Every IPO question, made easier to answer.

An initial public offering (IPO) is when a private company offers shares to the public for the first time. Investors apply during the issue window, and successful applicants receive shares in a demat account after allotment.

A company may raise money for expansion, debt repayment, acquisitions, working capital or other purposes described in its offer documents. An IPO also gives existing shareholders a regulated way to sell part of their holding when an offer for sale is included.

An IPO is a primary-market transaction because the issue is being offered by the company or selling shareholders. Once the shares list, investors buy and sell them from one another in the secondary market through a stock exchange.

Mainboard and SME issues follow different exchange segments, eligibility rules, lot sizes and trading conventions. SME issues can have larger minimum applications and lower liquidity, so read the specific prospectus and exchange notices before applying.

In a fresh issue, the company creates and sells new shares and receives the proceeds. In an offer for sale (OFS), existing shareholders sell their shares and receive the proceeds; the company does not receive that portion of the money.

The draft red herring prospectus (DRHP) is an early disclosure filed for review. The red herring prospectus (RHP) is the later offer document used around the issue and contains the business, risk factors, financials, objects of the issue and application terms. The final prospectus may follow after pricing.

The book running lead manager (BRLM) coordinates due diligence, offer-document work, marketing and the issue process with the issuer, exchanges, registrar and other intermediaries. The offer document names the appointed intermediaries.

A price band is the permitted range for bids, with a floor price and a cap price. The final issue price is discovered through bidding and is announced according to the issue terms; always check the final exchange or issuer notice.

A cut-off bid tells the system to accept the final discovered issue price within the band, subject to the category and issue rules. It is not a promise of allotment and is not available to every investor category or reservation type.

The lot size is the minimum number of shares in one application block. Applications generally need to use the stated lot and permitted multiples, so the minimum amount is usually price × lot size, plus any applicable rules or charges.

Issue size is the total value of shares offered in the IPO. It can be shown for the whole issue and separately for fresh issue and OFS portions. It is different from the amount you personally apply for.

Face value is the nominal value assigned to a share in the company’s capital structure. The IPO price is the amount investors bid or pay, and it can be much higher than face value.

Eligibility depends on the issue, investor category, PAN, demat account, application route and applicable regulations. Retail, non-institutional and qualified institutional categories have different limits and rules; the offer document is the final reference.

A valid PAN and an eligible demat account are normally required for an equity IPO application. The details must match the depository records and the application route; a mismatch can make an application invalid.

Multiple applications linked to the same PAN can be treated as duplicate applications and may be rejected under the issue rules. Do not assume that using different brokers or demat accounts makes duplicate applications valid; verify the current instructions.

Each applicant should use their own valid PAN, demat details and permitted payment route. If you coordinate records for family members, obtain their permission and keep every application mapped to the correct account holder instead of treating accounts as interchangeable.

ASBA is the application process in which the application money is blocked in the investor’s bank account. UPI can be used as an electronic mandate route for eligible applicants through a supported intermediary; the money is normally blocked rather than transferred immediately.

A UPI ID is the payment address that receives the IPO mandate request. Use a UPI ID supported for IPO mandates by the intermediary and bank, and make sure it is linked to the correct applicant and bank account.

It is a request to block the application amount in the linked bank account. The investor must review the request and approve it in the UPI app within the applicable time window; the mandate is not the same as a completed allotment.

Approve it only after checking the applicant name, issue, amount and UPI details. Follow the issue and intermediary deadline, because a late, declined or failed mandate can leave the application invalid even if the form was submitted.

Keep enough cleared balance for the full amount requested by the application, including any permitted quantity and the mandate’s amount. The bank may block the amount, so avoid relying on an expected refund or a pending credit on the deadline day.

No. The application normally uses the stated lot size and allowed multiples, and each investor category can have a maximum amount or quantity. The application screen and offer document show the valid choices.

For a simple retail application, the planned amount is usually the selected price multiplied by the number of shares. The exact block depends on the price choice, lots, category, issue terms and any system rounding; use the mandate amount as the final check.

They are investor categories with different reservation pools, application limits and allotment rules. Retail generally covers smaller applications, NII covers non-institutional applications above the retail limit, and QIB covers qualified institutional bidders; definitions can vary by issue.

Some applications can be modified during the open issue window through the same intermediary, subject to the issue rules and cut-off time. A modification may require a fresh mandate or a new confirmation, so check the broker, bank and exchange status rather than assuming it succeeded.

Where permitted, an investor can request withdrawal before the issue closes using the intermediary that submitted the application. After the deadline, cancellation may not be possible, and the UPI mandate should not be cancelled without understanding how the application will be affected.

First confirm the UPI ID, bank balance, app notifications and the mandate section of the UPI app. Then contact the broker or intermediary before the cut-off and request a re-trigger if available. Keep the application reference for follow-up.

