Because it depends on how many PANs we cover for your family. A written quotation after one call is more accurate than a price table that fits nobody exactly.
Fee Structure & Collaboration Economics
Your fee is quoted after we understand your family's IPO plan.
We work with a small number of families on every mainboard IPO of the year. Before we quote, we spend 30–45 minutes understanding your PANs, capital and approach. You receive a written quotation after the call.
Engagement at a glance
Coverage
Every mainboard IPO
Term
1 year (1 Sep – 31 Aug)
Billing basis
Per PAN, one family total
Exit calls
Included
Fee
Quoted after the call
10–12
mainboard IPOs
closing coverage
closing coverage
See our work before you decide
You get access to closing coverage of the next 10–12 mainboard IPOs, handled exactly the way we handle them for onboarded families.
- A detailed report on each issue, in the same format as our sample report
- A final verdict: APPLY, AVOID or WAIT & WATCH
- The same timing and the same process our families receive
Who this is for
Our work is built for families who apply in the Big HNI category across several PANs. That is where allotment odds, bidding decisions and exit timing matter most.
A good fit
- ✓ Families applying ₹10 lakh or more per PAN in the BHNI category
- ✓ Three or more PANs in the family (four works better for allotment odds)
- ✓ Investors who want a clear view on every issue, not just the popular ones
- ✓ People comfortable with selective calls: we say AVOID as often as we need to
Not a good fit
- ✕ Individuals applying from one or two PANs
- ✕ Anyone looking for guaranteed listing gains or tips
- ✕ Investors who want to apply in every IPO regardless of quality
- ✕ Leveraged speculation beyond what the family can absorb
What you get through the year
Every mainboard IPO is researched. Apply calls are selective. For each issue, you get a decision you can act on, from bid to exit.
Before the issue closes
A detailed research report and a final view: APPLY, AVOID or WAIT & WATCH. Onboarded families receive it one day before the issue closes.
On bidding
How many PANs to bid from, in which category, and when to place the bid, based on subscription and demand data as the issue progresses.
After listing
Exit guidance on listing day and trailing stop-loss updates after that. Exit calls are part of the engagement at no extra charge.
How we research an IPO
Every issue goes through the same fixed framework, so a view on one IPO is comparable to a view on any other. We run this full-time, with a team, and we apply in the IPOs we recommend.
Seven parameters, seven years. Each IPO is scored on the same seven parameters and checked against a 7-year backtest covering 688 anchor investors and 77+ merchant bankers.
No view before the RHP. We wait for the final offer document and price band. A DRHP alone is not enough to form a view.
Demand read in layers. Anchor book, QIB, BHNI, SHNI and retail subscription are assessed separately. A strong anchor book does not guarantee listing gains, and we never present it that way.
GMP treated as indicative. Grey market premium is one input, clearly labelled, never the basis for a call.
Exit signals flagged. Offers where more than half the issue is sold by existing shareholders are called out explicitly.
How the engagement starts
There is no sign-up form and no fixed price list. Every family’s structure is different, so the conversation comes first.
1
Book a 1-1 call
Pick a 30–45 minute slot on Zoom or in person at our Nagpur office. The call is free and carries no obligation.
2
We understand your setup
Number of PANs, capital available per IPO, how you fund applications, and what you expect from the year. We also walk you through a recent report so you see exactly what you would receive.
3
You receive a written quotation
After the call we send a quotation for your family, per PAN with a consolidated total, along with the terms of engagement. Take the time you need to decide.
4
Onboarding
Once you confirm, you receive an offer letter, invoice and onboarding letter. Coverage starts from the next open IPO and runs until 31 August.
How fees work
We do not publish a single price because a family with three PANs and a family with six need different levels of work. What stays the same for everyone:
Annual, fixed fee
One fee for the full year of coverage. No per-IPO charges, no add-ons for exit calls.
Billed per PAN
Each PAN covered is billed, and your quotation shows one consolidated family total.
No profit sharing
We do not charge a share of listing gains. Our fee does not change with how an IPO performs.
Within SEBI limits
Fees are charged as permitted under SEBI (Research Analysts) Regulations, paid by banking channels only, and never in cash.
Your exact fee is shared in writing after the 1-1 call. Nothing is payable before you receive and accept the quotation.
Common questions
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Why isn't the fee listed on this page?
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Is the call a sales call?
It is a conversation to check whether we are the right fit. If your setup does not suit our work, we will tell you on the call.
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How many APPLY calls will I get in a year?
We cannot promise a number. Every mainboard IPO is researched, but we recommend applying only when the numbers support it. Some months have several APPLY calls, some have none.
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Do you guarantee listing gains or allotment?
No. Allotment in the BHNI category is by lottery, and listing prices depend on market conditions on the day. Our research improves decisions; it does not remove risk.
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Can I join in the middle of the year?
Yes. We will discuss the remaining period on the call and reflect it in your quotation.
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Do you handle my money or place bids for me?
No. You bid through your own bank or broker accounts. We provide research and guidance only.
Start with a conversation
Thirty to forty-five minutes. We understand your family’s setup, show you how we work, and send a written quotation afterwards.
Swarn Apartment, First Floor, Queta Colony, Nagpur 440008
DISCLAIMER
IPO Research Desk is the research practice of CA Sarthak Chhallany, SEBI Registered Research Analyst, Registration No. INH000024903 (RAASB: BSE).
Registration granted by SEBI, membership of RAASB and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market is subject to market risks. Read all the related documents carefully before investing.
Past performance, including backtested results, is not indicative of future results. IPO research does not guarantee allotment or listing gains. Investors should conduct their own due diligence before making investment decisions.