The company behind Kissht & Ring opens its ₹925.92 Cr IPO on April 30. Here's everything you need to decide.

IPO Open: Apr 30, 2026 | IPO Close: May 5, 2026 | Listing: May 8, 2026 | Price Band: ₹162–₹171

IPO Quick Facts

Track OnEMI IPO GMP live on IPOji — updated every hour. Check GMP on IPOji →

IPO Timeline

Lot Size & Investment Amount

All amounts calculated at the upper price band of ₹171 per share.

GMP (Grey Market Premium)

GMP for the OnEMI Technology IPO is updated live on IPOji every hour. The expected listing price is calculated as: Upper Band (₹171) + GMP.

GMP is an unofficial market indicator sourced from grey market dealers. It does not guarantee actual listing gains. Always check the latest GMP on IPOji before making your decision.

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Subscription Status

Subscription data for QIB, NII/HNI, and Retail categories is updated in real time on IPOji.com. Bookmark IPOji to track live subscription figures throughout the 3-day window (April 30 to May 5).

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About OnEMI Technology Solutions

OnEMI Technology Solutions was incorporated in 2016 and is headquartered in Mumbai. It is a technology-enabled lender that makes it easy for everyday Indians to access credit through their smartphones.

The company operates two popular platforms:

Kissht — a digital lending app offering personal loans, business loans (MSME), and loans against property (LAP) to salaried and self-employed individuals.

Ring — a payments app that allows shoppers to pay in EMIs at both online and offline stores across India.

The actual loan disbursals are handled by its NBFC subsidiary, Si Creva Capital Services Pvt. Ltd., which holds the RBI lending licence and manages KYC, disbursement, and EMI collections.

As of December 31, 2025, the company had 63.73 million registered users and 11.17 million active customers. Its AUM stood at ₹59,557.53 million — making it one of India's larger digital consumer lenders.

Financial Highlights (FY23 to December 2025)

Key takeaway: PAT in just 9 months of FY26 has already crossed the full-year FY25 figure. The business is accelerating.

Key Performance Indicators (KPIs)

Where Will the IPO Money Go?

In simple words: the fresh issue money goes directly into the lending arm. More capital means the NBFC can give more loans, which means higher revenue. This is a good sign for long-term investors.

Issue Reservation by Investor Category

Strengths & Risks — IPO ji's View

Why to consider subscribing:

• Profitable company with PAT growing every year
• 63.7 million registered users — large and loyal customer base
• Post-IPO P/E of only 10.84x — very affordable valuation
• Priced below book value (P/BV of 0.91x) — rare for a growing company
• Strong ROE of 23.5% — the business uses money efficiently
• Fresh issue proceeds go directly into lending — growth built in
• Dual brand strategy (Kissht + Ring) creates multiple customer touchpoints

Key risks to watch:

• RBI regulations for digital lenders are evolving and unpredictable
• Mostly unsecured loans — higher risk of defaults in a downturn
• Borrowings have risen sharply from ₹388 Cr (FY23) to ₹2,048 Cr (Dec 2025)
• Promoter stake drops significantly from 32.3% to 23.3% post-IPO
• Total income in FY24 was lower than FY23 — growth has been non-linear
• Stiff competition from Paytm, PhonePe, BharatPe in the payments space

Allotment Date & How to Check Status

Allotment will be finalised on May 6, 2026. Shares will be credited to your demat account on May 7, 2026.

To check your allotment status, visit IPOji.com on May 6 and enter your PAN number or application number. It's completely free and no login is required.

Check Allotment Status on IPO ji →

How to Apply for OnEMI Technology IPO

Step 1 — Open your broker or bank app Use IPO Ji, Zerodha, Groww, Angel One, Upstox, or your bank's net banking portal. Go to the IPO section.

Step 2 — Search for "OnEMI Technology IPO" in IPO Ji app/ website It will appear from April 30, 2026. Select the number of lots you want. Minimum is 1 lot (87 shares = ₹14,877).

Step 3 — Enter your UPI ID and bid at the cut-off price Always bid at the cut-off price (₹171) to get the best chance of allotment. The amount is only blocked in your account, not debited.

Step 4 — Approve the UPI mandate Open your UPI app (GPay, PhonePe, BHIM, or Paytm) and approve the mandate request within the time limit.

Step 5 — Check allotment on May 6 on IPOji Visit IPOji.com, enter your PAN or application number, and find out if you got allotment. Fast, free, no login needed.

Registrar & Contact Details

Frequently Asked Questions

What is the OnEMI Technology IPO allotment date? Allotment is expected on Wednesday, May 6, 2026. Check your status for free on IPOji.com using your PAN or application number.

When will OnEMI Technology IPO list on NSE and BSE? The tentative listing date is Friday, May 8, 2026 on both BSE and NSE.

What is the minimum investment for retail investors? The minimum is 1 lot = 87 shares = ₹14,877 at the upper price band of ₹171 per share.

What is the GMP of OnEMI Technology IPO today? GMP is updated live on IPOji.com every hour. Visit the OnEMI IPO page on IPOji for the latest grey market premium and expected listing price.

Is the OnEMI Technology IPO good for long-term investment? The financials are strong — profitable, low P/E, and growing AUM. However, regulatory risks around digital lending and rising borrowings mean long-term investors should monitor RBI policy updates and quarterly results post-listing.

Who are the promoters of OnEMI Technology Solutions? The company is promoted by Ranvir Singh and Krishnan Vishwanathan. Their combined holding will fall from 32.30% to 23.33% after the IPO.

What does OnEMI do? Is it the same as Kissht? Yes. OnEMI Technology Solutions is the parent company that runs Kissht (digital lending) and Ring (payments app). Loans are disbursed through its NBFC subsidiary Si Creva Capital Services.

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Disclaimer: This blog is published on IPOji.com for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. GMP data is unofficial and sourced from market rumours — it does not guarantee listing price. Please read the Red Herring Prospectus (RHP) carefully before investing. IPOji is not SEBI registered. Consult your financial advisor before making any investment decision.

Source: OnEMI Technology Solutions RHP · SEBI Filings · NSE/BSE 

Wipro has announced one of the most talked-about share buybacks of 2026, and it’s already catching the attention of retail investors across India. The IT services giant has approved a ₹15,000 crore buyback, offering a strong premium over the current market price (CMP), making it a key opportunity for investors tracking Wipro share buyback 2026, buyback price, and record date updates.

If you're planning to participate or simply want to understand what this means, here’s a complete, easy-to-read breakdown.

Highlights of Wipro Buyback 2026

Wipro’s board approved the buyback on April 16, 2026, proposing to repurchase shares worth up to ₹15,000 crore through the tender offer route. The company has set the buyback price at ₹250 per share, which represents an attractive premium of nearly 19% over the CMP of ₹210.26 as of the same day.

The buyback will cover up to 60 crore equity shares, accounting for approximately 5.7% of Wipro’s total paid-up equity share capital. Importantly, the company has also indicated that promoters will participate in the buyback, which often reflects confidence in the company’s long-term outlook.

However, one key detail investors are eagerly waiting for is the record date, which has not yet been announced. This date will determine which shareholders are eligible to participate in the buyback.

Wipro Buyback 2026 Details - Record Date, Price, Ratio, & Review

Wipro Buyback 2026 - Review, Record Date, Entitlement Ratio, Buyback News, Acceptance Ratio of Wipro Buyback 2026.

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Why Wipro Buyback Matters for Investors

A share buyback is generally seen as a positive signal in the market. It indicates that the company believes its shares are undervalued and wants to return surplus cash to shareholders. In the case of Wipro, the buyback becomes even more interesting because of the premium offered.

For retail investors, the biggest advantage lies in the price difference between CMP and buyback price. If you are eligible and your shares are accepted in the tender offer, you could potentially earn a decent return in a relatively short period.

Additionally, buybacks reduce the number of outstanding shares, which improves key metrics like earnings per share (EPS). This can support the stock price over time. Another important aspect is that retail investors often receive better acceptance ratios, making participation more favorable compared to larger investors.

That said, investors must also consider that not all shares tendered are accepted. The final gain depends on the acceptance ratio, which will be disclosed later.

Wipro Q4 FY26 Results Breakdown

Alongside the buyback announcement, Wipro also reported its Q4 FY26 financial results, which presented a mixed picture.

The company posted a net profit of ₹3,502 crore, reflecting a slight decline of 1.85% compared to ₹3,569 crore in the same quarter last year. This dip suggests some pressure on profitability.

However, on the revenue front, Wipro showed stronger performance. The company reported total revenue of ₹24,236.3 crore, marking a solid 9.77% year-on-year growth. The IT services segment, which is Wipro’s core business, contributed significantly with revenue of ₹24,016 crore, growing 7% YoY.

