1. Promoter Integrity

Investigate the background of the promoters. Have they been involved in previous defaults or legal issues? A clean track record is non-negotiable.

2. Debt-to-Equity Ratio

Look for companies with a ratio below 1.0. High debt often means the IPO proceeds will go towards paying interest rather than business growth.

3. Competitive Moat

What makes this company unique? Does it have a pricing power or technology that competitors cannot easily copy?

4. Grey Market Analysis

Cross-verify the GMP with the subscription figures to ensure the demand is genuine and not manipulated.