Common reasons include a PAN or demat mismatch, duplicate PAN application, incorrect UPI details, an unapproved or failed mandate, insufficient balance, invalid bid quantity, late submission or incomplete data. The registrar or intermediary status is the authoritative explanation for a specific case.

It is usually shown in the broker, bank or registrar confirmation after submission. Save the reference, applicant PAN, demat account and issue name together so you can reconcile the application without sharing sensitive credentials.

The basis of allotment is the approved method used to distribute shares among valid applications in each category. It is published after bidding closes and may include a minimum lot, proportionate allocation or a draw among eligible applications, depending on the issue.

When valid retail demand is much larger than the shares reserved, a minimum lot cannot be given to everyone. A computerised draw among eligible applications can decide who receives a lot; high subscription does not guarantee an allotment.

Yes. Depending on the category and basis of allotment, an application can receive one lot, a smaller proportion or no shares. The registrar’s basis and allotment status are more reliable than a broker screen that is still processing.

It means the application was valid but did not receive shares under the approved basis of allotment. The blocked amount should be released or unblocked through the relevant bank or UPI route, subject to processing timelines.

Under a block-based route, the bank or sponsor bank initiates an unblock rather than sending a conventional refund transfer. The actual date depends on the exchange, registrar, sponsor bank, UPI app and bank processing; follow the published schedule and raise a complaint if it remains blocked.

Unblocking can take additional processing time across the registrar, sponsor bank, UPI network and investor bank. Check the official status first, then contact the bank or intermediary with the mandate reference instead of creating a duplicate application.

It is the scheduled date on which the basis of allotment is finalised and successful applications are identified. The timetable can change, so use the exchange, registrar or issuer notice for the current date rather than relying on a static calendar.

The listing date is the day the allotted shares are admitted for trading on the exchange. It is not the same as the last application day, allotment date or first closing price; the exchange notice controls the official schedule.

Issue price is the amount paid for allotted shares. Listing price is the first exchange price discovered when trading begins. The two can be higher, lower or equal, and the listing price can move quickly after the open.

A simple gross result is (sold price − issue price) × shares sold. Your realised amount after brokerage, taxes, charges and any agreed user share can be different. Record the actual sold price and charges separately for a traceable result.

Listed shares can generally be traded during exchange hours once trading is enabled, subject to the exchange, broker and issue rules. A sell order is not guaranteed to execute at the price you expect; check the order status and contract note.

That is a listing loss before charges if you sell below the issue price. IPOs do not guarantee a gain, so treat the issue price, market price, costs and your own risk limits as separate facts.

The registrar maintains application records, processes the basis of allotment, publishes applicant status and coordinates credit or unblock instructions with the relevant intermediaries. The named registrar in the offer document is the right place to verify a specific application.

Use the official registrar page or the exchange/broker link referenced by the issuer, and enter only the requested application details. Avoid links from unsolicited messages and never share your UPI PIN, password or OTP to check allotment.

Confirm the allotment on the registrar page, allow the published credit window, and check the correct demat account and DP details. If the shares remain missing, contact the registrar, depository participant or broker with the allotment and application references.

Retail allotments are not automatically subject to one universal lock-in, but specific shareholder categories, promoters and SME issues can have restrictions. Read the prospectus and exchange notices for the exact holding and trading conditions.

A subscription multiple compares valid demand with the shares available in a category. For example, 5x means bids representing about five times the category’s available shares; it does not mean every applicant will receive five lots.

Exchange and intermediary updates can arrive in batches, and different categories may refresh at different times. Treat a displayed multiple as a time-stamped snapshot, not a continuously guaranteed figure.

GMP is an unofficial indication reported by market participants outside the exchange’s formal IPO process. It is not an exchange price, may be unverified or stale, and should never be treated as a guarantee of listing price or profit.

Use the issuer’s offer documents, NSE or BSE public-issue notices, the named registrar and your bank or broker for application status. IPOxCards can display time-stamped snapshots, but the linked exchange or registrar notice remains the source of truth.

An issuer or exchange can publish a correction, extension, withdrawal or other update under the applicable rules. Check the latest official notice and refresh the record instead of relying on an earlier screenshot or message.

The issuer or exchange notice determines what happens to bids, mandates and blocked funds. Mark the issue as postponed or withdrawn in your records, keep the notice attached, and confirm any unblock or reapplication instruction with the intermediary.

Treat a review as a research prompt, not a recommendation. Compare the business, risks, valuation, use of proceeds, financials, governance and market conditions with the offer document and your own risk tolerance.

IPOxCards connects administrators, users, demat accounts, IPO applications, bank funding, allotment outcomes, sold results, charges, profit shares, notes and receipts in one private workspace.