In dollar terms, IT services revenue stood at $2,651 million, showing modest growth both quarter-on-quarter and year-on-year. However, operating margins slightly declined to 17.3%, indicating cost pressures or pricing challenges.

Looking ahead, Wipro has provided cautious guidance for Q1 FY27, expecting revenue in the range of $2,597 million to $2,651 million, translating to a growth outlook of -2% to 0% in constant currency terms.

Wipro’s leadership is clearly focusing on future-ready strategies. CEO Srini Pallia emphasized that AI is reshaping client priorities, and Wipro is actively aligning itself with this transformation.

The company is shifting toward a services-as-software model, supported by its AI Native Business & Platforms unit. This move is aimed at delivering scalable and value-driven solutions to clients.

Additionally, Wipro’s strategic deal with the Olam Group highlights its intent to expand partnerships and capture large-scale opportunities. For investors, this signals that while short-term growth may appear muted, the company is investing heavily in long-term innovation and competitiveness.

What Happens Next? (Wipro Buyback Timeline)

The next few steps in the Wipro buyback 2026 process are crucial for investors.

First, the company will announce the record date, which determines eligibility. Only those shareholders who hold shares before this date will be able to participate in the buyback.

Following this, Wipro will release the Letter of Offer, which will include important details such as the entitlement ratio and the process for tendering shares. Once the tender window opens, eligible investors can submit their shares for buyback.

After the tender period closes, the company will finalize the acceptance ratio and process payments for accepted shares. Any unaccepted shares will be returned to investors.

For retail investors, this phase is especially important because acceptance ratios often determine the actual profitability of participating in a buyback.

Should You Participate in Wipro Buyback?

From an investor’s perspective, the Wipro buyback offers a compelling short-term opportunity, especially due to the attractive premium. If you already hold Wipro shares, participating in the buyback could help you unlock value.

However, new investors should approach cautiously. While the premium is appealing, the actual returns depend heavily on acceptance ratios and market movements leading up to the record date.

It’s also important to consider Wipro’s financial performance. While revenue growth remains strong, the slight decline in profit and cautious future guidance indicate some near-term challenges.

Overall, the decision should be based on your investment strategy—whether you are looking for short-term gains through buyback arbitrage or long-term value creation.

FAQs: Wipro Share Buyback 2026

What is the Wipro buyback price?

The buyback price is ₹250 per share, offering around a 19% premium over the current market price.

What is the record date for Wipro buyback?

The record date has not been announced yet and will be declared soon.

What type of buyback is this?

This is a tender offer buyback, allowing eligible shareholders to participate proportionately.

How many shares are included in the buyback?

Wipro plans to buy back up to 60 crore shares, representing about 5.7% of its equity.

Is this good for retail investors?

Yes, retail investors typically benefit from better acceptance ratios, making it an attractive opportunity.

Stay Ahead with IPO Ji

If you want the latest updates on Wipro share buyback, record date, acceptance ratio, and allotment status, IPO Ji has you covered.

Stay informed with real-time alerts, expert insights, and easy-to-understand guides that help you make smarter investment decisions.

Disclaimer

This content is for informational purposes only and should not be considered financial advice. Please consult your financial advisor before making investment decisions.

The Om Power Transmission IPO is open for public subscription today, 13 April 2026 (Day 3 of bidding). This page tracks the Om Power Transmission IPO Day 3 Live Subscription Status with category-wise data (QIB, NII, Retail, Employee and Shareholder) along with the latest Om Power Transmission IPO GMP, key issue details, and important dates like allotment and listing.

Om Power Transmission IPO Day 3 Subscription Status (Live)

Om Power Transmission IPO subscription status on Day 3 is 3.32x overall, with QIB (Ex Anchor) at 3.65x, Retail (RII) at 1.54x, and NII/HNI at 7.06x as of April 13, 2026, 05:06 PM.

Om Power Transmission IPO Day 3: Live Subscription Status, GMP, Key Highlights & Issue Details

The IPO will open for subscription on April 9, 2026, and close on April 13, 2026. The allotment is expected to be finalised on April 15, 2026, with a tentative listing date of April 17, 2026 on both NSE and BSE.

The price band for the issue is set between ₹166 and ₹175 per share. Investors can apply in lots of 85 shares, requiring a minimum investment of ₹14,875 at the upper price band. For sNII investors, the minimum investment is ₹2,08,250 for 14 lots, while bNII investors need ₹10,11,500 for 68 lots.

Om Power Transmission IPO : Issue Details

Want full financials, valuation & expert review? Read the in-depth Om Power Transmission IPO analysis

Utilization of Proceeds

• Capital Expenditure
  Funding capital expenditure requirements towards the purchase of machinery and equipment – ₹11.21 crore
• Debt Repayment
  Pre-payment or repayment of certain outstanding borrowings, either partially or in full – ₹25.00 crore
• Working Capital Requirements
  Funding the company’s long-term working capital needs – ₹55.00 crore
• General Corporate Purposes
  Supporting overall business operations and strategic initiatives

Om Power Transmission IPO Day 3 GMP (Grey Market Premium) Updates

As per market rumors, the Om Power Transmission IPO GMP today is ₹2 - 3 (Grey Market Premium).

Om Power Transmission IPO Business Overview

Om Power Transmission Limited, incorporated in 2011, is an EPC (Engineering, Procurement and Construction) company specializing in power transmission infrastructure. The company executes turnkey projects including high voltage (HV) and extra-high voltage (EHV) transmission lines, substations, and underground cabling, covering engineering, supply, installation, testing, commissioning, and O&M services. It is ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certified. As of December 31, 2025, the company has an order book of 58 projects worth ₹74,460.27 lakhs, operates 124 substations, and employs 1,164 people.

The Om Power Transmission IPO is open for public subscription today, 10 April 2026 (Day 2 of bidding). This page tracks the Om Power Transmission IPO Day 2 subscription status (live)  with category-wise data (QIB, NII, Retail, Employee and Shareholder) along with the latest Om Power Transmission IPO GMP, key issue details, and important dates like allotment and listing.

Om Power Transmission IPO Day 2 Subscription Status (Live)

Om Power Transmission IPO subscription status on Day 2 is 0.71x overall, with QIB (Ex Anchor) at 1.18x, Retail (RII) at 0.58x, and NII/HNI at 0.38x as of April 10, 2026, 05:03 PM.

Om Power Transmission IPO Day 2: Live Subscription Status, GMP, Key Highlights & Issue Details

Om Power Transmission IPO : Issue Details

Want full financials, valuation & expert review? Check the Complete Om Power Transmission IPO analysis

Utilization of Proceeds

• Capital Expenditure
  Funding capital expenditure requirements towards the purchase of machinery and equipment – ₹11.21 crore
• Debt Repayment
  Pre-payment or repayment of certain outstanding borrowings, either partially or in full – ₹25.00 crore
• Working Capital Requirements
  Funding the company’s long-term working capital needs – ₹55.00 crore
• General Corporate Purposes
  Supporting overall business operations and strategic initiatives

Om Power Transmission IPO GMP (Grey Market Premium) – Day 2

As per Market Rumors, the Om Power Transmission IPO GMP is reported at ₹3 over the IPO price.

Om Power Transmission IPO Business Overview

Om Power Transmission Limited, incorporated in 2011, is an EPC (Engineering, Procurement and Construction) company specializing in power transmission infrastructure. The company executes turnkey projects including high voltage (HV) and extra-high voltage (EHV) transmission lines, substations, and underground cabling, covering engineering, supply, installation, testing, commissioning, and O&M services. It is ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certified. As of December 31, 2025, the company has an order book of 58 projects worth ₹74,460.27 lakhs, operates 124 substations, and employs 1,164 people.

The Om Power Transmission IPO is open for public subscription today, 09 April 2026 (Day 1 of bidding). This page tracks the Om Power Transmission IPO Day 1 subscription status (live)  with category-wise data (QIB, NII, Retail, Employee and Shareholder) along with the latest Om Power Transmission IPO GMP, key issue details, and important dates like allotment and listing.

Om Power Transmission IPO Day 1 Subscription Status (Live)

Om Power Transmission IPO subscription status on Day 1 is 0.39x overall, with QIB (Ex Anchor) at 0.78x, Retail (RII) at 0.29x, and NII/HNI at 0.11x as of April 09, 2026, 05:03 PM.

