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What is IPO: Full Form, Meaning & How it Works?

An Initial Public Offering (IPO) is when a private company offers its shares to the public for the first time to raise capital. This process transforms a privately held company into a publicly traded one, allowing investors to purchase shares and potentially benefit from the company's growth.

Initial Public Offerings (IPOs) in the primary market have emerged as a popular investment opportunity, driving a surge in retail investor participation in the stock market.

How Does an IPO Work?

The IPO process involves several stages: from initial planning and regulatory filings to pricing, share allocation, and eventual stock market listing.

Initial Planning Stage

The company evaluates its readiness to go public, considering factors like financial performance, market conditions, and regulatory compliance.

Submission of Draft Red Herring Prospectus (DRHP)

A preliminary document, the DRHP, is prepared and submitted to the Securities and Exchange Board of India (SEBI) for approval. It contains detailed information about the company's business operations, financials, and risks.

Choosing the Stock Exchange

The company decides on the stock exchange(s) where its shares will be listed, such as the National Stock Exchange (NSE) or Bombay Stock Exchange (BSE).

Investor Roadshows and Presentations

The company's management conducts roadshows to present the investment opportunity to potential institutional and retail investors, aiming to generate interest and gauge demand.

Determining the Issue Price

Based on investor feedback and market conditions, the company, along with its underwriters, sets the price at which the shares will be offered to the public.

Share Allocation Process

Shares are allocated to various categories of investors, including institutional investors, high-net-worth individuals, and retail investors, as per regulatory guidelines.

Official Listing on the Exchange

After the allocation, the company's shares are listed on the chosen stock exchange, making them available for trading to the general public.

Start of Public Trading

Once listed, the shares commence trading on the stock exchange, and their prices fluctuate based on market demand and supply.

Lock-In Period for Insiders

Certain pre-IPO shareholders, such as company insiders, may be subject to a lock-in period during which they are restricted from selling their shares.

Post-Listing Disclosures and Compliance

The company must adhere to ongoing disclosure requirements and comply with regulations to maintain transparency with investors.

Price Stabilization Phase

In some cases, underwriters may engage in activities to stabilize the stock price shortly after the IPO to prevent excessive volatility.

What is an Initial Public Offering (IPO)?

The full form of IPO is – Initial Public Offering.  It is a process through which a private company sells its shares to the public for the first time to raise capital. This process transforms a privately owned company into a publicly traded one, allowing investors to buy shares and potentially benefit as the company grows.

During an IPO, shares are made available to different types of investors, including institutional investors, high-net-worth individuals (HNIs), and the general public. The details of the offering, such as the number of shares and pricing, are outlined in a document called the prospectus. Once the IPO is complete, these shares can be freely traded on the stock market.

After the shares are sold, they are listed on stock exchanges, allowing for public trading. This listing enhances the company's visibility in the market and provides liquidity for investors, making it easier to buy and sell shares.

An initial public offering can be a transformative moment for a company, presenting new opportunities for growth and investment. It also allows early investors to realise returns on their investments. The process of an IPO is intricate and requires careful planning, but the potential rewards can be significant, establishing a solid foundation for the company's future. In summary, the full form of IPO represents a crucial milestone in a company's journey, opening doors to new possibilities.

The IPO full form in the share market is Initial Public Offering. An IPO is the first issue of a company’s equity shares offered to the general public to raise funds. It simply means the company dilutes a part of its ownership to raise the required money. These raised funds are used for various purposes in the company, like growth prospects, debt repayment, etc.

Additional Read: IPO Registrar List in India

Types of IPOs

In India, there are two main types of Initial Public Offerings (IPOs): Fixed-price IPOs and Book-building IPOs. Understanding these types is essential for investors looking to participate in the public market.

  1. Fixed-price offering

    In a fixed-price IPO, the price of each share is set in advance and disclosed to the public. This price is determined by the merchant banker hired by the issuing company. Investors know the exact price they will pay for each share, which can simplify the decision-making process. However, the downside is that it may not reflect the true market demand for the shares, potentially limiting the company’s ability to raise optimal capital.

