What are the key differences between Mainboard and SME IPOs in India?

Mainboard IPOs list on NSE and BSE with minimum retail application sizes of approximately ₹14,000 to ₹15,000 (1 lot) and require extensive past profitability track records. SME IPOs list on BSE SME or NSE Emerge platforms, are designed for smaller growth enterprises, and mandate a minimum application lot size of at least ₹1,00,000 to ₹1,50,000 with 100% merchant banker underwriting requirements.

Where can investors find official DRHP/RHP prospectus filings and live exchange circulars?

Official Draft Red Herring Prospectus (DRHP) and Red Herring Prospectus (RHP) filings are published on the SEBI website (sebi.gov.in), NSE India (nseindia.com), and BSE India (bseindia.com). IPrOspecta aggregates direct links to these official PDF documents in its Financial Matrix.

Independent Research by Tanish

IPrOspecta

Q: What is IPrOspecta and how does it analyze Indian IPOs?

IPrOspecta is an independent, institutional-grade primary market research platform created by Tanish Vijayvargiya. It provides clean financial breakdowns of Draft Red Herring Prospectuses (DRHP) and Red Herring Prospectuses (RHP), comparing 3-year audited Revenue, EBITDA, Net Profit (PAT), and operating cash flow (CFO), alongside live Grey Market Premiums (GMP), profit per lot calculations, and official regulatory exchange filings across Indian Mainboard and SME IPOs.

Q: How is IPO Grey Market Premium (GMP) and Estimated Profit calculated?

Grey Market Premium (GMP) is the unofficial premium at which IPO shares trade in over-the-counter (OTC) dealer markets before listing on the NSE or BSE. Estimated Profit/Loss per Lot is calculated using the formula: Estimated Profit = (Lot Size × GMP per share). The GMP percentage return is calculated as (GMP / Upper Price Band) × 100. IPrOspecta updates GMP data dynamically from primary market feeds.

Q: What is the difference between Fresh Issue and Offer for Sale (OFS) in an IPO?

In a Fresh Issue, new equity shares are created and the subscription proceeds go directly into the company's balance sheet to finance capital expenditure (capex), debt repayment, or working capital expansion. In an Offer for Sale (OFS), existing promoters, private equity, or venture capital investors sell their shares, and the proceeds go directly to those selling shareholders without providing growth capital to the company.

Q: How to evaluate 3-year audited financial quality in IPO prospectuses?

To evaluate financial quality in an IPO prospectus: 1) Verify Earnings Cash Quality by checking whether Cash Flow from Operations (CFO) is positive and comparable to reported Net Profit (PAT); 2) Examine EBITDA margin stability over 3 years; 3) Analyze Debt-to-Equity ratios and interest coverage; 4) Scrutinize Trade Receivables aging to detect uncollected revenues; and 5) Review Objects of the Offer to confirm funds are deployed in productive capex rather than general corporate expenses.

Simple, independent research, live grey market premiums, and balance sheet insights for Indian IPOs.

Live IPO & GMP Matrix View Reports

Independent Research: Clean breakdowns of financials, promoter holdings, valuations, and live market trends by Tanish Vijayvargiya.

Live Indian IPO Financial Matrix — Real-Time GMP, Lot Sizes, Price Bands, Issue Sizes, and Valuation Data for NSE & BSE IPOs
Company & Sector	Category	Status	Price Band	Est. GMP (%)	Profit/Loss per Lot	Per Lot Cost	Issue Size to OFS	Market Cap	Anchor Book	Dates	Action
Moneyview Limited Fintech & Digital Lending	NSE/BSE Mainboard	Upcoming	₹34	+₹13 (38.2%)	₹5,733	₹14,994 (441 sh)	₹750.00 Cr Fresh + OFS	See Valuation Note	30% of Issue	24 Sep to 28 Sep	View Report
German Green Steel and Power Limited Secondary Steel & Captive Power	NSE/BSE Mainboard	Upcoming	₹139	+₹27.5 (19.8%)	₹2,942	₹14,873 (107 sh)	₹317.00 Cr (Fresh ₹290 Cr)	₹1,760.00 Cr	30% of Issue	25 Sep to 29 Sep	View Report
Orient Cables (India) Limited Networking & Infrastructure Cables	NSE/BSE Mainboard	Upcoming	₹272	+₹80 (29.4%)	₹4,400	₹14,960 (55 sh)	₹552.00 Cr (Fresh ₹320 Cr)	₹2,300.00 Cr	30% of Issue	25 Sep to 29 Sep	View Report
National Stock Exchange of India NSE • Diversified & Growth	NSE/BSE Mainboard	Upcoming	₹1,700 - ₹1,785	+₹208 (11.7%)	₹1,664	₹14,280 (8 sh)	TBA	See Valuation Note	30% of Issue	17 Sep to 21 Sep	View Report
Sonaselection India Diversified & Growth	NSE/BSE Mainboard	Upcoming	₹94 - ₹99	TBD	-	₹14,454 (146 sh)	TBA	See Valuation Note	30% of Issue	17 Sep to 21 Sep	View Report
Kheria Autocomp Diversified & Growth	BSE SME	Upcoming	₹96 - ₹101	TBD	-	₹121,200 (1200 sh)	TBA	See Valuation Note	30% of Issue	17 Sep to 21 Sep	View Report
SpectraA Technology Solutions Diversified & Growth	BSE SME	Upcoming	₹112 - ₹118	TBD	-	₹141,600 (1200 sh)	TBA	See Valuation Note	30% of Issue	17 Sep to 21 Sep	View Report
Hero Motors Automotive Wiring & EV	NSE/BSE Mainboard	Upcoming	TBA	TBD	-	TBA	₹900 Cr	See Valuation Note	30% of Issue	TBA	View Report