Om Power Transmission IPO Day 1: Live Subscription Status, GMP, Key Highlights & Issue Details

Om Power Transmission IPO : Issue Details

Want full financials, valuation & expert review? Check the Complete Om Power Transmission IPO analysis

Utilization of Proceeds

• Capital Expenditure
  Funding capital expenditure requirements towards the purchase of machinery and equipment – ₹11.21 crore
• Debt Repayment
  Pre-payment or repayment of certain outstanding borrowings, either partially or in full – ₹25.00 crore
• Working Capital Requirements
  Funding the company’s long-term working capital needs – ₹55.00 crore
• General Corporate Purposes
  Supporting overall business operations and strategic initiatives

Om Power Transmission IPO GMP (Grey Market Premium) – Day 1

As per Market Rumors, the Om Power Transmission IPO GMP is reported at ₹3 over the IPO price.

Om Power Transmission IPO Business Overview

Om Power Transmission Limited, incorporated in 2011, is an EPC (Engineering, Procurement and Construction) company specializing in power transmission infrastructure. The company executes turnkey projects including high voltage (HV) and extra-high voltage (EHV) transmission lines, substations, and underground cabling, covering engineering, supply, installation, testing, commissioning, and O&M services. It is ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certified. As of December 31, 2025, the company has an order book of 58 projects worth ₹74,460.27 lakhs, operates 124 substations, and employs 1,164 people.

India’s primary market is entering a phase of cautious recalibration as the Securities and Exchange Board of India (SEBI) steps in with a timely and strategic intervention. In a recent circular issued on April 7, 2026, SEBI extended the validity of IPO observation letters, offering much-needed flexibility to companies planning to go public. This move comes against the backdrop of rising geopolitical tensions, particularly the ongoing West Asia conflict and the US-Iran war, which have significantly impacted investor sentiment, capital flows, and overall market stability. For a market that thrives on timing, confidence, and liquidity, this decision marks an important shift toward adaptive regulation.

The extension applies to observation letters expiring between April 1, 2026 and September 30, 2026, which will now remain valid until September 30, 2026. An observation letter is a crucial regulatory milestone in the IPO process, indicating that SEBI has reviewed the Draft Red Herring Prospectus (DRHP), suggested necessary compliance changes, and cleared the company to launch its public issue. Under the normal route observation letter is valid for 12 months and, if filed through confidential route validity is upto 18 months. However, given the current volatile market conditions, subdued investor participation, and challenges in mobilizing resources, SEBI has provided a one-time relaxation, subject to an undertaking from the lead manager confirming compliance with updated regulatory requirements at the time of filing revised offer documents.

This development is deeply rooted in the broader macroeconomic and geopolitical environment. The ongoing conflict in West Asia, coupled with global uncertainty triggered by the US-Iran war, has led to increased volatility in equity markets and a slowdown in capital inflows. As a result, several companies have either deferred or recalibrated their IPO plans to avoid unfavorable valuations and weak listing performance. Reports suggest that nearly ₹18,000 crore worth of planned IPO fundraising has been impacted by these disruptions, highlighting the scale of uncertainty in the primary market. In such a scenario, forcing companies to adhere to rigid deadlines could have led to value erosion for both issuers and investors, making SEBI’s intervention both timely and necessary.

The extension provides significant relief to around 13 mainboard IPO candidates that were nearing their deadline to launch public issues. Notable among them are Hero Fincorp Ltd, Continuum Green Energy Ltd, and Veritas Finance Ltd, all of which are planning large-scale IPOs backed by prominent investors. With additional time at their disposal, these companies can now reassess market conditions, optimize their valuation strategies, and choose a more favorable window for listing. This not only enhances their chances of a successful IPO but also protects investor interest by reducing the risk of underperformance post-listing.

Beyond IPO-bound companies, SEBI has also addressed challenges faced by already listed firms by granting a one-time relaxation from penalties related to Minimum Public Shareholding (MPS) norms. Companies whose compliance deadlines fall within the same April to September 2026 window will not face penalties, allowing them to avoid forced equity dilution during a period of market instability. This dual relief—targeting both upcoming IPOs and listed companies—demonstrates SEBI’s broader intent to maintain equilibrium in the capital markets while acknowledging external economic pressures.

From an investor’s perspective, this move signals a more stable and thoughtful IPO ecosystem. While some IPO launches may be delayed in the short term, the quality of listings is expected to improve as companies gain time to strengthen their financial positioning and align their pricing with realistic market expectations. Instead of rushed public issues driven by regulatory deadlines, the market is likely to witness more strategically timed IPOs with better fundamentals and stronger investor participation. This shift can ultimately enhance long-term wealth creation and reduce the risks associated with volatile market entries.

For those actively tracking the IPO market, this is also an opportunity to adopt a more research-driven approach. With companies taking additional time before launching their issues, investors can analyze business models, financial performance, sector trends, and valuation benchmarks more thoroughly. The focus shifts from short-term listing gains to long-term investment potential, aligning with a more mature and disciplined investment strategy.

SEBI’s decision reflects a proactive regulatory philosophy that prioritizes market stability over procedural rigidity. By recognizing the impact of geopolitical tensions and global financial disruptions, the regulator has reinforced its commitment to protecting both issuers and investors. In doing so, it has ensured that India’s IPO market remains resilient, credible, and aligned with global best practices even in times of uncertainty.

As the situation evolves, the extended timeline is expected to play a crucial role in shaping the next phase of India’s IPO landscape. Once market conditions stabilize and investor confidence returns, a stronger pipeline of IPOs is likely to emerge, backed by better pricing strategies and improved participation. For now, this move stands as a reminder that in capital markets, timing is not just important—it is everything.

Stay updated with IPO Ji for in-depth IPO analysis, upcoming IPO tracking, and expert insights.

India’s IPO landscape has evolved rapidly over the past decade, but global developments continue to reshape investor sentiment and expectations. One such development that is currently dominating headlines is the potential public listing of SpaceX—a move that could redefine the scale of IPOs globally and set new benchmarks for valuation, ambition, and technological leadership.

At IPO Ji, we believe that understanding global IPO movements is critical for Indian investors, not just from a curiosity standpoint but also from a strategic allocation perspective. The possible SpaceX IPO is one such moment.

The SpaceX IPO: A Potential Game-Changer

Elon Musk’s SpaceX has reportedly filed confidential papers with the U.S. Securities and Exchange Commission (SEC) for an initial public offering. While confidential filings are common in the U.S., what stands out is the sheer scale being discussed.

The company is expected to raise as much as $75 billion, which would make it the largest IPO in history, comfortably surpassing previous global giants.

To put that into perspective:

• Saudi Aramco raised $29 billion in 2019 (currently the largest IPO globally)
• Alibaba raised $22 billion in 2014
• Visa raised $18 billion in 2008

If SpaceX achieves its targeted fundraising, it would be nearly 3x the largest U.S. IPO ever, signaling unprecedented investor confidence in future technologies like space exploration, satellite internet, and artificial intelligence.

Business Model: Why Investors Are Watching Closely

SpaceX is not just another aerospace company—it sits at the intersection of multiple high-growth sectors:

• Reusable Rocket Technology – drastically reducing launch costs
• Starlink Satellite Network – providing global internet coverage
• Integration with Musk’s ecosystem, including AI (via xAI) and digital platforms like X

Additionally, the company has already demonstrated strong revenue visibility. Since 2008, SpaceX has secured over $24 billion in U.S. government contracts, working with agencies like:

• NASA
• U.S. Air Force
• U.S. Space Force

This blend of government-backed revenue + futuristic private innovation makes the IPO particularly compelling.

Timeline: When Could SpaceX List?

Reports suggest a potential June listing, although timelines in such large IPOs often shift depending on market conditions, regulatory approvals, and valuation negotiations.

If executed within this window, it could coincide with a period of strong global equity market momentum—further boosting demand.

The Bigger Narrative: Could Elon Musk Become the First Trillionaire?

A successful IPO at the projected valuation could significantly increase Elon Musk’s net worth. Given his stakes across ventures like SpaceX, Tesla, and others, analysts speculate that this listing could push him toward becoming the world’s first trillionaire.

While speculative, this highlights the scale at which wealth creation is occurring in technology-driven IPOs.

India’s IPO Landscape: A Strong Parallel Story

While SpaceX dominates global attention, India’s IPO market has also seen remarkable growth, with several large-scale listings across sectors like finance, manufacturing, and consumer tech.

Here’s a look at the Top 10 IPOs in India by issue size:

Key Observations from India’s Largest IPOs

What stands out in India’s IPO ecosystem is the diversity of sectors:

• Automobile & Manufacturing: Hyundai Motor India
• Financial Services & Insurance: LIC, HDB Financial, ICICI Prudential AMC
• Digital & Tech Platforms: Paytm, Swiggy
• PSUs (Public Sector Units): Coal India, GIC

Unlike SpaceX, which represents deep-tech innovation, India’s IPOs are more consumption and financialization-driven, reflecting the country’s economic structure.

