Read the prospectus before the market does.
We read the prospectus when it’s filed, follow the issue through subscription and listing, and come back to check the thesis. Main Board and SME issues get separate reads, because they are different animals.
Six reports. Every IPO, from filing to year one.
- 01First LookThe DRHP, read the day it lands.
The moment a draft prospectus is filed, we read it: the business, the structure and the red flags, at a glance. You get the first informed view while everyone else is still finding the PDF.
Group structure, promoter holding, the split between OFS and fresh issue, and how the story stacks up against listed peers.
- Cadence
- Every DRHP filing
- Built for
- Pre-listing, Retail, HNI, Institutional
- Status
- Live
- 02Subscription TrackerThree days. One read each day.
Anchor allotment and category-wise subscription, updated every day of the subscription window, so you see how the book is building and not just the final number.
Who the anchors are, and how the institutional, non-institutional and retail books build day to day.
- Cadence
- Daily, during the 3-day window
- Built for
- Retail, HNI, Institutional
- Status
- Planned
- 03Listing Day NoteThe pop or the drop, explained.
A listing gain or discount is a number. What it actually signals is a different question. We set the day's move against the narrative that sold the issue.
The listing move against the issue price, the anchor book and peer valuation.
- Cadence
- Event day
- Built for
- Retail, HNI, Institutional
- Status
- In development
- 04Accountability TrackerDid the thesis hold?
Every IPO we read gets revisited at 30, 90 and 180 days and at one year after listing. We check what happened to the price against the issue, and what happened to the flags we raised at the start.
Results against what the prospectus promised, and how the proceeds are being used.
- Cadence
- Scheduled follow-ups per IPO
- Built for
- Retail, HNI, Institutional
- Status
- Live
- 05IPO Pipeline OutlookWhat's filed. What's next.
The month ahead in one page: what has been filed, what is expected, and the sector mix. Useful if you're planning what to read, apply to, or avoid.
Filing sizes, sector concentration and what is cleared and waiting.
- Cadence
- Monthly
- Built for
- Pre-listing, HNI, Institutional
- Status
- Planned
- 06IPO Year-in-ReviewThe hype, versus what happened.
Once a year we line up every IPO against its day-one hype and see what the year actually delivered.
Reported on its own, because Main Board and SME issues aren't comparable.
- Cadence
- Annual
- Built for
- Retail, HNI, Institutional
- Status
- Planned
Every stage of an IPO has its own report.
- 01DRHP filedFirst Look
- 02Subscription windowSubscription Tracker
- 03Listing dayListing Day Note
- 0430 / 90 / 180 days, 1 yearAccountability Tracker
- 05Every month, every yearIPO Pipeline OutlookIPO Year-in-Review
The DRHP, read the day it lands.
Enter an issuer and the desk pulls the filing facts and their coverage, then writes a First Look: red and green flags with severity, use of proceeds, promoter and governance notes, valuation context, and what is known about the anchor book. Anything it cannot source is marked not verified.
Two live web passes over the filing and its coverage, then a structured read. Two to three minutes on the first run; served from cache for 24 hours after that. Figures the desk cannot source are marked “not verified” rather than estimated.
Same discipline. Different questions.
The method doesn’t change. What we lead with does.
| Main Board | SME | |
|---|---|---|
| Where we look first | Anchor book, valuation against peers, use of proceeds | Promoter background, related parties, customer concentration |
| Float and liquidity | Deep enough to trade on fundamentals | Thin, so the size of the issue and the float matter more |
| Subscription | How institutional, non-institutional and retail books build | How concentrated the book is, and market-maker arrangements |
| After listing | Results against the prospectus and use of proceeds | The same, plus a follow-on into SME quarterly coverage |
What a forensic read checks.
Six places a prospectus tends to hide the story. Every First Look works through them and cites where each flag came from.
- 01Promoter pledge and OFS share
How much of the offer is promoters cashing out versus fresh capital, whether any holding is pledged, and what the post-issue stake leaves them with.