  2. Book-building offering

    In contrast, a book-building IPO allows the issuing company to set a price band for the shares, which includes a floor price and a cap price. Investors place their bids within this range and the final price is determined based on the demand and the bids received. This method helps gauge investor interest and can lead to a more accurate reflection of market conditions. The flexibility of the book-building process often results in a more dynamic pricing structure, benefiting both the company and investors.

In summary, both types of initial public offerings have unique features. Understanding these can help investors make informed decisions. So, whether you are asking what is the full form of IPO or exploring investment options, knowing these types is crucial.

Yes, the IPO full form is the same - Initial Public Offering - in both cases. An investment bank provides underwriting services to the IPO issuing companies and is an intermediary between the company and IPO investors. It buys all or much of the IPO shares from the company and sells them in the market.

Additional Read: Mainboard IPO

Examples of IPOs 

Understanding the primary and secondary markets is essential for grasping how IPOs function. Here's a comparative look at both markets:

Notable examples of IPOs

Here are some of the most significant Initial Public Offerings (IPOs) in history, showcasing their impact across various industries.

  1. Alibaba

    Alibaba’s IPO on Sept. 18, 2014, raised an impressive $21.8 billion, making it a landmark event in the technology sector. This record-breaking offering highlighted the company's rapid growth and ambitions, as it aimed to expand beyond China into international markets.

  2. SoftBank

    SoftBank raised $21.3 billion through its IPO on Dec. 10, 2018. This offering marked a significant milestone for the Japanese telecommunications giant, reinforcing its position in the global communication services industry and showcasing investor confidence in its diverse business model.

  3. Saudi Aramco

    Saudi Aramco set a new benchmark with its IPO on Dec. 5, 2019, raising a staggering $25.6 billion. This offering not only made it the largest IPO in history but also solidified Aramco's status as the world’s leading oil company, attracting immense interest from both institutional and retail investors.

  4. Visa

    Visa’s IPO on March 18, 2008, raised $17.4 billion, even amidst a global financial crisis. This remarkable achievement underscored Visa's robust market position in the financial services sector, as it facilitated an extensive number of transactions worldwide.

  5. AIA Group

    AIA Group raised $17.8 billion in its IPO on Oct. 21, 2010. This offering positioned AIA as the largest independent pan-Asian life insurance company, reflecting strong investor confidence in its growth potential across the Asia-Pacific region.

  6. General Motors

    General Motors made a significant comeback with its IPO on Nov. 17, 2010, raising $15.8 billion after emerging from bankruptcy. This event marked a pivotal moment for the iconic American automotive company, demonstrating its recovery and resilience in the competitive market.

  7. NTT Mobile Communication Network

    NTT DoCoMo raised $18.1 billion during its IPO on Oct. 22, 1998. This offering was notable for occurring during a challenging economic period, yet it solidified NTT's leadership in Japan’s telecommunications sector.

  8. Meta (formerly Facebook)

    Meta’s IPO on May 17, 2012, raised $16 billion, but it faced significant trading difficulties shortly after launch. Despite the initial hype, the stock experienced a sharp decline, highlighting the challenges of entering the public market.

  9. Enel SpA

    Enel raised $16.4 billion in its IPO on Nov. 1, 1999. This offering established Enel as a key player in the European utilities market, as it expanded its reach across various countries and strengthened its market position.

  10. ICBC

    The Industrial and Commercial Bank of China raised $14 billion during its IPO on Oct. 20, 2006, later increasing this figure to $21.9 billion. This landmark event marked a significant moment in the financial services industry, highlighting the bank's extensive operations and growth potential.

These notable IPOs highlight the diverse industries involved and the substantial capital raised, underscoring their vital role in shaping the global financial landscape. In exploring the full form of IPO and understanding what is the full form of IPO, it is clear that these initial public offerings have made a significant impact worldwide.

Aspect

Primary Market

Secondary Market

Definition

Where new securities are issued and sold to investors.

Where existing securities are traded among investors.

Participants

Company, underwriters, and initial investors.

Individual and institutional investors.

Purpose

Raise capital for the company.

Provide liquidity and trading of shares.

Example

IPO, FPO (Follow-on Public Offer).

Stock exchanges like NSE and BSE.

