Companion to “The IPO Question Nobody Asks”

IPO Owner's Test

Step one: twenty-one questions from the OWNERS framework, answered from the red herring prospectus, not from memory. Five are gates: a “No” on any of them ends the test, and a “Don't know” sends you back to the document. Step two: the numbers, which the verdict requires before it will say “Ready to decide”.

How to get the figures
  1. Find the offer document. Search the web for the RHP · SEBI filings · NSE IPOs · BSE IPOs. Use the RHP (red herring prospectus) if it exists; the DRHP is the earlier draft and its figures may be older.
  2. Fill in the values. Open the PDF alongside this page. Under every box in the calculator is the heading to search for inside the PDF with Ctrl+F; click it to copy. The page does not read the document for you.
Show where to look in any RHP
Step one result
Outcome

Not enough answers yet

Step two

Answered the questions? Now test them against the numbers. Enter the figures from the RHP and the page computes market capitalisation, P/E, EV/EBITDA, cash conversion and leverage, and checks them against what you answered.

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Deeper analysis: run the numbers

Step two, after the questions · type figures from the RHP in ₹ crore · required before the verdict will say “Ready to decide”

Every figure below is in the RHP. Under each box is the heading to search for with Ctrl+F in the PDF (click it to copy) and the section it sits in. Use the restated consolidated numbers and the upper end of the price band. If the RHP reports in ₹ million, divide by 10 to get ₹ crore; if in ₹ lakh, divide by 100. Leave blank anything you cannot find; the page computes whatever it can.