Quick answer: To evaluate a mainboard IPO, check how the company’s revenue, profit, debt and cash flow have moved over several years, see where the IPO money will go, compare the valuation at the upper price band with listed peers, and look at who the promoters are. Subscription figures and grey market premium describe short-term mood, not business quality. That holds for every one of the upcoming IPOs in India.
Introduction: why upcoming IPOs attract investors
The pull is easy to understand. An IPO offers a chance to own part of a growing business from its first day on the exchange, and every few months a listing delivers a gain big enough to get people talking. Friends forward dates, someone quotes the GMP, and applications go in within minutes.
What gets lost is the homework. The price band is announced a couple of days before the issue opens, and bidding shuts in three working days. That is a short window, and it rewards people who arrive prepared. The rest of this piece covers what preparing actually involves.
What are upcoming IPOs in India?
An IPO is the first sale of a company’s shares to the public. Until then, the owners are founders, families and private investors. Afterwards, anyone with a demat account can buy, and the shares trade on NSE and BSE.
Four details matter for every issue: the opening and closing dates, the price band, the issue size and the expected listing date. The company files a Draft Red Herring Prospectus with SEBI, then a final Red Herring Prospectus once those details are fixed. Anchor investors get shares a day before the issue opens. After it closes, allotment follows and shares usually list within three working days.
Dates move. Issues get postponed when markets turn rough, so confirm anything you plan to act on against the RHP or the exchange notice. For a running view of what’s open or coming, Malik Times maintains an upcoming IPO list, which is a handy way to build a shortlist before the window opens.
What are mainboard IPOs?
Mainboard IPOs come from larger, established companies that meet the profit, net worth and track record requirements of the main boards of NSE and BSE. Retail investors can bid up to ₹2 lakh per PAN, and the minimum lot is typically around ₹14,000 to ₹15,000. After listing, these shares generally trade with deeper liquidity and attract analyst coverage.
SME IPOs list on separate platforms. Their lot sizes are much larger, often ₹1 lakh or more, trading is thin, and the companies are smaller and less scrutinised. For an investor, the practical difference is that getting out of an SME stock can be harder than getting in. Check current lot sizes and eligibility norms on the exchange websites, since they are revised from time to time.
Six factors to evaluate before applying
Nobody reads all 400 pages of an offer document. These six areas carry most of the weight.
1. Revenue and profit growth. Look at three to five years, not one. A sudden jump in profit just before the IPO deserves a second look.
2. Debt and cash flow. Put profit beside operating cash flow. Rising profit with weak cash flow, year after year, is a warning sign. Note the debt level and whether the proceeds will reduce it.
3. Valuation against peers. Take the upper band, multiply by post-issue shares for market capitalisation, and work out the P/E ratio, or EV/EBITDA for capital-heavy businesses. Compare with listed companies in the same sector. A premium needs a real reason, such as faster growth or stronger returns. “The sector is hot” is not one.
4. Promoters and governance. Read the promoters’ backgrounds, any litigation, related-party dealings and the lock-in period. If promoters can sell soon after listing, factor that in.
5. Use of proceeds. Money that funds capacity, technology or working capital goes into the business. Money that repays loans or leaves with selling shareholders does not help it grow.
6. Fresh issue versus offer for sale. A fresh issue adds capital to the company. An offer for sale pays existing shareholders. Both are normal, but an issue that is mostly OFS should make you ask why insiders want out now.
For current issues to test this against, see the mainboard IPOs in India page on Malik Times.
Understanding IPO subscription and grey market premium
Subscription shows how many times the shares on offer were bid for, split among institutions, non-institutional investors and retail. The split matters. Strong institutional demand is the more credible signal, while a huge multiple driven by wealthy bidders using borrowed money for a few days says less.
The grey market premium is the unofficial amount over the issue price at which shares trade before listing. Add it to the issue price and you get an estimated listing price. The market behind it is unregulated and small, and two websites can quote different figures in the same hour.
Neither number guarantees a listing gain, and neither says anything about how the business performs over the following years. Plenty of heavily subscribed issues with strong premiums have slipped below the issue price within months.
Common IPO investment mistakes
- Applying because of hype. A crowded window shows popularity, not soundness.
- Skipping the offer document and the valuation. A good company at a rich price can lose money for years.
- Assuming a listing gain is guaranteed. Some issues list flat, and some list lower.
- Leaving the purpose undecided. A listing-day trade and a long-term holding need different research.
- Oversizing the bet. Set your limit before the issue opens, not after you see the subscription numbers.
Where to follow IPO news and updates
Use more than one source. The exchanges, SEBI and the offer documents are the primary record, and news sites help with context and timing. Malik Times IPO News and Malik Times IPO Updates are among the places readers can follow dates, price bands and developments, and comparing them with other sources is a sensible habit. Verify anything you plan to act on against official documents.
You can also check the schedule directly at https://maliktimes.in/upcoming-ipo/.
Conclusion: research before investing
The calendar tells you what is coming. Your research tells you whether to take part. Before applying, you should be able to say in plain words what the company does, where the money goes, how its numbers have moved, whether the price is fair against peers and what could realistically go wrong. If any answer is vague, skip the issue. Another one will arrive within weeks.
Disclaimer: This article is for educational purposes only and is not investment advice. IPOs carry market risk, and you can lose part or all of your investment. Grey market activity is unofficial and unregulated. Read the offer document carefully and consult a SEBI-registered advisor before investing.