Role of Company

Direct involvement in issuing shares.

No direct involvement post-issuance.

Pricing Mechanism

Determined by the company and underwriters.

Determined by market supply and demand.

The primary market is a platform used by organisations to issue their shares to the public through an IPO. It is the first time the shares of that company are issued to the public. When individuals invest in IPO shares, they purchase them directly from the company in the primary market and receive them in their demat account.

The secondary market is where those issued securities/shares are listed on stock exchanges. After completing the IPO process, the shares are traded among individuals on stock exchanges using their trading accounts.

Who is eligible to apply for an IPO?

There are defined categories for IPO investors:

  • Qualified Institutional Buyers (QIB)
  • Non-Institutional Bidders (NII)
  • Retail Individual Investors (RII)
  • Anchor Investors

Eligibility Criteria for retail investors are as follows:

  • Retail investors must be 18+ years old to invest in IPOs.
  • A Permanent Account Number (PAN) is a must for stock investments.
  • You should have a demat account with a SEBI-registered stockbroker in India to apply online.
  • You should have a demat account linked with your bank account for seamless transfer and withdrawal of funds

Thus, these features of trading accounts enable traders to benefit from stock market trading.

Differentiate a Fixed Price and a Book Built IPO

Fixed Price IPO:

The share price is already determined before the company goes public and is mentioned in the offer documents submitted to the SEBI. Applicants pay the share price in full when submitting an IPO application.

Book Building IPO:

The company offers a bidding range to investors. Investors need to bid on the shares, and the company decides the final price later. These bids will be used to finalise the share price, and the price of an issue is discovered on the basis of demand in the market. The lowest price band is called the Floor Price of the IPO, and the upper price band is the Cap Price.

What is IPO Timeline?

Generally, an IPO issue is kept open for at least three working days and a maximum of ten working days. Individuals can bid for IPO shares within the decided price band during this subscription period.

Explain the process of closed IPO? 

After the IPO closes, the company needs to submit the final equity shares to be allotted to applicants and the final issue price. Then shares are allotted to IPO applicants based on the price quoted in their application forms.

Key Benefits of Investing in an IPO

Important Points to Consider Before Investing in an IPO

  • Early Investment Opportunity: IPOs allow investors to purchase shares at the offering price, potentially lower than the future market price, before the stock is publicly traded.
  • Potential for Capital Appreciation: If the company performs well post-listing, there is a possibility for share prices to rise, offering capital gains to early investors.
  • Participation in a Company's Growth: Investing in an IPO enables individuals to be part of the company’s long-term vision and expansion, including dividends or bonus shares if declared.
  • Access to New Market Players: IPOs often include companies from emerging sectors, giving investors exposure to new industries and innovative business models.
  • Increased Liquidity: Once listed, shares bought in an IPO can usually be traded on the stock exchange, offering liquidity and flexibility to investors.
  • Transparency and Regulation: Companies going public must comply with regulatory disclosures, providing investors with detailed financial and operational information before investing.

Pros and Cons of Investing in IPOs

Aspect

Pros

Cons

Pricing

Opportunity to purchase shares at initial offering price.

Initial pricing may be overvalued, leading to potential losses.

Information Availability

Access to company's prospectus and financials.

Limited historical data may make analysis challenging.

Market Volatility

Potential for quick gains if stock performs well post-listing.

Shares may be subject to high volatility after listing.

Liquidity

Shares become tradable on public exchanges.

Lock-in periods may restrict selling for certain investors.

