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How Indian IPOs actually work

Six guides covering the primary market end to end — the mechanism, not the hype. Written the same way the rest of this site is: explain how it works, name the numbers, and never tell anyone what to buy.

7 min5 sections

What actually happens in an Indian IPO

From the first SEBI filing to the opening bell — who decides the price, who gets shares first, and where a retail applicant sits in that queue.

Start here if you have never applied to an IPO.

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6 min4 sections

How to apply, step by step

What you need before you can bid, how ASBA blocking actually works, the cut-off trick, and the four mistakes that get applications rejected.

For a first application, or a first one that does not get rejected.

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5 min3 sections

Why you did not get an allotment

Oversubscription, the SEBI lottery, how the odds are actually computed, and why applying for more lots does not help a retail bidder.

For anyone who has applied three times and been allotted nothing.

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5 min3 sections

What grey market premium is, and what it is not

An unofficial, unregulated quote with no clearing house — why we publish it anyway, cap it at 8 points in the score, and check it against what actually happened.

For anyone who has seen "GMP ₹460" and wondered what that means.

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8 min2 sections

How to read a 600-page prospectus in twenty minutes

The six sections that carry almost all the information, in the order a sceptic should read them — and the parts that are safe to skim.

For when the numbers look fine and you want to know what you are missing.

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5 min2 sections

SME IPOs are a different game

Bigger lots, thinner volumes, lighter disclosure and a two-lot minimum that pushes most applicants out of the retail category entirely.

Before your first SME application.

Read

Going deeper

Want the whole picture, not just IPOs

These guides cover the primary market. If you want structured courses on reading financial statements, valuation and the secondary market, Upstox UpLearn runs paid ones taught by practitioners.

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