Risks: key risk factors as stated in the filing.
• Flags: things that stand out, both red (concerns) and green (positives).
• A score, when enough of the filing could be read confidently.

Why a score can be withheld#

DocStoX does not compute a score from a thin reading of a filing. A composite score is only published once the analysis has enough weight and breadth of evidence behind it; below that threshold, the page says the filing could not be scored rather than show a number built on too little.

Source#

Filings are sourced from SEBI, Filings, Public Issues. Figures are extracted from the filed documents by DocStoX and may contain errors; the linked SEBI document is the authoritative record.

This is for informational purposes only and not investment advice. Please consult a SEBI-registered advisor before investing.