Criteria for Offering an IPO

  • Financial Stability: Companies seeking to go public are generally expected to have a track record of consistent financial performance. This includes steady revenue generation, manageable debt levels, and, in many cases, sustained profitability over a defined period. Such financial metrics provide investors with greater confidence in the business's viability.
  • Regulatory Compliance: Adherence to all applicable laws and regulatory frameworks is essential. In India, this involves fulfilling the requirements laid out by the Securities and Exchange Board of India (SEBI), including disclosures, documentation, and corporate structuring in line with listing norms.
  • Corporate Governance Standards: A company must demonstrate strong corporate governance practices. This includes having an independent board, internal controls, ethical policies, and clear reporting mechanisms, which contribute to operational transparency and safeguard investor interests.
  • Favourable Market Conditions: Timing plays a crucial role in a successful IPO. Companies often wait for market conditions to be conducive—typically during periods of investor optimism and overall market stability—to ensure healthy subscription levels.
  • Scalable Business Model: A company must present a growth-oriented business model that can be scaled efficiently across markets or segments. This includes identifying expansion strategies, market opportunities, and competitive advantages.
  • Minimum Net Worth and Capital Requirements: As per SEBI guidelines, companies are also expected to meet specific thresholds related to net tangible assets, operating profit, and net worth to qualify for listing.
  • Legal Structuring and Documentation: A structured corporate setup, including a clear shareholding pattern and legal entity formation, is a basic prerequisite.

Reasons Behind a Company Going Public

  • Capital Raising: Companies often launch an IPO to generate funds for business expansion, research and development, improving infrastructure, or reducing outstanding debt. This influx of capital can support long-term strategic growth.
  • Increased Visibility: Listing on a stock exchange can boost a company's public profile, enhancing credibility, market reputation, and overall brand awareness among consumers, partners, and investors.
  • Liquidity for Shareholders: Going public allows early investors, founders, and venture capitalists to sell their shares in the open market, thereby realising returns on their investments.
  • Employee Incentives: A public listing enables companies to offer stock-based compensation, such as ESOPs, helping attract and retain skilled professionals.

Key Factors That Influence IPO Performance

  • Company’s Financial Health: The financial stability of the issuing company plays a crucial role. Metrics such as revenue growth, profit margins, debt levels, and cash flow are closely analysed by investors. A company with consistent earnings and a strong balance sheet is generally perceived as more stable.
  • Market Sentiment: IPO performance is often impacted by broader market conditions. In bullish markets, investor confidence is typically high, which may result in strong demand for new listings. In contrast, bearish markets may reduce investor participation, leading to subdued IPO performance.
  • Industry Trends: The sector in which the company operates significantly influences IPO outcomes. If the industry is experiencing growth and investor interest—such as technology or renewable energy—IPOs in these sectors may perform more favourably. On the other hand, underperforming or saturated industries may face less enthusiasm.
  • Management Team: The experience, track record, and credibility of the company’s leadership team can affect investor confidence. A seasoned and reputable management team may be viewed as better equipped to drive future growth and navigate challenges.
  • Valuation and Pricing Strategy: How the company is valued and the pricing of shares at the time of the IPO matter to investors. If priced too high, investors may be hesitant; if priced attractively, it may increase demand.
  • Regulatory and Legal Compliance: Adherence to regulatory standards and transparent disclosures can also impact investor trust and, consequently, IPO performance.

Important Points to Consider Before Investing in an IPO

Investing in an IPO requires careful consideration of several factors:

Research the Company Thoroughly

Analyse the company's business model, revenue sources, financial performance, industry position, and future outlook. Reviewing the Draft Red Herring Prospectus (DRHP) and past performance helps in evaluating whether the company has a sustainable and scalable business strategy.

Understand the Lock-In Period

Be aware of lock-in periods that restrict selling shares for a specific duration post-listing. These typically apply to promoters, employees with stock options, and anchor investors. Understanding this period helps assess short-term liquidity and potential price movements after listing.

Define a Clear Investment Strategy

Before investing, identify your investment goals—whether short-term gains or long-term holding—along with risk appetite and capital allocation. Assess if the IPO complements your broader investment portfolio, keeping in mind your financial goals and the company's potential to generate returns.

Conclusion

Understanding the IPO full form and its implications is crucial for investors looking to diversify their portfolios. The process of participating in an IPO can offer significant opportunities, but it also requires careful analysis and consideration of market dynamics. By staying informed and leveraging reliable platforms like Bajaj Broking, investors can make well-informed decisions and potentially benefit from the growth prospects of newly public companies.

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Frequently Asked Questions

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Is the IPO full form in Market and IPO full form in Banking the same?

Answer Field

Yes, the full form of IPO (Initial Public Offering) in the Market and Banking sectors remains identical. Both refer to the process by which a private company offers shares publicly.