Hyundai Motor India: The Largest Indian IPO

The largest IPO in India to date, Hyundai Motor India (₹27,858.75 crore), was entirely an Offer for Sale (OFS) by its parent company.

This highlights a key difference between Indian and global IPOs:

• Indian IPOs often involve partial stake dilution by promoters
• Global mega IPOs like SpaceX are typically aimed at raising fresh capital for expansion

What This Means for Indian Investors

From an investor’s standpoint, the SpaceX IPO serves as:

1. A benchmark for valuation appetite globally
2. A signal of increasing interest in deep-tech and AI-driven companies
3. An indicator of capital flow trends toward innovation-led businesses

For Indian markets, this could gradually shift investor focus toward:

• Aerospace & defense startups
• AI-driven platforms
• High R&D-led companies

The potential listing of SpaceX is more than just another IPO—it represents a shift in how markets value future technologies over present profitability.

At the same time, India’s IPO market continues to mature, delivering large, diverse, and increasingly sophisticated offerings to investors.

For serious investors, the real opportunity lies in understanding both worlds—global innovation-led IPOs like SpaceX and India’s strong domestic growth stories.

Because the future of investing will not be local or global—it will be a blend of both.

When a company like Aurobindo Pharma Limited announces a buyback, it immediately creates a buzz. A ₹800 crore buyback at ₹1,475 per share, when the stock is trading around ₹1,340–₹1,350, sounds like a straightforward opportunity. On paper, it feels like a clean 10% upside sitting right in front of you.

But if markets were that easy, everyone would be making money all the time.

The reality of buybacks is more layered. And if you’re approaching this with the mindset of “buy now, sell at ₹1,475, book profit,” you’re only seeing half the picture.

The detailed timeline for the tendering process will be announced by the company after the record date.

Let’s slow this down and understand it the way a serious investor would.

The company’s board approved this buyback on April 6, 2026, and the announcement has been officially filed with exchanges like the NSE and BSE. The structure is a tender offer, which means the company is inviting shareholders to sell their shares back at a fixed price. The record date is April 17, 2026, and only those who hold shares on that date will be eligible to participate.

So far, everything sounds simple.

You buy before the record date, hold the shares, and then tender them in the buyback. The company buys them at ₹1,475. Profit booked.

Except that’s not how it actually plays out.

The first thing you need to understand—and this is where most people make mistakes—is that the company will not buy all your shares. It will only buy a portion of them. This portion is determined by something called the acceptance ratio, which depends on how many total shares are tendered by all investors.

In this case, the company is buying back only about 0.93% of its total equity. That’s a relatively small percentage. Which means a large number of shareholders will be competing for a limited buyback pool. Naturally, not everyone’s shares can be accepted in full.

So if you buy, say, 100 shares, it’s very unlikely that all 100 will be accepted. Maybe 30 get accepted, maybe 50, maybe even less depending on participation levels. The rest of the shares stay in your Demat account.

And that changes everything.

Because now your return is not based on 100 shares being sold at ₹1,475. It is based only on the shares that actually get accepted. The remaining shares are exposed to the market, just like any normal stock holding.

This is where the second layer of complexity comes in.

What happens to the stock price after the record date?

If you look at past buybacks, there is often a pattern. Before the record date, the stock tends to move up as investors accumulate shares to become eligible. After the record date, once eligibility is locked in, short-term participants start exiting. This can lead to a price correction.

It doesn’t happen every time, but it is often observed.

So now imagine this situation. You bought the stock at ₹1,344. Only a portion of your shares gets accepted at ₹1,475. Meanwhile, the remaining shares are now trading lower in the market. Your final profit is not just about the premium—you also have to account for what happens to the leftover shares.

This is why buybacks are not “guaranteed return” opportunities. They are structured trades where outcome depends on multiple moving parts.

That said, there is a reason why retail investors still participate actively in buybacks.

The key lies in categorization.

If your investment is within ₹2 lakh, you fall under the retail category. In most buybacks, a portion of shares is reserved specifically for retail investors, and historically, the acceptance ratio in this category tends to be better than in the general category.

It’s not a guarantee, but it improves your odds.

This is why experienced investors rarely go all-in with large capital. Instead, they structure their participation to stay within the retail limit, optimizing their chances of higher acceptance.

From the company’s perspective, this buyback sends a positive signal. Companies typically opt for buybacks when they have surplus cash and limited immediate need for reinvestment. It reflects confidence in their financial position and a willingness to return capital to shareholders.

In the case of Aurobindo Pharma, it indicates strong cash flows and disciplined capital allocation. The company is not just sitting on cash; it is actively choosing to deploy it in a way that benefits shareholders.

That’s fundamentally a healthy sign.

But as an investor, your focus should remain on execution rather than intention.

The opportunity here is real, but it is conditional. It depends on how you enter, how many shares get accepted, and how you handle the remaining position.

If you enter at inflated prices just before the record date, your margin of safety reduces. If you panic after the record date due to price movements, you may exit at the wrong time. And if you assume full acceptance, your expectations may not match reality.

On the other hand, if you approach this with a clear understanding—that only partial shares will be accepted, that the stock may move unpredictably, and that returns are probabilistic—you are far more likely to navigate this successfully.

There’s also a psychological aspect to buybacks that often gets overlooked.

Because the buyback price is fixed and higher than the current market price, it creates a sense of certainty. It feels like the outcome is already defined. But in reality, the uncertainty has just shifted—from price risk to allocation risk.

And unless you account for that shift, your decision-making can become biased.

So, should you participate?

The honest answer is that this is not a yes-or-no situation. It depends on how you think about risk and how actively you manage your investments.

If you are comfortable with short-term trades, understand the mechanics of acceptance ratios, and are willing to monitor the position through the buyback cycle, this can be a meaningful opportunity. Not extraordinary, but reasonable.

If you are looking for a straightforward, predictable return without much involvement, this may not fit your style.

In the end, the Aurobindo Pharma buyback is a good example of how markets reward clarity over excitement.

The ₹1,475 price is attractive, but it is not the full story. What matters more is how much of your investment actually benefits from that price, and what happens to the rest.

Once you start thinking in those terms, you stop treating buybacks as easy trades and start treating them as calculated decisions.

And that shift is what separates casual participation from informed investing.

India’s infrastructure story is entering a powerful phase, driven by electrification, renewable energy integration, and grid modernization. Within this ecosystem, transmission EPC companies are critical enablers. The Om Power Transmission Limited IPO, opening from April 9 to April 13, 2026, offers investors a chance to participate in this growth.

This is a deep-dive IPO analysis designed for serious investors, MBA students, and finance professionals—covering business model, financial quality, valuation benchmarking, risks, and a clear investment verdict.

IPO Overview: Complete Snapshot

Issue Structure:

• Fresh Issue: ₹132.56 crore
• Offer for Sale: ₹17.50 crore

This indicates the IPO is primarily growth-driven, with most funds going into the business rather than promoter exit.

Company Overview: Business Model Explained

Om Power Transmission Limited (OPT) is an EPC (Engineering, Procurement & Construction) company specializing in power transmission infrastructure.

What Exactly Does the Company Do?

It executes turnkey projects involving:

• High Voltage (HV) and Extra High Voltage (EHV) transmission lines
• Substations
• Underground cabling systems

Additionally, it offers:

• Operation & Maintenance (O&M) services
• End-to-end project lifecycle execution

Business Model Breakdown:

1. Order Acquisition
   • Primarily from government bodies and utilities
   • Competitive bidding process
2. Execution Phase
   • Engineering + procurement + installation
   • Time-bound delivery critical
3. Revenue Recognition
   • Based on project completion milestones
4. Post-Completion
   • O&M contracts provide recurring income

This hybrid model gives:

• Lumpy EPC revenues
• Stable O&M cash flows

Operational Strength: Order Book & Execution Capability

As of December 31, 2025:

• Order Book: ₹744.6 crore
• Projects: 58 (51 EPC + 7 O&M)
• Substations Maintained: 124

Why Order Book Matters

For EPC companies, order book = future revenue visibility.

At ~₹744 crore:

• It is ~2.6x FY25 revenue
• Indicates strong medium-term growth pipeline

Industry Analysis: Why This Sector Matters

India’s power transmission sector is undergoing structural transformation.

