Understand The IPO
Before You Invest.

Evaluate upcoming public offerings through structured
research covering the business, financial performance,
industry outlook, valuation, issue structure and key risks.

Explore IPO Research →


Our Research Process


IPO Analysis
Research View
Key Focus
Business + Valuation
IPO RESEARCH
● ANALYSIS
COMPANY IPO
MAINBOARD • EQUITY
RESEARCH

ISSUE SIZE


₹1,250 Cr

Illustrative

INDUSTRY


Growth

Sector View

VALUATION


Review

Research

Look Beyond The IPO Hype.

An IPO represents a company entering the public markets.
Our research framework focuses on understanding the
business, financials, industry and issue-related factors
before forming an informed view.

◈

Business Analysis

Understand the company’s business model,
products, customers, competitive position
and growth drivers.

↗

Financial Analysis

Review revenue, profitability, margins,
debt, cash flows and historical financial trends.

◎

Valuation Review

Evaluate issue valuation using relevant
financial metrics and comparable companies.

◆

Risk Analysis

Identify business, financial, regulatory,
industry and market-related risks.

Every IPO Has A Bigger Story.

We break down important components of an IPO to
help investors understand the opportunity and risks
beyond the headline issue size.

Company & Business

Understand the business behind the public issue
and the factors driving its growth.

• Business model
• Products and services
• Customer base
• Competitive landscape
• Industry opportunity
• Growth strategy

Financial Performance

Review historical financial performance and
the company’s financial position.

• Revenue growth
• Profitability
• Operating margins
• Debt position
• Cash flow
• Return ratios

Issue Structure

Understand how the IPO is structured and how
the funds are proposed to be utilised.

• Fresh issue
• Offer for sale
• Issue size
• Use of proceeds
• Promoter / shareholder participation
• Post-issue considerations

Valuation & Risk

Compare relevant valuation parameters while
identifying key risks and uncertainties.

• P/E and other relevant multiples
• Peer comparison
• Business risks
• Regulatory risks
• Industry risks
• Market-related risks

From Prospectus To Research Insight.

A structured process helps us organise the information
available around an IPO and evaluate the factors that
matter to investors.

01

Understand

Study the company, industry, business model
and competitive environment.

02

Analyse

Review financial statements, operating metrics
and historical performance.

03

Evaluate

Assess valuation, issue structure and
relevant peer comparisons.

04

Identify Risks

Review business, financial, regulatory and
industry-specific risks.

05

Research View

Present the relevant information and research
observations in a structured format.

What Should Investors Look At?

IPO research is not limited to issue price. Several
factors can be relevant when evaluating a public issue.

Business Quality

Business model, competitive advantages,
customer concentration and long-term
growth potential.

Financial Track Record

Revenue, profits, margins, debt, cash flow
and historical financial performance.

Industry Outlook

Industry growth, competition, regulation
and broader sector dynamics.

Valuation

Relevant valuation multiples and comparison
with listed peers where appropriate.

Use Of Funds

Understanding how proceeds from the issue
are proposed to be deployed.

Risk Factors

Material risks and uncertainties disclosed
in the relevant offer documents.

Questions Worth Asking Before An IPO.

A research-led approach can help investors focus
on the underlying business rather than market hype.

QUESTION 01

What does the company actually do?

Understand the products, services, customers
and business model.

QUESTION 02

Is the business financially healthy?

Examine revenue, profits, margins, debt
and cash-flow trends.

QUESTION 03

How does it compare with competitors?

Consider industry position, competitive
advantages and relevant listed peers.

QUESTION 04

Is the valuation reasonable?

Compare relevant valuation metrics with
appropriate peers and financial performance.

QUESTION 05

Why is the company raising capital?

Review the proposed use of proceeds and
issue structure.

QUESTION 06

What are the key risks?

Review material risks disclosed in the
relevant offer documents.

Research The IPO. Understand The Opportunity.

Go beyond headlines and evaluate IPOs through a structured
research framework covering business quality, financials,
valuation, issue structure and risks.

Explore IPO Research →