How many days does the IPO remain open for applications?

Answer Field

Typically, an IPO remains open for applications between three and five days. This window allows investors to apply for shares before the offering closes, depending on company policies and regulatory guidelines.

Is Investing in an IPO profitable?

Answer Field

Investing in an IPO can be profitable, but it also involves risks. While some IPOs have delivered impressive returns, others may not perform as expected. It's important to conduct thorough research and consider market conditions before investing in an IPO.

Who can invest in an IPO?

Answer Field

In India, individual retail investors, qualified institutional buyers (QIBs), and non-institutional investors (NIIs) can invest in an IPO. Retail investors must meet certain eligibility criteria set by the issuing company and regulatory bodies.

How to calculate the profit of an IPO?

Answer Field

To calculate the profit from an IPO, subtract the IPO purchase price from the current market price of the shares, then multiply by the number of shares allotted.

 

For example:

Profit = (Current Market Price − IPO Purchase Price) × Number of Shares

How to invest in an IPO at Bajaj Broking app?

Answer Field

To invest in an IPO via the Bajaj Broking app, follow these steps:

 

·       Log in to the Bajaj Broking app.

·       Go to the IPO section.

·       Select the desired IPO from the list of available IPOs.

·       Fill in the application form with required details.

·       Submit the application and ensure sufficient funds in your account for the application amount.

·       Confirm the application and await the allotment status.

How to know about the upcoming IPO?

Answer Field

Investors can stay informed about upcoming IPOs through financial news websites, stock exchange announcements (NSE and BSE), and brokerage platforms like Bajaj Broking. Subscribing to newsletters and financial alerts can also help keep track of new IPO listings.

How to Know about IPO allotment?

Answer Field

To know about IPO allotment, investors can check the status on the official registrar's website of the IPO or through the brokerage platform they used to apply. Additionally, updates are often sent via email or SMS notifications to the registered investors.

Is IPO profitable?

Answer Field

Investing in an IPO can be profitable, but it comes with risks. The profitability depends on various factors, including the company's performance, market conditions, and investor sentiment. Historically, some IPOs have provided substantial returns, while others have underperformed.

What is the IPO full form in the share market?

Answer Field

In the share market, IPO stands for Initial Public Offering. It is the process through which a private company offers its shares to the public for the first time, allowing investors to buy shares and thus become part-owners of the company.

As an IPO investor, how do I choose a price to apply at?

Answer Field

Investors can choose to bid at the cut-off price or specify a price within the given range based on their valuation of the company.

Who decides the IPO size and price range?

Answer Field

The company, in consultation with its underwriters, determines the IPO size and price range based on factors like capital requirements and market conditions.

Do the BRLM and Registrar have the same role in an IPO?

Answer Field

No, the Book Running Lead Manager (BRLM) manages the IPO process, while the Registrar handles administrative aspects like processing applications and allotment of shares.

On what basis are the shares allotted?

Answer Field

Shares are allotted based on the subscription levels in different investor categories, following SEBI guidelines.

My funds will be locked in for a fixed period once I apply for the IPO - is it correct?

Answer Field

Funds are blocked in your account during the IPO application process but are released if shares are not allotted.

How do IPO shares get listed at a premium/discount to the issue price?

Answer Field

Post-listing, share prices are determined by market demand and supply, leading to trading at a premium or discount to the issue price.

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BSE Ltd. is not answerable, responsible or liable for any information on this Website or for any services rendered by our employees, our servants, and us.

Personal Loan, Fixed Deposit, EMI Card are provided by Bajaj Finance Limited. Bajaj Financial Securities Limited is only a distributor. These are not exchange traded products and all disputes with respect to the distribution activity, would not have access to exchange investor redressal forum or Arbitration mechanism.

No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account.

Please Note:

  1. Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020

  2. Update your mobile number & email ID with your stock broker/depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge.

  3. Pay 20% upfront margin of the transaction value to trade in cash market segment.

  4. Investors may please refer to the Exchange's Frequently Asked Questions (FAQs) issued vide circular reference NSE/INSP/45191 dated July 31, 2020 and NSE/INSP/45534 and BSE vide notice no. 20200731-7 dated July 31, 2020 and 20200831-45 dated August 31, 2020 and other guidelines issued from time to time in this regard.

