Future wealth starts here.
An Initial Public Offering is the moment a private company sells its first shares to the public — trading founder control for founder capital, and a quiet balance sheet for a quoted one. Scroll to watch it happen.
Six steps from private to public.
Each company takes the same staircase — only the timing and the noise around it differ. Watch each step.
Private company
Owned by founders, family, and early backers. Value is whatever the last private round agreed on.
Needs growth capital
New factories, new markets, or debt that needs clearing — beyond what founders and VCs can keep funding.
Bankers step in
Merchant bankers value the company, write the DRHP, and build the book of institutional demand.
IPO launches
The issue opens. Retail, HNI, and institutional investors bid within a price band over 3–5 days.
Shares are allotted
Demand is tallied, the cut-off price is fixed, and shares are allotted — often on a lottery basis.
Company gets listed
Shares begin trading on NSE/BSE. The company now answers to shareholders and a live stock price.
Watch the skyline explain it.
Every IPO has the same cast.
Merchant Banker (BRLM)
Lead manager who prices the issue, drafts the DRHP, and runs the roadshow with institutional investors.
SEBI
The regulator that vets disclosures, approves the prospectus, and protects retail investors from misleading claims.
Registrar
Processes applications, runs the allotment lottery when oversubscribed, and handles refunds.
Anchor Investors
Large institutions allotted shares a day before the issue opens, signalling confidence to the broader market.
Underwriters
Commit to buying unsold shares, guaranteeing the company gets its target capital regardless of demand.
Retail Investors
You — bidding within the price band through UPI/ASBA, hoping the lottery and the listing both go your way.
The allotment lottery, simulated.
Oversubscription decides who actually gets shares. Move the sliders and see your odds change in real time — exactly how the registrar's draw behaves.
This is an illustrative model for learning, not financial advice or a guarantee of real allotment odds.
What an IPO doesn't promise you.
Listing gains aren't guaranteed
Grey market premium is sentiment, not a contract. Plenty of "hot" IPOs have listed below issue price.
Allotment is a lottery, not a queue
Applying early doesn't help. In an oversubscribed issue, the registrar draws lots — full stop.
Read the DRHP, not just the hype
The draft prospectus discloses use of funds, litigation, and risk factors — the parts roadshows skip.
Lock-ins create later supply
Anchor and promoter shares unlock on schedule — often pressuring price months after listing.
IPO terms, decoded.
The document filed with SEBI containing the company's financials, risks, and business model before the issue opens. 'Red herring' because the price isn't final yet.
The range within which investors bid — e.g. ₹340–₹360. The final cut-off price is set after the book-building process closes.
The minimum number of shares you must apply for as one unit — set by the company so a minimum bid stays within a target rupee range.
An unofficial, unregulated price at which IPO shares trade before listing — a sentiment gauge, not a guarantee of listing-day gains.
Application Supported by Blocked Amount — your bid amount is blocked, not debited, in your bank account until allotment is finalised.
Ready to invest?
Submit your IPO application form online and start your investment journey today.