FAQ's

You're not locking anything up long-term — that's the part most people get wrong. Your money is only committed for the 3 to 5 days an IPO application is live, and then it's back. You don't keep ₹10 lakh idle either: we fund applications from capital that's already sitting somewhere earning little — money in your savings account, FDs, bonds, unused OD/CC limits, or long-term mutual fund and share holdings pledged, not sold, via Loan Against Securities. Your SIPs keep running, your NAV keeps growing, and no existing holding is touched. For a business family, once you factor in the interest tax-shield and the savings interest your parked funds keep earning, the net funding cost typically works out to just 0.5–1% before any listing gains. We map all of this with you one-on-one before a single application goes in.

You can trial it with one, but three is where the maths works — and here's the honest reason. Allotment in the BHNI category is per PAN, and each PAN is an independent application. So three PANs give you roughly three times the shots at the same set of IPOs — more PANs, proportionally more expected allotments. That's why the engagement is built around a family book of at least three PANs (you, spouse, parents, adult children — whoever can genuinely bid). Each PAN needs about ₹13.5 lakh of working capital to qualify in the large-application category, which covers 90–95% of mainboard IPOs. Families who come in with four or more PANs also get our exit-strategy plan (worth ₹25,000) free. If you've only got one PAN to begin with, that's fine for the free month — but we'll usually help you build toward a family book to get the real benefit.

Fair — so we keep ours on the record, issue by issue, rather than in slogans. Across 2023–2025, 249 mainboard IPOs listed and we issued an APPLY on 185 of them — 47 of 56 in 2023, 69 of 90 in 2024, and 69 of 103 in 2025. The gap is deliberate: we skip roughly a quarter to a third of the calendar because it doesn't clear our checks. On performance, our APPLY calls averaged listing gains of about +31.9% (2023), +38% (2024) and +15.5% (2025) — each ahead of the market average for that year. Put selection and our exit discipline together and the desk generated a blended alpha of roughly +10.8% over an investor who simply bought the average issue and sold on listing day. Every call, with its listing price and our exit price, is printed in the record so it can be checked, not just believed. As always, past performance isn't a promise of the future.

Then here's the honest version: it swings with the market, and we'd rather you know that going in. Our APPLY calls averaged listing gains around 32% in 2023, 38% in 2024 and 15.5% in a tougher 2025 — but those are per-issue gains, not your whole-year return, because you're capturing them across multiple allotments net of fee and funding cost. In the desk's own modelling, a strong year like 2024 produced roughly ₹3.8 lakh of net gain per PAN across the calendar; a subdued 2025 closer to ₹1.3 lakh per PAN; and even in the weakest year we've stress-tested, the modelled net still stayed positive after fee and funding. Where the desk adds a measurable edge is the roughly +10.8% blended alpha over just buying the average issue. None of it is guaranteed — a weak year is a weak year — but the model is built to survive the bad year, not just flatter the good one.

Yes — this is equity investing and we won't pretend otherwise. Not every IPO lists in profit; even on our shortlist, roughly one in ten can open below its issue price. Two things keep the damage contained. First, your BHNI allotment is capped at around ₹2 lakh of value per issue, so even a sharp fall on one listing is a limited rupee loss, not a portfolio event. Second, across a full calendar the majority of well-chosen listings more than offset the occasional weak one — which is exactly why we issue honest AVOID calls rather than chase every issue. Where we see real risk on a specific IPO, we say so and state the likely downside percentage in the report. And one thing we repeat every single time: a strong anchor book or a high grey-market premium does not guarantee a good listing — a hot primary market sitting over a cooling secondary market is a classic trap, so we never lean on either.

