Version 1.0 · August 13, 2026
How we research and rate an IPO
Our job is to convert a dense offer document into a decision-useful research view without hiding uncertainty. The score creates consistency; analyst judgment explains what the score cannot.
The 100-point scorecard
Evidence hierarchy
We prioritize the RHP/DRHP and prospectus, SEBI and exchange records, registrar data, issuer filings and audited financial statements. Reputable databases and news reports provide context. Aggregator pages can help discovery, but they do not override primary documents.
Subscription data is split by category where available. QIB demand is treated as a market signal, not proof of quality. Grey-market premium is explicitly labelled unofficial and excluded from the fundamental score.
What changes the analysis
The analysis can change when the price band is announced, an RHP replaces a DRHP, anchor allocation or subscription composition becomes known, material litigation or financial information changes, or the issuer lists. Every update retains its as-of date so readers can distinguish a revised analysis from hindsight.
Reports present strengths, concerns, valuation context and facts to monitor. They do not publish apply, subscribe, invest, hold, sell or avoid recommendations.