  5. Check your Securities /MF/ Bonds in the consolidated account statement issued by NSDL/CDSL every month.

Client Registration Documents (Rights & Obligations, Risk Disclosure Document, Do's & Don'ts) in Vernacular Language: BSE | NSE

If the client wishes to revoke /cancel the EDIS mandate placed by them, they can write on email to connect@bajajbroking.in  or call on the toll free number.

Advisory for Investors : NSE | BSE

ADVISORY - KYC COMPLIANCE

ADVISORY – PRECAUTIONS FOR CLIENTS DEALING IN OPTIONS

We also do pro-account trading in Equity & Derivatives Segment.

Filling complaints on SCORES - Easy & Quick

A.  Register on SCORES portal B. Mandatory details for filling complaints on SCORES (i) Name, PAN, Address, Mobile Number, E-mail ID C. Benefits: (i) Effective Communication (ii) Speedy redressal of the grievances.

SEBI Registration No.: INZ000218931 | BSE Cash/CDS/F&O (Member ID: 6706) | NSE Cash/F&O/CDS (Member ID: 90177) | DP registration No : IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN – 163403 Research Analyst SEBI Registration No. INH000010043

Compliance officer:

Mr. Harinatha Reddy Muthumula
TEL: 020-48574486
Email: compliance_sec@bajajbroking.in, for any investor grievances write to compliance_sec@bajajbroking.in for DP related to Compliance_dp@bajajbroking.in .

DISCLAIMER

STANDARD DISCLAIMER

Investments in the securities market are subject to market risk, read all related documents carefully before investing.

Reg Office: Bajaj Auto Limited Complex, Mumbai –Pune Road Akurdi Pune 411035. Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014. SEBI Registration No.: INZ000218931 | BSE Cash/F&O/CDS (Member ID:6706) | NSE Cash/F&O/CDS (Member ID: 90177) | DP registration No: IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN –163403. 

Website: https://www.bajajbroking.in/

RESEARCH DISCLAIMER

Broking services offered by Bajaj Financial Securities Limited | Registered Office: Bajaj Auto Limited Complex , Mumbai –Pune Road Akurdi Pune 411035 | Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014 | CIN: U67120PN2010PLC136026 | Research Analyst SEB I Registration No: INH000010043.

Details of Compliance Officer: 

Mr. Harinatha Reddy Muthumula (For Broking/DP/Research)
Email: compliance_sec@bajajbroking.in
Contact No.: 020-4857 4486 

Investment in the securities involves risks, investor should consult his own advisors/consultant to determine the merits and risks of investment.

DISCLOSURES

Disclosures under the provisions of SEBI (Research Analysts) Regulations 2014 (Regulations) 

Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities. There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. This research report has been prepared and distributed byBajaj Financial Securities Limited in the capacity of a Research Analyst as per Regulation 22(1) of SEBI (Research Analysts) Regulations 2014 having SEBI Registration No. INH000010043. 

DISCLAIMER

This e-mail/ short message service (SMS) may contain confidential, proprietary or legally privileged information. It should not be used by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender. The recipient acknowledges thatBajaj Financial Securities Limited or its holding and/or associated companies, as the case may be, are unable to exercise control or ensure or guarantee the integrity of/over the contents of the information contained in e-mail /SMS transmissions and further acknowledges that any views expressed in this message are those of the individual sender and no binding nature of the message shall be implied or assumed unless the sender does so expressly with due authority of Bajaj Financial Securities Limited. This message is not intended as an offer or publication or solicitation for distribution for subscription of or purchase or sale of any securities or financial instrument(s) to anyone in whose jurisdiction such subscription etc. requires prior local regulatory clearance or is contrary to the local laws of the land in any manner or as an official confirmation of any transaction. Before opening any attachments, please check them for viruses and defects. 

This service / information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose unless otherwise expressly authorised. This service / information is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subjectBajaj Financial Securities Limited and affiliates/ group/holding companies to any registration or licensing requirements within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe any such restrictions.  

