Changes to the score
Every change that moves scores is first tested on past IPOs, using only what was known before each one opened, and checked on today's IPOs before it goes live. Scores already written down never change.
27 September 2026
- SME scores now count the money bid, not only how many times an IPO was subscribed. Ten times subscribed on a Rs 100 crore IPO is more money than ten times on Rs 10 crore. Tested on past SME IPOs, the ranking improved in 9 of 10 years. It applies once bidding closes; mainboard scores are unchanged.
- Closed SME IPOs keep their final demand after allotment. Three listed SME IPOs were being scored without their subscription figures. They now use the final figures, and two of them, subscribed 1.22 and 1.73 times, moved down one score range.
- Each IPO is compared only with IPOs on its own board. Three SME IPOs had also been counted among mainboard IPOs. Two mainboard scores moved by one point.
26 September 2026
- The score leans more on what has held true year after year. Things that pointed the same way in most years count for more than things that came and went.
- The score learns from every IPO listed so far. Before this it stopped at the end of 2024.
- Two new checks keep a score out of the top two ranges: a grey market premium that collapses while bidding is open, and large pending claims against the company, at half of its net worth or more.
- SME scores work out return on capital from the prospectus itself.
- Mainboard scores also look at how much of its peak the grey market premium kept by the close.
- Final demand after bidding closes: NSE's own final figure for mainboard, and the final figure from public trackers for SME IPOs on either exchange.
22 to 24 September 2026
- The grey market premium history is now part of the score on both boards.
- SME scores now look at the lead manager's past IPOs and whether the prospectus names its clients.
- Two checks that pointed opposite ways in different years were dropped.
The numbers on the board, as data: scores.json, rebuilt with every update.