Key Growth Drivers:

1. Renewable Energy Push
   • Solar & wind require transmission upgrades
2. Government Investment
   • National infrastructure pipeline (NIP)
   • Green energy corridors
3. Rising Power Demand
   • Industrialization + urbanization
4. Grid Modernization
   • Smart grids and efficiency upgrades

Financial Analysis: Deep Dive

Revenue Growth

CAGR Insight:

• ~50%+ growth over 2 years
• Strong scaling trajectory

Profitability Analysis

Key Observations:

• PAT jumped ~3x in FY25 → operating leverage kicking in
• EBITDA growth aligned with revenue → stable margins
• Indicates efficient scaling

Margin Analysis

• EBITDA Margin: ~12–13%
• PAT Margin: ~8–9%

These are:

• Standard for EPC companies
• Reflect controlled cost structure

Balance Sheet Strength

Interpretation:

• Low leverage → positive
• Financial flexibility for expansion
• Reduced bankruptcy risk

IPO Valuation:

At ₹175 (upper band):

• EPS (Post IPO): ₹9.10
• P/E Ratio: 19.23x
• P/B Ratio: 5.93x

Use of Funds: Strategic Allocation

Strategic Insight:

• Working capital (largest share) → critical for EPC scaling
• Debt reduction → improves profitability
• Capex → supports execution capacity

Overall, fund usage is growth-oriented and sensible.

Competitive Strengths

1. Strong Execution Track Record

Timely delivery builds credibility in EPC contracts.

2. Diversified Services

Reduces dependency on a single revenue stream.

3. Robust Order Book

Ensures revenue visibility.

4. Improving Financial Metrics

Shows scalability and efficiency.

5. Sector Tailwinds

Aligned with India’s infrastructure growth.

Peer Benchmarking (Conceptual)

Compared to listed EPC players:

Om Power Transmission IPO - Peers Comparison

Om Power Transmission - Promoter(s)

• Kalpesh Dhanjibhai Patel
• Kanubhai Patel

Vasantkumar Narayanbhai Patel

Grey Market Premium (GMP) Insight

Check IPO Ji today for live GMP to gauge listing potential before applying.

Note: GMP is unofficial and volatile.

How to Apply via IPO Ji

You can apply easily through:

• IPO Ji Website
• IPO Ji Android App
• IPO Ji iOS App

Features include:

• Live subscription data
• GMP tracking
• Allotment status

The Om Power Transmission IPO reflects the broader India growth story—steady, infrastructure-led, and execution-dependent.

It is:

• A fundamentally sound company
• With strong growth visibility
• Offered at a fair valuation

However, returns will depend on:

• Execution efficiency
• Order inflows
• Working capital management

For investors building a diversified portfolio, this IPO can be a strategic addition with moderate return expectations.

Disclaimer: This article is for educational purposes only. Investors should refer to the RHP filed with SEBI and verify details on NSE/BSE before investing.

Before investors decide to purchase Initial Public Offering (IPO) shares they analyze company performance metrics named IPO KPIs (Key Performance Indicators). The chosen metrics present an essential understanding of a company's profitability as well as efficiency liquidity and operational performance measurement.

The analysis of these KPIs serves as necessary information for wise investment selection. The success of a company depends on multiple IPO KPIs must be analyzed together in order to establish a proper financial health assessment.

1. Revenue from Operations

Definition: 

Revenue from operations refers to the income a company generates from its core business activities, such as the sale of products or services. It excludes income from investments, interest, or one-time gains.

Importance:

• Measures the company's sales performance.
• Indicates business growth trends.
• Higher revenue growth suggests a strong market position.

Example:

Mukka Proteins Limited (Revenue from Operations)

Key Takeaways:

• Increase in growth% → Good sign.
• Consistent growth → Needs further analysis.
• Decline in growth → Not a good sign.

2. Profit After Tax (PAT)

Definition:

After subtracting all operational expenses from total revenue and deducting total tax liabilities the company remains with Profit After Tax. At the bottom of the income statement stands the final calculated amount of profit mentioned as net profit alongside its alias "PAT."

Importance:

• Indicates the company’s profitability.
• A continuous increase in PAT indicates improved financial health of a company.
• Additional inquiries should follow PAT's downward trend.

Example:

Mukka Proteins Limited (PAT)

Key Takeaways:

• Increasing PAT → Strong profitability.
• Consistent PAT → Stable financial health.
• Declining PAT → Needs attention.

3. Profit After Tax Margin (PAT Margin)

Definition:

PAT Margin measures how much of a company's revenue is converted into profit after tax. It is calculated as:

PAT Margin (%) = (PAT / Revenue from Operations) × 100

Importance:

• Reflects cost efficiency and profitability.
• A higher PAT margin means better financial management.

Example:

Mukka Proteins Limited (PAT Margin)

Key Takeaways:

• Higher PAT Margin → Excellent profitability.
• Lower PAT Margin → Needs analysis.
• Negative PAT Margin → Poor financial health.

4. Return on Capital Employed (RoCE)

Definition:

RoCE measures how efficiently a company uses its capital to generate profits. It is calculated as:

RoCE (%) = (EBIT / Capital Employed) × 100

Importance:

• Higher RoCE means efficient capital utilization.
• Investors prefer companies with RoCE above 15-20%.

Example:

Mukka Proteins Limited (RoCE)

Key Takeaways:

• Increasing RoCE → Efficient capital usage.
• Consistent RoCE → Stable performance.
• Decreasing RoCE → Needs evaluation.

5. Return on Equity (RoE)

Definition:

RoE evaluates a company's ability to generate profit from shareholders' equity. It is calculated as:

RoE (%) = (Net Profit / Shareholders' Equity) × 100

Example:

Mukka Proteins Limited (RoE)

6. Debt-Equity Ratio

Definition:

This ratio measures a company's financial leverage and compares its total debt to shareholders' equity.

Debt-Equity Ratio = (Total Debt / Shareholders’ Equity)

Importance:

• A lower ratio indicates a financially stable company.
• A higher ratio suggests higher financial risk.

7. Earnings Per Share (EPS)

Definition:

EPS represents the company's profitability on a per-share basis.

EPS = (Net Profit - Dividends) / Number of Shares Outstanding

Importance:

• Higher EPS means higher profitability.
• Investors prefer companies with consistently rising EPS.

8. Price to Earnings (P/E) Ratio

Definition:

P/E Ratio evaluates the market price of a stock relative to its earnings per share.

P/E Ratio = (Market Price per Share / EPS)

Importance:

• A lower P/E ratio means undervalued stocks.
• A higher P/E ratio means overvalued stocks.

9. Price to Book Value (P/B Ratio)

Definition:

P/B Ratio compares a company's market price to its book value.

P/B Ratio = (Market Price per Share / Book Value per Share)

Importance:

• A P/B Ratio <1 may indicate undervaluation.
• A P/B Ratio >3 may indicate overvaluation.

FAQs about IPO KPIs

1. Why are IPO KPIs important?

They help investors assess the financial health and growth potential of a company before investing in its IPO.

2. Which is the most important IPO KPI?

No single KPI can determine success. A combination of Revenue, PAT, RoCE, RoE, and Debt-Equity Ratio gives a complete picture.

3. What is a good RoE percentage?

An RoE of 15-20% or higher is generally considered good, but it varies by industry.

4. Should I invest in a company with a high P/E ratio?

A high P/E ratio may indicate an overvalued stock. Always compare with industry averages.

5. How can I use these KPIs for IPO investment decisions?

Analyze multiple KPIs together to understand profitability, growth, and financial stability before investing.

Unlisted shares refer to the shares of a company that are not listed on stock exchanges such as the NSE (National Stock Exchange) or BSE (Bombay Stock Exchange) in India. These shares are traded over-the-counter (OTC), meaning that transactions take place privately between two parties or through brokers specializing in unlisted securities.

Types of Unlisted Shares

Unlisted shares include:

1. Pre-IPO Shares – Shares of a company before it goes public.
2. Delisted Shares – Shares of companies that were removed from the stock exchange (voluntarily or involuntarily).
3. Private Placement Shares – Shares issued privately to investors or institutions.
4. ESOP Shares – Employee Stock Option Plan (ESOP) shares offered to employees.
5. Shares Held by Private Company Investors – Shares owned by founders, promoters, or private equity firms.

Advantages of Investing in Unlisted Shares

1. Early Investment Opportunity – Invest in potential future blue-chip stocks before they get listed.
2. No IPO Allotment Hassle – Since these shares are purchased before an IPO, there’s no worry about IPO oversubscription.
3. Possibility of High Returns – If a company performs well and gets listed at a high valuation, investors can gain significant profits.
4. Diversification – Adds variety to your investment portfolio, reducing reliance on listed stocks.
5. Held in Demat Account – Like listed shares, unlisted shares are stored in a Demat account, ensuring secure transactions.

