{"schema":1,"name":"Calendar-time portfolio: every mainboard IPO in months 1-36 after listing, equal-weighted, vs benchmarks","resolution":"daily","generated_at":"2026-10-01T15:15:51Z","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."],"columns":"ret = portfolio monthly return; benchmark columns are their monthly returns; wealth_* = growth of 1 from the first month. Months with fewer than 10 stocks are dropped.","test":"see ipo/tests"},"dates":["2016-06-30","2016-07-31","2016-08-31","2016-09-30","2016-10-31","2016-11-30","2016-12-31","2017-01-31","2017-02-28","2017-03-31","2017-04-30","2017-05-31","2017-06-30","2017-07-31","2017-08-31","2017-09-30","2017-10-31","2017-11-30","2017-12-31","2018-01-31","2018-02-28","2018-03-31","2018-04-30","2018-05-31","2018-06-30","2018-07-31","2018-08-31","2018-09-30","2018-10-31","2018-11-30","2018-12-31","2019-01-31","2019-02-28","2019-03-31","2019-04-30","2019-05-31","2019-06-30","2019-07-31","2019-08-31","2019-09-30","2019-10-31","2019-11-30","2019-12-31","2020-01-31","2020-02-29","2020-03-31","2020-04-30","2020-05-31","2020-06-30","2020-07-31","2020-08-31","2020-09-30","2020-10-31","2020-11-30","2020-12-31","2021-01-31","2021-02-28","2021-03-31","2021-04-30","2021-05-31","2021-06-30","2021-07-31","2021-08-31","2021-09-30","2021-10-31","2021-11-30","2021-12-31","2022-01-31","2022-02-28","2022-03-31","2022-04-30","2022-05-31","2022-06-30","2022-07-31","2022-08-31","2022-09-30","2022-10-31","2022-11-30","2022-12-31","2023-01-31","2023-02-28","2023-03-31","2023-04-30","2023-05-31","2023-06-30","2023-07-31","2023-08-31","2023-09-30","2023-10-31","2023-11-30","2023-12-31","2024-01-31","2024-02-29","2024-03-31","2024-04-30","2024-05-31","2024-06-30","2024-07-31","2024-08-31","2024-09-30","2024-10-31","2024-11-30","2024-12-31","2025-01-31","2025-02-28","2025-03-31","2025-04-30","2025-05-31","2025-06-30","2025-07-31","2025-08-31","2025-09-30","2025-10-31","2025-11-30","2025-12-31","2026-01-31","2026-02-28","2026-03-31","2026-04-30","2026-05-31","2026-06-30","2026-07-31","2026-08-31","2026-09-30"],"series":{"ret":[0.1172,0.0624,0.0298,-0.0,0.1156,-0.0638,0.0023,0.0662,0.0329,0.0223,0.0667,-0.0208,0.0236,0.0664,-0.0014,0.0026,0.063,0.0983,0.0459,-0.0166,-0.0158,-0.0435,0.0786,-0.045,-0.0668,0.0163,0.0021,-0.1327,-0.043,0.0231,0.0147,-0.0654,-0.0066,0.0928,-0.0124,0.026,-0.0372,-0.0981,-0.0187,0.0757,0.0612,0.0255,-0.0052,0.0599,-0.0617,-0.3211,0.1388,-0.0228,0.2076,0.0735,0.1107,0.0244,-0.0209,0.1046,0.0712,-0.0019,0.1116,-0.0304,0.0581,0.1307,0.0489,0.0714,0.0039,0.0558,0.0069,-0.0288,0.0106,-0.038,-0.1184,0.0371,0.0409,-0.0865,-0.0531,0.091,0.0681,0.0002,-0.0031,0.0009,-0.0134,-0.0202,-0.0508,-0.0267,0.0842,0.0713,0.0961,0.0621,0.0544,0.0089,-0.0062,0.0724,0.