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Primary Market Tool Suite

Institutional IPO Research Tools & Calculators

Forensic-grade tools designed for primary market investors, analysts, and founders. Real-time GMP estimates, audited balance sheets, and regulatory feeds without the marketing jargon.

Live Calculator

IPO GMP & Profit per Lot Calculator

Calculates estimated listing gains and profit per lot based on live Grey Market Premiums (GMP), price bands, and minimum application lot sizes across NSE and BSE IPOs.

Formula: Profit = Lot Size × GMP (₹)

Calculate GMP & Gains

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Financial Matrix & Valuation Explorer

High-density comparison engine featuring sortable metrics: Issue Size, Fresh vs OFS split, Market Cap, Anchor Book size, Price Bands, and tentative exchange dates.

Dual Filters: Status & Category

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Forensic Due Diligence

Forensic DRHP Prospectus Analyzer

In-depth prospectus audit dissecting 3-year restated balance sheets, EBITDA margins, Cash Flow from Operations (CFO) vs PAT quality checks, and promoter dilution.

Check: CFO / PAT Quality Ratio

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Due Diligence Guide

Frequently Asked Questions & IPO Analysis Guide

Essential knowledge for evaluating primary market offerings, calculating listing returns, and auditing prospectus balance sheets.

What is IPrOspecta and how does it analyze Indian IPOs?

IPrOspecta is an independent primary market intelligence platform authored by Tanish Vijayvargiya. It replaces subjective social media hype with forensic due diligence: comparing 3-year audited Revenue, EBITDA, Net Profit (PAT), and operating cash flow (CFO), breaking down Fresh Issue vs. Offer for Sale (OFS) allocations, and providing real-time Grey Market Premiums (GMP) and official regulatory filings for Indian Mainboard and SME IPOs.

How is IPO Grey Market Premium (GMP) and Estimated Profit calculated?

Grey Market Premium (GMP) is the unofficial over-the-counter premium paid for IPO shares before exchange listing. The formula for estimated profit per application lot is: Estimated Profit = Lot Size × GMP (₹). The percentage return is calculated as (GMP / Upper Price Band) × 100. While GMP reflects prevailing market sentiment and demand, it is unregulated and should always be cross-referenced with audited balance sheet fundamentals.

What is the difference between Fresh Issue and Offer for Sale (OFS)?

In a Fresh Issue, new equity shares are created and the subscription proceeds enter the company’s balance sheet to fund capex, debt repayment, and operational expansion. In an Offer for Sale (OFS), existing promoters, private equity, or venture capital shareholders sell their existing stake; zero capital from the OFS portion enters the company. A higher proportion of Fresh Issue indicates growth capital, whereas a 100% OFS issue represents an exit for early investors.

How to evaluate 3-year audited financial quality in IPO prospectuses?

To audit financial health in a DRHP: 1) Verify Earnings Cash Quality by ensuring Cash Flow from Operations (CFO) is positive and comparable to Net Profit (PAT)—a negative CFO despite high PAT indicates aggressive accrual accounting; 2) Examine EBITDA margin stability across 3 consecutive financial years; 3) Analyze Debt-to-Equity ratios and interest coverage; and 4) Review Trade Receivables aging to confirm revenues are actually being collected.

What are the differences between Mainboard and SME IPOs in India?

Mainboard IPOs list on the main boards of NSE and BSE with minimum retail lot sizes of approximately ₹14,000 to ₹15,000 and stringent track-record prerequisites. SME IPOs list on the BSE SME or NSE Emerge platforms, have higher minimum lot sizes ranging from ₹1,00,000 to ₹1,50,000, and involve 100% merchant banker underwriting, making them higher-risk, higher-volatility vehicles geared toward small enterprises.

Where can investors find official DRHP/RHP filings and live circulars?

Official regulatory filings are accessible directly on SEBI (sebi.gov.in), NSE India (nseindia.com), and BSE India (bseindia.com). IPrOspecta indexes direct links to these official PDF documents in its Financial Matrix.