Disadvantages of Investing in Unlisted Shares

1. Higher Risk – Unlike listed shares, unlisted stocks are not regulated by SEBI (Securities and Exchange Board of India).
2. Liquidity Issues – Difficult to buy/sell quickly, as these stocks have fewer buyers.
3. Longer Transaction Time – Transactions take days or even weeks compared to real-time trading in listed stocks.
4. Higher Minimum Investment – The lot size for unlisted shares is usually large, requiring higher capital.
5. Limited Market Access – Fewer brokers deal in unlisted shares, making price discovery difficult.

How to Buy Unlisted Shares?

There are multiple ways to invest in unlisted shares:

1. Buying from Brokers or Dealers

Some brokers specialize in sourcing and placing unlisted shares. They acquire stocks from existing investors and offer them to new buyers. You can buy/sell through them.

2. Buying ESOPs from Employees

Many employees of startups and private firms hold ESOP shares and may choose to sell them before an IPO. Investors can buy directly from them through intermediaries.

3. Investing in Startups

Angel investors or venture capitalists directly invest in startups, acquiring unlisted shares before they become public.

4. Buying from Promoters or Early Investors

Company founders or early-stage investors sometimes sell their shares before an IPO.

5. Investing Through PMS & AIF

• PMS (Portfolio Management Services) – Managed funds that include unlisted stocks.
• AIF (Alternative Investment Fund) – Investment pools that include unlisted securities along with other assets like real estate and hedge funds.

6. Pre-IPO Investment Platforms

There are specialized platforms that allow investors to buy shares before an IPO at negotiated prices.

How to Sell Unlisted Shares? 

Selling unlisted shares can be challenging due to liquidity issues. Here are some exit options:

1. Private Sale – Selling to an interested buyer directly.
2. Through Unlisted Share Brokers – Brokers help find buyers in exchange for a fee.
3. Company Buyback – Some companies buy back their unlisted shares from investors.
4. Acquisition by a Listed Company – If a listed company acquires the firm, investors can exit by selling their shares.
5. IPO Listing – Once the company gets listed, shares automatically become tradeable on stock exchanges.

Lock-in Period for Unlisted Shares

• Regular unlisted shares – No lock-in; can be sold anytime.
• Pre-IPO shares – Have a 6-month lock-in period after the IPO. Investors cannot sell their shares for six months from the listing date.

Unlisted Shares Taxation

Taxation on unlisted shares in India depends on the holding period:

1. Short-Term Capital Gains (STCG)

• If sold within 24 months, gains are considered short-term capital gains (STCG).
• Tax rate: As per the investor’s income tax slab.

2. Long-Term Capital Gains (LTCG)

• If held for more than 24 months, gains are taxed as long-term capital gains (LTCG).
• Tax rate: 20% with indexation benefits.

Unlisted Shares vs Listed Shares

FAQs About Unlisted Shares

1. Can retail investors buy unlisted shares?

Yes, retail investors can buy unlisted shares through brokers, private sellers, or Pre-IPO platforms.

2. How are unlisted shares taxed?

• Held for less than 24 months → STCG tax as per income tax slab.
• Held for more than 24 months → LTCG tax at 20% with indexation.

3. Are unlisted shares riskier than listed shares?

Yes, since they are not regulated by SEBI, they carry higher risk but also higher potential returns.

4. How can I sell my unlisted shares?

You can sell through private sales, brokers, buybacks, acquisitions, or an IPO listing.

5. What happens to unlisted shares if the company gets listed?

Once the company gets listed, unlisted shares convert into listed shares and can be traded on stock exchanges.

6. Are pre-IPO shares locked after listing?

Yes, pre-IPO shares have a 6-month lock-in period after the IPO.

7. Can I hold unlisted shares in a Demat account?

Yes, unlisted shares are held in Demat form just like listed shares.

The IPO Grey Market establishes itself as an unregulated marketplace for premature trading of IPO shares that have yet to be listed on the stock exchange. This unregulated market functions outside of SEBI regulations alongside other financial bodies yet functions crucially to detect IPO demand and anticipated listing values.

People who invest in grey market share trading perform transactions using premium or discounted rates that match market perspectives. A high level of market anticipation for an IPO results in a sudden increased grey market price as an indicator of positive market sentiment.

IPO Grey Market Premium (GMP) Meaning

Investors in the Grey Market Premium (GMP) willingly pay an extra amount beyond the IPO issue price to obtain shares. The premium function acts as an indicator to estimate how much an IPO stock might rise or decrease in value.

Example:

• IPO Issue Price: Rs 850
• Grey Market Premium: Rs 300
• Expected Listing Price: Rs 1,150 (Rs 850 + Rs 300 GMP)

The information provided by early market sentiments through GMP does not ensure that it will reflect the final listing price.

IPO Grey Market Dealers

The grey market consists of unauthorized dealers who enable IPO share and application trading. The market operates on trust between participants thus all transactions take place through informal phone contacts.

How to Find a Grey Market Dealer?

• Through references and word of mouth.
• People can connect with other investors through participation in discussion forums about IPOs.

Trading in IPO Grey Market

Trading in the grey market begins when IPO share prices are announced before the day when the company starts listing on a stock exchange. Key features include:

• Unofficial and unregulated
• Phone-based trading
• Cash settlements via Angadia services
• No formal contracts
• The trust serves as the only foundation for all commercial dealings in this system

Process of Trading in the Grey Market

Trading operations in the Grey Market shift from start to finish when an IPO price is announced until it is listed on the exchanges.

• Traders typically receive their references from other professionals in the industry to find licensed dealers.
• Citizens use phone calls to place informal orders in the grey market.
• The last trade settlement occurs when an IPO is listed on the market at 9:45 AM.
• A counterparty default results in no available legal options to address the situation.

IPO Grey Market Rate Types

There are three major types of Grey Market rates:

1. Grey Market Premium (GMP)

The premium or discount at which IPO shares trade in the grey market.

Example:

• IPO issue price: Rs 500
• GMP: Rs 150
• Expected Listing Price: Rs 650

A positive GMP indicates strong IPO demand, while a negative GMP signals weak investor sentiment.

2. Kostak Rate

The fixed price at which IPO applications (not shares) are traded, regardless of allotment.

Example:

• Application size: 15 shares
• IPO price: Rs 500 per share (Rs 7,500 total)
• Kostak rate: Rs 1,000
• Outcome: The seller earns Rs 1,000 irrespective of allotment.

3. Subject to Sauda

An extension of the Kostak Rate, where the buyer agrees to pay a fixed amount only if allotment is received.

Example:

• Kostak deal: Rs 1,000 (fixed)
• Subject to Sauda price: Rs 4,000 (if allotted)
• Total payout if allotted: Rs 7,500 + Rs 4,000 = Rs 11,500

IPO Grey Market Premium vs Kostak

Grey Market Premium vs Listing Price

The estimated value provided by GMP does not establish the final listed IPO price. Actual results of new issues follow market conditions combined with investor sentiment and rising and falling market tendencies.

Example:

• GMP: Rs 300
• Expected listing price: Rs 1,200
• Actual listing price: Rs 1,100 (due to weak market sentiment)

Pros & Cons of IPO Grey Market Trading

✅ Pros:

✔️ Predict IPO demand

✔️ Early profit opportunity

✔️ The pricing performance of stocks bearing a higher estimated GMP usually results in elevated profits.

❌ Cons:

❌ Completely unregulated

❌ High risk of default

❌ No legal recourse in case of fraud

❌ Market price fluctuations cause a negative impact on listed stock values after IPO.

FAQs on IPO Grey Market

1. What is the IPO Grey Market?

The IPO Grey Market operates as an unauthorized marketplace for pre-listing IPO stock trading between investors.

2. What is the Grey Market Premium (GMP)?

The Grey Market Premium (GMP) stands as the trading rate whereby investors exchange IPO shares before those shares receive their stock exchange listing.

Investors in the grey market price IPO shares by offering Grey Market Premium (GMP) before the official public listing. Potential listing gains can be inferred from this measure but actual listing data does not come from it.

3. How is the Grey Market Premium calculated?

The calculation process for Grey Market Premium follows what market forces do to supply and demand values.

Price changes in the grey market depend on how much investors want the shares in relation to their availability. The GMP price increases when an IPO attracts strong market demand and it decreases when there is limited investor interest.

4. Is Grey Market Trading Legal in India?

Indian authorities have not established legal terms for conducting Grey Market trading operations.

Indian investors have no regulatory protection when participating in grey market trading since SEBI fails to oversee these activities. The market follows grey market movements to determine IPO demand levels.

