{"schema":1,"name":"Median mainboard listing-day gain, previous three months","meta":{"source":"NSE past issues list (issue price, issue dates) via Data bank nse_ipo_history; prices from NSE bhavcopy, adjusted for splits, bonuses, rights and demergers (compute/prices.py); benchmarks: Nifty 500, Nifty500 Equal Weight and Nifty Smallcap 250 price indices (niftyindices)","spec":"docs/research/ipo_spec.md (pre-registered 2026-10-01)","notes":["Listings from 2016-01. A listing is the symbol's first NSE session after the issue closes; its ISIN must not have traded before (FPOs, relistings and BSE-first listings are excluded). Excluded issues and reasons: .cache/derived/qa_ipo_excluded.csv.","Listing gain = listing-day NSE close / issue price - 1. Retail and employee discounts are ignored.","Returns after listing are price returns (dividends excluded) from the listing-day close; benchmarks are price indices, so both sides exclude dividends.","Equal-weighted throughout: no source gives reliable issue sizes.","SME listings are shown separately and are descriptive only. Their averages are dominated by a few thin-float multibaggers; read the medians.","Subscription is not published: no source of final consolidated subscription is validated yet.","Historical research. Not investment advice."],"method":"Each row covers mainboard listings in the three months ending that month: the listing count and their median listing gain, each ranked against all earlier rows (expanding percentile, no look-ahead). heat = mean of the two percentiles (count alone when there were no listings); hot = heat >= 2/3. The first ranked row is 2017-03 (12 months of history first). For the hot-market test an issue listing in month m takes the row for m-1, so its own month's listings are never used.","columns":"listings_in_month = mainboard listings in that month alone; partial = 1 while the row's month is still trading."},"as_of":"2026-10-31","latest":0.1543,"value_ago":{"1w":0.159,"1m":0.159,"1y":0.0401},"history":{"start":"2016-03-31","observations":126,"min":-0.1276,"min_date":"2016-03-31","max":0.8609,"max_date":"2020-09-30","median":0.1248,"percentile_full_history":55.5556,"percentile_last_5y":57.377}}