Returns depends upon the amount one has to keep in cash to get the allocation. Retail portion is based on lottery and is not scalable. There is very low chance of allocation as people are applying from multiple accounts also. Once a while one can get lucky but no strategy can be made out of it due lack of scale.
The hni quota is based on the proportion to the amount applied for. So people are applying in higher quantities to get confirmed allocation. One strategy used is to apply in higher quantities and keep rotating with higher quantities to scale.
Another problem is that IPOs work best in bull market. One can easily use the money kept for IPO in secondary market and get better returns.
Strategy of buying on listing date and holding for long term can be used on poor listing with undervaluation. In most cases there is nothing left for investors after listing gain.
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