5. How does Grey Market Trading work?

The steps behind Grey Market Trading operations can be explained.

Shares from IPOs are traded in advance through informal agreements between investors. People who buy in the grey market choose high prices when they predict strong listing value while those who sell receive prompt financial benefits.

6. What is the Kostak Rate in the Grey Market?

The gray market describes the Kostak Rate as a protocol for sharing IPO applications before the allotment process.

The market value at which someone can sell their upcoming IPO share application allotment remains known as the Kostak Rate. The system lets investors achieve profits by eliminating the risk of non-allotment.

7. What are the trading rules about Subject-to-Sauda in the grey market?

AIPDA means investors can sell their IPO application at a particular cost only when their shares are distributed. The deal will be canceled if the allotment does not succeed.

8. Does a High GMP Guarantee Listing Gains?

High GMP does not provide any assurance regarding potential gains following the listing of securities.

A high GMP provides no guarantee that an IPO receipt will result in a listed company gain. Market factors together with investor sentiment and company fundamentals determine how much investors will pay for the final listing.

9. Where Can I Check the Grey Market Premium for an IPO?

Users can find GMP updates on websites like IPOJi.com and Chittorgarh but due to regulatory lack of control, the prices fluctuate widely.

10. What Are the Risks of Grey Market Trading?

• No SEBI Regulation – No legal protection.
• The transaction depends on mutual trust since counterparty failure remains a possibility.
• The market rate for GMP shows wide fluctuations since it shifts back and forth unpredictably.

A private company makes its shares publicly tradable on stock markets through IPO listing. Once listed public shareholders can buy and sell stock shares at NSE and BSE platforms under the guidance of stockbrokers.

What is IPO Listing?

The IPO process ends with listing when investors receive their shares through demat accounts after allotment procedures. The public transition between IPO subscription in the primary market and share trading in the secondary market takes place through IPO listing.

Types of IPO Listings

• Mainboard IPOs – Listed on BSE, NSE, or both.
• SME IPOs – Listed on NSE Emerge or BSE SME.

IPO Listing Date

A company makes its shares publicly tradable through the IPO listing date. Starting on December 1, 2023, IPOs must list their shares on the market three business days following the issue closing period.

IPO Listing Process in India

A company seeking an IPO listing has to follow several stages:

1. A firm designates its merchant bankers by performing a selection process of lead managers.
2. SEBI together with stock exchanges conducts an examination to determine the qualification of the company seeking investment.
3. A set of draft offer documents needs to be submitted by merchant bankers directly to SEBI.
4. A regulatory approval triggers public investor roadshows that use PR campaigns to spread awareness.
5. During bidding Investors place their applications for share purchase in the IPO.
6. The successful bidders receive allotted shares and receive refund payments.
7. After receiving approval Exchange trading begins for the shares to trade publicly.

IPO Listing Time

The opening session of IPO trading during the listing day contains two distinct periods.

1. The trading period before market opening occurs between 9:00 AM and 10:00 AM.

• Investors possess the ability to place modify and cancel orders between 9:00 AM and 9:45 AM during this phase.
• The matching and execution system (9:45 AM - 9:55 AM) leads to the determination of an equilibrium price which becomes the listing price.
• Trading orders pass to the normal trading session during this buffer period from 9:55 AM until 10:00 AM.

Equilibrium Price Calculation

The determination of the equilibrium price happens through analysis of both supply and demand forces. The calculated Common Equilibrium Price equals ₹107.50 because BSE trades at ₹120 for 300 shares and NSE trades at ₹100 for 500 shares.

(₹120 x 300 + ₹100 x 500) / 800 = ₹107.50

The derived figure forms the foundation for establishing listing price calculations.

2. Regular Trading Session (10:00 AM - 3:30 PM)

Once the stock is listed, it follows normal stock exchange trading rules with daily price bands.

Steps to Buy/Sell IPO Shares in Pre-Open Market

• Place a limit order at your desired price.
• If the stock lists at your price or better, the order gets executed.
• Unexecuted orders move to the regular trading session.

Example of Pre-Market Order Execution

Pre-Open Trading Rules

• Only limited orders are allowed.
• No market orders are accepted.
• Orders can be modified/canceled until 9:45 AM.
• All unexecuted orders shift to the regular session.

IPO Listing Price & Circuit Limits

• Listing price is determined in the pre-open session.
• IPO stocks have circuit limits on listing day:
  • Up to ₹250 crore issue size – 5% band
  • Above ₹250 crore issue size – 20% band

IPO Shares Listing Groups

Stock exchanges categorize newly listed IPOs based on issue size and market capitalization.

BSE IPO Listing Groups

Investment Trusts Listing on BSE

NSE IPO Listing Groups

Investment Trusts Listing on NSE

Comparison: IPO Listing vs Issue Price

• Issue Price: The price at which investors subscribe to the IPO.
• Listing Price: The opening price on the stock exchange.
• Opening Price: The price at which trading starts after the listing price is set.

FAQs About IPO Listing

1. What happens if an IPO lists at a discount?

If the IPO lists below its issue price, investors can choose to hold or sell based on market demand.

2. Can I sell IPO shares on the listing day?

Yes, IPO shares can be sold immediately after listing.

3. What is the best time to buy IPO shares on listing day?

Investors often wait for initial volatility to settle before buying, usually after the first hour of trading.

4. Why do IPOs have circuit limits?

To control extreme price movements and ensure orderly trading.

5. What is the settlement cycle for IPO shares?

IPO shares follow the T+2 settlement cycle, meaning trades are settled in two business days.

Investors initiating an Initial Public Offering (IPO) must block their bid amount within their bank accounts through the Application Supported by Blocked Amount (ASBA) mechanism. ASBA implements Application Supported by Blocked Amount procedures to block funds from investor bank accounts while guaranteeing limited usage of funds until share allotments occur.

The investor gets back their blocked funds when they fail to receive any share allotment or as a result of partial allotments. IPO Funds Unblocking describes the release of investor funds from their bank accounts through ASBA (Application Supported by Blocked Amount).

Reasons for IPO Funds Unblocking

Unblocking of funds happens because of several different situations.

1. Non-Allotment

• The complete bid amount gets unblocked to the investor who does not receive allocated shares.
• The additional funds beyond the particular allotment amount are the only ones eligible for release.

2. Non-receipt of Minimum Subscription

• A non-acquired minimum subscription of 90% will result in the IPO cancellation with all investors obtaining fast returns on their investments.

3. Failure to Obtain Listing Approval

• All funds must be unblocked when the stock exchange denies the listing application.

4. Failure to Allot to the Minimum Number of Allottees

• According to SEBI regulations, an IPO needs at least 1,000 individuals to be officially allotted.
• The condition requires full satisfaction for applicants to receive their contributions back once the provision is breached.

5. Failure to Allot 75% of Offer to QIBs

• During the Book Building Process, a minimum of 75% of the issue needs to be distributed to Qualified Institutional Buyers (QIBs).
• The IPO cancellation procedure results in fund unblocking since the allocation goal was not achieved.

IPO Funds Unblocking Timeline

💡 Pro Tip: You can check the IPO refund status on the registrar’s website or via your bank statement.

How is the IPO Refund Process Initiated?

The registrar of the IPO is responsible for initiating the refund process. Here’s how it works:

1. The registrar finalizes the IPO allotment in consultation with the stock exchange.
2. The registrar informs banks to release funds for non-allotted or partially allotted investors.
3. Self-Certified Syndicate Banks (SCSBs) lift the lien on funds.
4. Refunds are credited via different modes of payment.

Modes of IPO Refund Initiation

Different refund methods are used based on the investor’s mode of application:

What to Do If Your IPO Funds Are Not Unblocked?

There are times when investors encounter delays concerning the release of their IPO refund funds. Here’s what you can do:

1. Start by checking your banking account for signs of fund unblocking.

• Check whether money has actually been released by the financial institution.
• The transaction label appears as either ASBA Refund or IPO Refund.

2. Contact the Registrar

• An IPO's allocation and refund process belongs to the registrar's sphere of responsibility.
• Check website updates of the registrar including refund status at their official platform.

3. You should submit your grievance to SEBI through its SEBI SCORES platform.

• Using the SEBI SCORES website (https://scores.gov.in/) you may report your concern about delayed refunds because you did not receive your refund during the expected period.
• Based on a delayed refund SEBI has the power to force the issuer to pay an annual 15 percent interest rate.

SEBI Investor Helpline: 📞 1800 266 7575 / 1800 22 7575

Glossary of Terms

FAQS

1. What does IPO fund unblocking mean?

Ans: IPO fund unblocking refers to the process of releasing the amount that was temporarily blocked in an investor’s bank account when they applied for an IPO. If shares are not allotted or partially allotted, the unutilized amount is refunded to the investor.