0351,0.0639,-0.0005,-0.0758,0.0885,-0.0309,0.0927,0.0681,0.0183,0.0116,-0.0353,0.0144,0.0111,-0.1077,-0.1554,0.0211,0.0312,0.1162,0.0315,0.0063,-0.0131,0.0084,0.0193,-0.0477,-0.0328,-0.0898,0.002,-0.1255,0.2599,0.0081,0.0589,0.0177,0.0326,0.0042],"stocks":[10,10,13,17,19,21,22,24,24,25,27,28,31,34,37,39,45,51,56,59,62,64,68,72,72,72,76,77,78,80,80,80,80,79,79,79,77,77,75,72,70,70,69,70,70,69,68,67,64,61,59,57,53,52,49,48,46,49,53,51,51,55,56,64,66,66,76,88,89,88,87,87,94,96,95,95,98,98,106,110,112,112,113,115,116,117,122,128,137,138,143,154,157,161,161,162,167,167,167,166,175,180,176,179,184,186,186,183,178,181,194,208,221,234,238,241,242,245,252,254,254,256,263,274],"nifty500":[0.026,0.05,0.0219,-0.0128,0.0144,-0.0563,-0.0136,0.0568,0.0447,0.0371,0.0274,0.0166,-0.0023,0.0554,-0.0112,-0.0109,0.0644,0.0001,0.0367,0.0218,-0.045,-0.0378,0.0656,-0.0191,-0.0164,0.0533,0.0354,-0.0877,-0.0398,0.0406,0.0067,-0.0181,-0.0053,0.079,0.0001,0.0146,-0.015,-0.0635,-0.0075,0.0405,0.0373,0.0128,0.006,-0.0011,-0.0634,-0.2425,0.1452,-0.0238,0.0834,0.0662,0.0372,-0.0032,0.0257,0.1187,0.0746,-0.0187,0.0778,0.0109,0.0041,0.0697,0.0187,0.0142,0.0653,0.0341,0.0023,-0.0291,0.0237,-0.005,-0.0411,0.041,-0.0075,-0.0449,-0.0518,0.0955,0.045,-0.0323,0.0401,0.0339,-0.0312,-0.0332,-0.0279,0.0027,0.0455,0.0359,0.0421,0.0383,-0.0079,0.0218,-0.0284,0.0706,0.0801,0.0192,0.0145,0.0082,0.0366,0.0051,0.069,0.043,0.0087,0.0215,-0.0642,-0.0001,-0.0137,-0.0355,-0.0788,0.0734,0.0324,0.035,0.0358,-0.0297,-0.0197,0.0121,0.0429,0.0094,-0.0026,-0.0332,0.0038,-0.1139,0.105,-0.0012,0.0149,0.0202,-0.0004,-0.0588],"nifty500_ew":[0.0661,0.0534,0.0218,-0.0045,0.0485,-0.0739,-0.0214,0.0728,0.0554,0.0498,0.0548,-0.0248,0.0077,0.0437,-0.0158,-0.0011,0.0932,0.03,0.0526,-0.0245,-0.0426,-0.062,0.0654,-0.059,-0.0626,0.0298,0.0422,-0.1441,-0.0145,0.0181,0.026,-0.0569,-0.0138,0.0956,-0.0245,0.0128,-0.041,-0.1005,-0.0211,0.0366,0.0384,0.0077,-0.0013,0.0444,-0.0774,-0.2954,0.1639,-0.0247,0.1631,0.0419,0.0968,0.0002,0.0004,0.1364,0.0797,-0.0002,0.116,0.0013,0.0343,0.0974,0.0526,0.0467,-0.007,0.0548,-0.0006,-0.019,0.0365,-0.003,-0.0775,0.0428,0.0189,-0.0672,-0.0619,0.0929,0.0559,-0.0155,0.0164,0.033,-0.0143,-0.0291,-0.0345,-0.0125,0.0679,0.0503,0.0626,0.0602,0.0388,0.0279,-0.0276,0.0862,0.073,0.063,0.0012,-0.0238,0.0807,0.0058,0.081,0.0549,0.0051,0.0146,-0.0588,-0.0043,-0.0057,-0.068,-0.1157,0.0822,0.0248,0.0851,0.039,-0.0274,-0.0262,0.0162,0.0333,-0.0188,-0.002,-0.0481,0.0139,-0.1119,0.1584,0.0117,0.0251,0.0166,0.0092,-0.05],"smallcap250":[0.079,0.0418,0.0252,0.0051,0.0564,-0.0936,-0.0243,0.0802,0.065,0.0576,0.0714,-0.0156,0.0134,0.0427,-0.0171,-0.0061,0.0991,0.0319,0.0467,-0.0294,-0.0357,-0.0739,0.0692,-0.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