IPO tracker

How to research any IPO

A checklist, not a verdict generator — work through these before forming your own view on any issue, including the ones tracked above.

1. What does the company actually do?

   Get past the tagline — what specifically generates its revenue, and for whom?
2. How does it make money?

   One dominant revenue line, or several? Which is growing, which is shrinking?
3. What does its financial history actually show?

   Revenue and profit trend over 3+ years, not just the most recent flattering quarter.
4. What's happening in its industry right now?

   Growing, mature, or under pressure — and is this IPO timed to ride a trend?
5. How does it compare to its listed peers?

   Same growth rate, margins, and debt load — or is it being priced like a peer it doesn't actually resemble?
6. Is the asking valuation reasonable?

   Compare its P/E, P/B, or EV/EBITDA at the IPO price band against listed peers — see our valuation primer.
7. What are the genuine strengths?

   Market position, brand, distribution, technology — specific advantages, not marketing language.
8. What are the disclosed risks?

   The prospectus's own "Risk Factors" section is required reading — it's where companies must legally disclose what could go wrong.
9. What would you still need to know?

   Write down your open questions before applying — a genuine gap in your own understanding is a reason to wait, not to guess.