2. Why does my IPO application amount get blocked?

Ans: When you apply for an IPO through ASBA (Application Supported by Blocked Amount), your bank blocks the application amount to ensure that the funds are available for the allotment. If you receive the allotment, the required amount is debited; otherwise, the funds are released.

3. When will my IPO funds be unblocked?

Ans: As per SEBI regulations, IPO refunds or fund unblocking must be completed within four working days after the IPO closes. The timeline varies based on the IPO and is usually mentioned in the Red Herring Prospectus (RHP).

4. What are the reasons for IPO fund unblocking?

Ans: Your IPO application amount can be unblocked due to the following reasons:

• Non-Allotment: If no shares are allotted, the entire amount is unblocked.
• Partial Allotment: The excess amount (for non-allotted shares) is released.
• IPO Cancellation: If the IPO is withdrawn or fails to get listing approval.
• Non-Receipt of Minimum Subscription: If the IPO fails to get at least 90% subscription.
• Failure to Meet SEBI Norms: If an IPO does not meet listing regulations, all funds are refunded.

5. How will I receive my IPO refund?

Ans: The refund is processed based on the payment mode you used while applying for the IPO:

• ASBA (Net Banking/Demat): Funds are automatically unblocked by the bank.
• UPI: The lien (hold) is revoked, and funds become available in your account.
• Other Modes (Anchor Investors): Refunds are processed via NEFT, RTGS, or Direct Credit to the investor’s bank account.

6. My IPO funds are not unblocked. What should I do?

Ans: If your IPO funds are not unblocked after the stipulated time:

1. Check your bank statement to confirm the refund status.
2. Contact your bank or depository participant (DP).
3. Reach out to the Registrar of the IPO (details available in the IPO RHP).
4. If the issue persists, file a complaint with SEBI through SCORES (https://scores.gov.in).

7. What is the penalty if IPO refunds are delayed?

Ans: If the IPO refund process is delayed beyond the stipulated time, SEBI mandates the issuer to pay interest at 15% per annum on the refund amount.

8. Can I reapply for the IPO if my application is rejected?

Ans: No, once an IPO closes, you cannot reapply for the same IPO. However, you can use the refunded/unblocked amount to apply for other upcoming IPOs.

9. How can I track my IPO refund status?

Ans: You can track the refund status by:

• Checking your bank account for fund unblocking.
• Visiting the registrar’s website (e.g., Link Intime, KFintech) and entering your PAN or application number.
• Checking your UPI app (if applied via UPI).

10. What happens if the IPO is withdrawn or fails to list?

Ans: If an IPO is withdrawn or fails to list due to regulatory issues, all investors receive a full refund of their application amount within four working days.

A distribution system determines how Initial Public Offering (IPO) shares get allocated to investors who participate in IPO applications. The registrar of the issue operates with the stock exchange to manage this allocation process. Inspection of IPO allotment results starts approximately three to four days following the IPO bidding conclusion date through internet-based share status tracking.

How IPO Allotment Works

• An IPO with a limited subscription leads to the complete allotment distribution of shares to every interested investor.
• When an IPO receives more applications than shares available for allocation these shares get distributed according to set instructions for diverse stockholder categories.
• The issue either gets withdrawn or canceled when the IPO fails to achieve a minimum 90% subscription level.

IPO Allotment Rules

1. The stock exchange approves IPO allotment procedures together with the registrar responsibilities.
2. The sharing distribution depends on which investor segment applies (Retail, NII, QIB, and so on).
3. The acceptance process only looks at proper submissions while it excludes requests using improper PAN/Demat data.
4. The allocation process follows a minimum threshold of cut-off price because it accepts only offers that meet or exceed this requirement.
5. Shares that remain unsubscribed in the QIB category will not receive allocation among other categories.
6. The Basis of Allotment document serves as a public document to guarantee transparency in the share allocation procedure.

IPO Allotment Methods by Investor Category

1. Retail Individual Investors (RII) Category

• Retail investors apply through lots that contain a standard quantity of shares.
• All valid applicants who participate in an undersubscribed IPO receive full allotment in their applications.
• A computerized lottery system operates for selecting one lot per applicant when oversubscriptions occur.
• The investors who are selected receive their shares on a proportional basis after the first round of allocation has finished.

During the retail category subscription process a maximum of 2,000 investors should receive their allotted shares because 500,000 shares are available and each lot contains 250 shares. A lottery system becomes the allocation method when more than 2,000 applicants submit applications.

2. Non-Institutional Investors (NII) Category

The NII investor group comprises two basic subdivisions:

• The reserve for Small NII contains investments within ₹2 lakh to ₹10 lakh (1/3rd of the NII allocation).
• The investment threshold for Big NII exceeds ₹10 lakh with a target to allocate 2/3rd of the available quota for this segment.
• The stock distribution occurs through proportional assignments according to specified bidding quantities.

3. Qualified Institutional Buyers (QIB) Category

• The distribution of shares goes to every QIB applicant with an accepted application.
• Mutual funds within QIB can obtain a maximum of 5% of the QIB category.

4. Anchor Investors Category

• The IPO enables Anchor Investors to obtain up to 60% of QIB quota before the issue begins.
• Anchor Investor Allocation Rules:
• ₹10 Cr allocation → Max 2 Anchor Investors
• ₹10-250 Cr allocation → 2-15 Anchor Investors
• ₹250 Cr+ allocation → 5-15 Anchor Investors for the first ₹250 Cr, plus 10 more for every additional ₹250 Cr.

5. Employee Category

• The issuing company allows its staff members to receive specific reservation privileges during IPO allocation.
• An oversubscription leads to a proportional allocation of shares under all categories of applicants.
• The allocation rules state that employees cannot obtain more than ₹2 lakh worth of company shares.

6. Shareholder Category

• If a parent company has shareholders these investors can use the Shareholder Quota for application.
• The sales process remains proportionate when there is a subscription in excess of supply.
• A total bid exceeding ₹2 lakh translates into multiple bidding that will lead to rejection of the bid.

IPO Allotment Methods by Investor Category

IPO Allotment Process: Step-by-Step

1. IPO closes for subscription.
2. The registrar verifies applications (invalid ones are rejected).
3. The allotment is finalized based on the rules for each category.
4. The basis of the Allotment document is published.
5. Investors check their allotment status online.
6. Refunds are processed for non-allottees.
7. Shares are credited to Demat accounts.
8. IPO lists on the stock exchange.

IPO Allotment status verification can be accessed through the registrar's website (e.g. Link Intime, KFin Technologies) three to four days after the IPO closing date.

You can check IPO allotment status through the registrar website (Link Intime for instance or KFin Technologies) after 3-4 days when the IPO stops receiving applications.

Steps to Check IPO Allotment Status

• Visit the registrar’s website.
• Select the IPO name.
• Users can enter their PAN number Application number and Demat account number to access the status check.
• The status of your allotment will appear after pressing the Submit button.

IPO Allotment Chances along with the Variables that Influence Them

How Are IPO Shares Allotted?

• Full share allotments will be given to every registered applicant in IPOs with less demand.
• In cases where an IPO receives more subscriptions than available shares, the selection of retail investors happens through a lottery process.
• NII & QIB investors obtain allotted shares according to the size of their bidding amount.

Factors Affecting IPO Allotment Chances

• Oversubscription Level: The higher the subscription, the lower the allotment chances.
• Pro-rata distribution methods are used by NII whereas retail investors experience the process through a lottery system.
• The bid value at the cut-off price directly enhances the possibility of obtaining shares.
• Multiple lot applications during IPOs will not enhance the probability of retail allotment.

FAQs

1. What length of time does IPO allotment require?

Authorization for IPO distribution occurs between 3 to 4 days at the completion of the IPO period.

2. I need to know the process of examining my IPO distribution outcome.

Users can verify their IPO allotment state through PAN or with application numbers or Demat account records on the registrar's website.

3. What happens if I don’t get an IPO allotment?

Refunds of your funds happen automatically if you fail to receive IPO allotment.

Your refunded money will arrive back to you during the few subsequent days in case you miss out on an allotment.

4. Is there any way I could enhance my opportunities for receiving an IPO allotment?

Retail investors increase their chances of getting IPO allotment through separate Demat account applications under different family members.

5. Can I submit my application for both the Retail and NII sections?

The policy rejects all applications when a person submits their application twice through one PAN.

6. I receive a rejection from my IPO application for unidentified reasons.

The application gets rejected primarily because of inaccurate information applications exceeding the PAN limit or missing money in the account.