IPO today: open, upcoming and recently listed IPOs

An initial public offering is the first time a company sells its shares to the public. After the IPO, the shares trade on NSE and BSE like any other stock.

The company sets a range, say ₹660–693. Investors bid within it; the final price is usually the top of the band. Retail investors can tick 'cut-off' to accept whatever final price is set.

You apply in fixed bundles called lots. If the lot is 21 shares and the top price is ₹693, the minimum application is 21 × ₹693 = ₹14,553.

In a fresh issue the company creates new shares and keeps the money. In an OFS, existing owners sell their shares and the money goes to them, not the company.

Big institutions that buy a part of the issue one working day before it opens. Half their shares are locked for 30 days and the rest for 90 days, so their lock-in end dates can bring selling.

The issue is split by investor type: QIBs (mutual funds, insurers, foreign funds), NIIs or HNIs (individuals applying above ₹2 lakh) and retail (up to ₹2 lakh). Each quota has its own subscription number.

Investors applied for 10 shares for every share on offer. When retail is oversubscribed, lots are allotted by a computerised lottery, so many applicants get nothing.

An unofficial price quoted by dealers before listing. It is unregulated, not recognised by SEBI or the exchanges, and often wrong. Treat it as gossip, not data.

When you apply, the money is only blocked in your bank account, not taken. If you get no shares, the block is released; if you do, only the allotted amount is debited.

The Red Herring Prospectus is the official offer document. Look at the use of proceeds, how much is OFS, debt levels, profit history, pending legal cases and how the price compares with listed peers.

SME IPOs are small companies on the NSE Emerge or BSE SME platforms, with bigger minimum lots and thinner trading. They carry higher risk than mainboard IPOs.