IPO Calculator: Listing Profit, Lots & Allotment Chance
For the Core4 Engineers IPO (₹93 a share, 1200 shares a lot), the smallest application is 2 lots, ₹2,23,200; at today’s GMP of ₹0 the expected listing profit is ₹0 (0%), or ₹0 after 20% short-term gains tax.
Listing profit
Shares = lot size × lots. You pay issue price × shares; at listing they are worth listing price × shares, where the listing price is estimated as issue price + GMP. Selling on listing day is a short-term capital gain, taxed at 20%. Brokerage and charges are not included.
Worked example: Core4 Engineers IPO at a GMP of ₹0.
| Lots | You pay | Worth at listing | Profit | After tax |
|---|
| 2 lots | ₹2,23,200 | ₹2,23,200 | ₹0 | ₹0 |
| 3 lots | ₹3,34,800 | ₹3,34,800 | ₹0 | ₹0 |
| 6 lots | ₹6,69,600 | ₹6,69,600 | ₹0 | ₹0 |
How many lots you can apply for
One lot costs issue price × lot size. Mainboard IPOs: retail applications go up to ₹2 lakh, small NII (sNII) from just above ₹2 lakh to ₹10 lakh, and big NII (bNII) above ₹10 lakh. SME IPOs: since SEBI’s 2025 rule the smallest application is two lots and above ₹2 lakh, which is what individual investors apply for; NII applications are bigger. UPI can block up to ₹5 lakh per application; above that, apply through net banking (ASBA).
Worked example: Core4 Engineers IPO, one lot ₹1,11,600.
| Category | Lots | Amount |
|---|
| SME minimum application | 2 | ₹2,23,200 |
| Small NII | 3–8 | ₹3,34,800–₹8,92,800 |
| Big NII | 9 or more | above ₹10 lakh |
Allotment chance
Once a category is oversubscribed, the minimum lot is given by lottery: each application has about 1 in (subscription) of getting one, however many lots it asks for. With several applications from different PANs, the chance of at least one lot is 1 − (1 − 1/subscription) to the power of the number of applications.
| Retail subscription | 1 application | 2 applications | 4 applications |
|---|
| 2x | 50% | 75% | 93.8% |
| 10x | 10% | 19% | 34.4% |
| 50x | 2% | 4% | 7.8% |
| 100x | 1% | 2% | 3.9% |
GMP reality check
The calculator takes every listed IPO whose final GMP was within 5 percentage points of yours (10 if fewer than five match) and shows the median listing gain, the middle half of the outcomes and how many listed above the issue price.
Across 160 listed IPOs from 21 July 2026 to 23 October 2026, the final grey market premium called the direction of the listing day right in 69.4% of cases; 50% listed within 5 percentage points of their final GMP, and the average gap was 8.7 points. The average listing gain was 17.1%.
Questions
How is IPO listing profit calculated?
Multiply the shares you get (lot size × lots) by the listing price, and take away what you paid (issue price × shares). Before listing, the listing price is usually estimated as the issue price plus the GMP, so the expected profit per lot is GMP × lot size.
Is IPO listing gain taxed?
Yes. Shares sold within a year of allotment, including on listing day, are a short-term capital gain, taxed at 20% (since 23 July 2024). Brokerage, exchange charges and stamp duty also come off the gain.
How many lots can a retail investor apply for?
As many as fit within ₹2 lakh at the top of the price band. Above ₹2 lakh you apply as a small NII (up to ₹10 lakh), and above ₹10 lakh as a big NII. In an oversubscribed IPO, one lot gives a retail investor the same chance as the maximum.
How is the chance of IPO allotment worked out?
When a category is oversubscribed, the minimum lot is given by lottery, so each application has about 1 in (subscription) of getting one: at 50x, about 1 in 50. The calculator shows how the chance grows with applications from different PANs. It is an estimate, as subscription counts shares, not applications.
How reliable is the GMP reality check?
It shows how listed IPOs with a similar final GMP actually opened on listing day, from our own record. It tells you how wide the outcomes have been, not what this IPO will do: GMP is unofficial and can change sharply before listing.
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