The data would be provided to the clients on an "as is" and "where-is" basis, without any warranty. Bajaj Financial Securities Limited or its subsidiaries and associated companies shall not be liable for any delay or any other interruption which may occur in providing the data due to any reason including network (Internet) reasons or snags in the system, breakdown of the system or any other equipment, server breakdown, maintenance shutdown, breakdown of communication services or inability of the Bajaj Financial Securities Limited or its subsidiaries and associated companies to provide the data. In no event shall the Bajaj Financial Securities Limited or its holding and associated companies be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data provided by the Bajaj Financial Securities Limited or its holding and associated companies.

ADDITIONAL DISCLAIMER FOR U.S. PERSONS

Bajaj Financial Securities Limited is not a registered broker-dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition, Bajaj Financial Securities Limited is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for U.S. persons. This email message does not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services and/or shall not be considered as an advertisement tool. "U.S. Persons" are generally defined as a natural person, residing in the United States or any entity organized or incorporated under the laws of the United States. US Citizens living abroad may also be deemed "US Persons" under certain rules.  

ADDITIONAL DISCLAIMER FOR CANADIAN PERSONS

Bajaj Financial Securities Limited is not a registered adviser or dealer under applicable Canadian securities laws nor has it obtained an exemption from the adviser and/or dealer registration requirements under such law. Accordingly, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for Canadian persons.  

This mailer and its respective contents do not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services.  

DISCLAIMER FOR REPORT

DISCLOSURES UNDER THE PROVISIONS OF SEBI (RESEARCH ANALYSTS) REGULATIONS 2014 (REGULATIONS)

Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities.  

This Report has been prepared by Bajaj Financial Securities Limited in the capacity of a Research Analyst having SEBI Registration No. INH000010043 and distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors.  

This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Bajaj Financial Securities Limited and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Bajaj Financial Securities Limited reserves the right to make modifications and alterations to this statement as may be required from time to time. Bajaj Financial Securities Limited or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Bajaj Financial Securities Limited is committed to providing independent and transparent recommendation to its clients. Neither Bajaj Financial Securities Limited nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance .The disclosures of interest statements incorporated in this report are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The information provided in these reports remains, unless otherwise stated, the copyright of Bajaj Financial Securities Limited. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of Bajaj Financial Securities Limited and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.  

We offer our research services to clients as well as our prospects. Though this report is disseminated to all the customers simultaneously, not all customers may receive this report at the same time. We will not treat recipients as customers by virtue of their receiving this report.  

Bajaj Financial Securities Limited and its associates, officer, directors, and employees, research analyst (including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. Bajaj Financial Securities Limited may have proprietary long/short position in the above-mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Bajaj Financial Securities Limited.  

Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.  

Research analyst has served as an officer, director or employee of subject Company: No  

Bajaj Financial Securities Limited has financial interest in the subject companies: No  

Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.  

Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Subject company may have been client during twelve months preceding the date of distribution of the research report.  

There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at https://www.nseindia.com/

ANALYST CERTIFICATION

The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.  

RISK DISCLOSURE ON DERIVATIVES

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹ 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

BROKERAGE DISCLAIMER

All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit : https://www.bajajbroking.in/pricing

MTF 

As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).  

US INVESTING

International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.  

MARKETSMITH / GOLDENPI / SOVEREIGN GOLD BONDS

Bajaj Financial Securities Limited is only distributor of this product. These are not exchange traded products and all disputes with respect to the distribution activity, would not have access to exchange investor redressal forum or Arbitration mechanism. Bajaj Financial Securities Limited is not a registered Investment Advisory. User discretion is required before investing. Client is requested to independently evaluate and/or consult their professional advisors before arriving at any conclusion to make any investment. The decision to invest shall be the sole responsibility of the Client and shall not hold Bajaj Financial Securities Limited, its employees and associates responsible for any losses, damages of any type whatsoever. 

IPO 

This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.  

SCREENERS 

Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform. 

SECURITIES 

Securities quoted are exemplary and not recommendatory. 

IPV 

Account would be open after all procedure relating to IPV and client due diligence is completed. 

IMAGES 

The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites. 

DISCLOSURE TO CLIENTS REGARDING PAYOUT OF FUNDS

As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.