Every administrator receives a separate workspace boundary. Records such as users, demats, applications, bank ledgers and notes are scoped to that workspace, and role checks prevent unrelated workspaces from appearing in a dashboard.

An admin operates the workspace, manages users and demat records, updates IPO states and reconciles results. A user sees their linked profile, demats, application statuses, notes and permitted result details without seeing the whole admin operation.

Each account has its own holder label, PAN, DP ID, profit-share setting and status history. The user remains the human profile, while the demat is the unit used for application, allotment and result tracking.

Yes. In the relevant IPO, the user can choose the exact linked demat and mark ‘Applied myself’. The action is saved for that account and helps the admin distinguish a user-reported application from an admin-recorded application.

Open the IPO workflow, select the exact demat accounts and save the result. Allotted and not-allotted are separate reversible states, so a correction can be made without changing unrelated accounts.

Yes. The funding view can map an IPO application to the selected bank account and amount, creating a traceable relationship between bank balance, blocked commitment, refund date and final outcome.

The percentage belongs to the specific demat record. When the admin enters a gross sold result, IPOxCards applies that percentage to the positive result, subtracts recorded charges according to the saved workflow, and shows the user and admin amounts separately.

The user share is calculated as zero for that record, while the remaining eligible result is attributed to the admin ledger after charges and loss rules. The percentage is visible on the demat so the calculation can be audited.

Enter charges against the exact sold or historical IPO record and demat account. Charges remain visible as a separate line so gross result, user share, admin result and costs are not mixed into one unexplained number.

Closed records can be moved into the past-IPO catalogue after the configured lifecycle window. Admins can search by company, year or symbol, while users see only the history connected to their own demat accounts.

It combines selected IPO lots, per-lot requirements, bank closing balances, refunds and overlapping dates to show planned commitments, peak blocked cash and possible shortfalls. It is a planning ledger, not a bank or payment wallet.

The daily ledger stores manually entered closing balances and signed transactions for each linked bank account. It can show a combined daily view while preserving the account-level trail and source note.

Create a note in a section such as takeaways, IPO notes or strategy, then tag a known IPO, user or demat with the @ picker. A saved tag makes the note discoverable from the notes page and the linked operational context.

A pinned note is a short reminder or instruction that stays visible in the admin command centre until you unpin or archive it. Keep pinned content operational and avoid placing passwords, UPI PINs or API secrets in notes.

Depending on notification permission and setup, users can receive updates when an application is recorded, an allotment state changes, a result is entered or an admin publishes a message. The app should still be checked for the saved record.

Admins can export supported ledger or report views and generate operational allotment or sold-result receipts from saved records. These documents are workspace records, not exchange contract notes, tax invoices or bank statements.

The tracking workspace does not automatically submit IPO bids or move money. Any future broker integration must use an authorised intermediary, explicit permissions and a separate risk-controlled execution boundary; the current public FAQ should not be read as an order promise.

An admin creates a workspace-bound user code and shares it privately with the intended person. The code maps signup to the correct workspace; users should never reuse a code intended for someone else.

The master admin can manage platform-level settings such as admin invitation policy and review workspace-level administration. Access is intentionally separate from ordinary admin workspaces, and sensitive actions should be limited to the designated owner.

Basic Mode is the manual, closed-workflow version for recording IPO information, account states, funding and results without connecting to a broker or moving real money. It is designed to make the process precise before adding any authorised automation.

Open the source workflow, change only the affected account or field and save the update. Prefer a correction with a clear note over deleting history; the account label and timestamps help explain what changed.

No. IPOxCards is an operations, tracking and reconciliation tool. It does not assess whether an IPO is suitable for you, guarantee allotment or promise a listing gain; speak with a qualified adviser for personalised advice.

Do not store or share UPI PINs, bank passwords, broker passwords, OTPs, TOTP seeds, API secrets or recovery codes. PAN and demat details should be limited to the people who need them and protected according to your workspace policy.

A user view is limited to the profile and records linked to that user. Admins should still review permissions, invitations and workspace membership regularly, and avoid sharing screenshots that expose another person’s personal data.

Open the exchange, registrar, bank or broker website yourself rather than trusting a forwarded link. Check the domain, do not disclose OTP or PIN details, and treat requests for urgent payment or remote access as suspicious.

Not unless you enter or import them from a supported source. Brokerage, statutory charges and taxes depend on the broker, transaction and current rules; record them separately and ask a tax professional about your filing position.

Open the linked source label and compare it with the latest NSE/BSE notice, registrar update or offer document. Mark the data as pending or manually verified, keep the source timestamp, and do not make a funding decision from an unverified value.

First include the workspace, IPO, user or demat label, date and the exact screen where the problem occurred—never include passwords or OTPs. Use the help assistant for product guidance, then send a concise CEO-help ticket when the issue needs owner review.