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Use the IPO calculators
Updated 31 October 2026 · 4 min read · 14 Contents
Plain-language meaning
The IPO calculators are seven worked tools for Indian IPOs: listing returns, lots and budget, allotment odds, HNI funding cost, issue size, valuation and free cash flow to equity. They calculate from the inputs and issue data shown and never save, apply or place anything.
Why it is useful #
They make the arithmetic behind an IPO application transparent — how many lots a budget buys, what oversubscription does to expected allotment, and what borrowed funding costs per share — before a user reads the offer document.
Where it appears and the workflow #
Open IPO Calculators from the IPO page (/Ipo/Calculators; tabs can be opened directly, for example #allotment, and ?symbol= pre-selects an issue). Choosing an IPO in one tab selects it in all tabs. A 'How similar IPOs have performed' panel shows the median return since listing for the same board, how many trade above issue price, the best and worst, and exact-industry peers. On mobile, open the calculators from the IPO screen.
Calculation or source #
Return: gain = shares × (market price − issue price), percentage = gain ÷ amount invested. Lots: floor(budget ÷ (lot size × upper price)), with the retail cap of ₹2,00,000 unless the issue publishes its own, S-HNI up to ₹10,00,000 and B-HNI above. Allotment: probability = min(100, 100 ÷ subscription times); a subscription at or below 1× fills the bid. HNI funding: interest per allotted share = price × subscription × rate × days ÷ 365, and break-even = price + interest. Issue size: PAT × P/E × dilution, split into fresh issue and offer for sale. Valuation: a five-year DCF of PAT × cash conversion discounted at 1 ÷ (1 + r)^t, plus a terminal value CF5 × (1 + g) ÷ (r − g), shown beside PAT × P/E and their simple average. FCFE = operating cash flow − (PPE + capital advances + CWIP − asset sales) + net long- and short-term borrowing.
Prerequisites, inputs, period and unit #
Prerequisites are an issue from the persisted India (NSE/BSE) IPO calendar or manually entered values. Only IPO, FPO and IPP issues are listed. Amounts are INR, subscription is in times, rates are annual percentages and funding days are calendar days. Terminal growth must be below the discount rate.
Worked example #
Illustrative only: with a lot of 50 shares at an upper price of ₹300, one lot costs ₹15,000 and a ₹2,00,000 retail budget buys 13 lots. If the retail category is subscribed 40×, the calculator shows an allotment probability of 2.5% per application, not a guarantee of any shares.
What high and low mean #
A higher subscription lowers the allotment probability and raises the funding cost per allotted share. A higher discount rate lowers the DCF value. A high valuation output is a consequence of the assumptions entered, not a fair value.
Positive, negative and zero #
A negative return means the market price is below the issue price. FCFE can be negative when capital spending and debt repayment exceed operating cash flow. Zero subscription or zero lot size cannot be calculated and prompts for valid input instead.
Limitations and common mistakes #
Allotment uses a simple proportional model; actual lottery and category rules, multiple applications and rejections change outcomes. The DCF and P/E values depend entirely on the assumptions typed in. A common mistake is reading the probability as the share of an application that will be filled.
Market-specific differences #
The calculators follow Indian IPO categories, caps and INR amounts. US and other regions' IPOs appear in IPO tracking but are not supported by these calculators.
Suggested next steps #
Pick an issue, enter your budget in Lots & budget and note the lots it buys. Switch to Allotment with the latest subscription figure and explain the probability, then change the funding rate in HNI funding and observe how the break-even moves.
Educational use only #
This guide explains descriptive research evidence. It is not investment advice, a price prediction, a recommendation, a claim of predictive accuracy, or an instruction to buy, sell, rebalance or place an order.