- 02Related-party transactions
Sales, purchases, loans and rent flowing to promoter-group entities; whether they are priced at arm's length and how large they are against revenue.
- 03Working-capital days
Receivable, inventory and payable days over three years. Revenue that grows faster than cash collection is the oldest warning sign in the book.
- 04Auditor changes and qualifications
A resignation or swap in the run-up to filing, emphasis-of-matter paragraphs, and restatements between the DRHP and the RHP.
- 05Valuation against peers
Implied P/E and EV/EBITDA at the top of the band next to listed comparables, and whether the premium is explained by growth or by the banker.
- 06Use of proceeds
Debt repayment, capex, acquisitions or general corporate purposes, and how much of the fresh issue is actually earmarked versus left open.
Post-listing accountability tracker
Every IPO we cover, measured against its own issue price. Above issue or under water. No spin.
| Symbol | Company | Listed | Issue | Listing close | Now | Vs issue | Status |
|---|---|---|---|---|---|---|---|
| MEESHO | Meesho E-commerce marketplace | 10 Dec 2025 | ₹111 | ₹170 +53.2% | ₹237 | +113.1% | Above issue |
| PINELABS | Pine Labs Payments / fintech | 14 Nov 2025 | ₹221 | ₹251 +13.5% | ₹178 | -19.6% | Under water |
| GROWW | Groww (Billionbrains Garage Ventures) Broking / fintech | 12 Nov 2025 | ₹100 | ₹131 +31.3% | ₹198 | +97.8% | Above issue |
| LENSKART | Lenskart Solutions Eyewear retail | 10 Nov 2025 | ₹402 | ₹403 +0.3% | ₹681 | +69.5% | Above issue |
| LGEINDIA | LG Electronics India Consumer durables | 14 Oct 2025 | ₹1,140 | ₹1,690 +48.2% | ₹1,780 | +56.2% | Above issue |
| TATACAP | Tata Capital NBFC | 13 Oct 2025 | ₹326 | ₹331 +1.4% | ₹321 | -1.7% | Under water |
| WEWORK | WeWork India Management Flexible workspace | 10 Oct 2025 | ₹648 | ₹629 -3.0% | ₹673 | +3.9% | Above issue |
| URBANCO | Urban Company Home services platform | 17 Sept 2025 | ₹103 | ₹167 +62.0% | ₹168 | +63.3% | Above issue |
| JSWCEMENT | JSW Cement Cement | 14 Aug 2025 | ₹147 | ₹146 -0.6% | ₹112 | -23.7% | Under water |
| NSDLBSE | National Securities Depository Market infrastructure | 06 Aug 2025 | ₹800 | ₹936 +17.0% | ₹744 | -7.0% | Under water |
| ANTHEM | Anthem Biosciences CRDMO / pharma | 21 Jul 2025 | ₹570 | ₹730 +28.1% | ₹887 | +55.6% | Above issue |
| TRAVELFOOD | Travel Food Services Airport F&B and lounges | 14 Jul 2025 | ₹1,100 | ₹1,075 -2.3% | ₹1,190 | +8.1% | Above issue |
| HDBFS | HDB Financial Services NBFC | 02 Jul 2025 | ₹740 | ₹841 +13.6% | ₹600 | -18.9% | Under water |
| ATHERENERG | Ather Energy Electric two-wheelers | 06 May 2025 | ₹321 | ₹302 -5.8% | ₹1,455 | +353.3% | Above issue |
| HEXT | Hexaware Technologies IT services | 19 Feb 2025 | ₹708 | ₹763 +7.7% | ₹506 | -28.6% | Under water |
Run a read on any issuer.
Enter an issuer name and the desk pulls the filing facts and writes a forensic read. Anything it can’t source is marked not verified.
Advising an issuer, or running a fund that sits in pre-IPO? Talk to us about a bespoke briefing.
Institutional BriefingInformational only, not investment advice. Prices via Yahoo Finance (delayed). BeaconCaps is a SEBI-registered Research Analyst, Reg. No. INH000021377.