GMP is the market's mood squeezed into one number — a rumour, not research — and it can flip overnight, so we treat it as an afterthought. Every APPLY/AVOID call runs through seven independent pointers, each backtested on seven years of mainboard data instead: (1) valuation across four lenses — P/E, P/S, P/B and EV/EBITDA; (2) peer comparison against listed and unlisted names and the wider sector; (3) the anchor book — we track roughly 1,800 anchor investors, and the 1,200+ who've backed ten or more issues since 2020; (4) the merchant banker's record — of ~180 book-runners, only 77 have run ten-plus mainboard IPOs, and we score each issue's bankers on their history; (5) live QIB subscription through the issue window; (6) the listed cohort and the BSE IPO Index, to read the tape the stock will list into; and (7) a live allotment-probability matrix per category and per PAN. Only when those line up does an issue make the shortlist. GMP, if we glance at it at all, is the eighth input — never the first.

You shouldn't be — and you won't have to. Your money never touches us. Every application is made from your own bank account, under your own demat, by you. We provide the research, the specific instructions for each issue, the demand-and-risk read, and — if you want it — a pre-filled ASBA form or a step-by-step video for your bank (we have walkthroughs for eleven banks). But you press the button and your capital stays entirely in your hands the whole way through. We advise; you execute. That separation is deliberate, and it's the safest way to run this for both sides.

Yes, easily. For every recommended issue we send a pre-filled IPO ASBA form — you just take it to your bank and authorise it, no online form-filling required. And if you do use net banking but aren't sure of the steps, we've got step-by-step video walkthroughs for eleven different banks so you can apply yourself in a few minutes. The whole engagement is designed so the mechanics are never the hard part — you get told exactly which IPO, which category and how much, and the application itself is a short, guided task. Plenty of our families aren't market people at all; that's rather the point of running it as a desk.

Very little once you're set up. The only real effort is upfront — organising the PANs and arranging your LAS or overdraft facility, which we walk you through. After that, recommendations arrive with complete instructions, and your job is simply to place the application from your account, which takes a few minutes. The capital comes back within a week, and you repeat that across the roughly 50 quality calls we send through the year. There's no chart-watching and no day-trading. If you add the exit-strategy plan, even the selling is handled by a defined system rather than your attention. For most of our clients it's the most hands-off equity strategy they run.

You don't have to sell blindly on listing morning — that's what the exit strategy is for. Rather than a reflex sale, each allotment is held a maximum of two to five sessions and released on our own proprietary, in-house signal. Across 2023–2025 that discipline added roughly +2.7% to +3.3% of extra return per year over a plain listing-day exit — a short-horizon momentum play, never a long-term hold, and the exact system exit price for every call is printed in our record. The plan is worth ₹25,000 and comes free for families onboarding with four or more PANs. If you'd simply rather sell on listing day, that's completely fine too — the exit strategy is there for people who want the extra, rules-based discipline, not as a compulsion.

Sensible question. Because these allotments are usually sold within days or a few weeks of listing, the gain almost always falls under short-term capital gains on listed equity, taxed at 20% (plus surcharge and cess) under the current rules. In the rare case you hold beyond twelve months, it becomes a long-term gain — taxed at 12.5% on gains above the ₹1.25 lakh annual exemption. So on a ₹2 lakh allotment that lists up 25% (a ₹50,000 gain), the short-term tax is about ₹10,000. Losses on any weaker listings can be set off against these gains, which softens the net position over a full year. Since it's your own tax profile and rules do change, please treat this as general information and confirm the specifics with your tax advisor — that's advice we'd give even though the desk is run by a CA.

Yes, you can run a full month free, with no commitment, before deciding anything. To begin, message us on WhatsApp at 9922068100 with your Name · City · Profession · and the number of PANs you can bid from in the BHNI (₹10 lakh+) category. From there it's four simple steps: share your family's PANs (three or more is ideal), arrange funding via LAS or an FD-backed overdraft so your own capital stays invested, start receiving our research and APPLY/AVOID calls with full application instructions, and keep the gains as they add up across the calendar. We guide you through the account and funding setup so none of it feels technical. You can also reach us at iporesearchdesk@gmail.com or visit iporesearchdesk.in.