{"schema":1,"name":"IPO heat gauge: mainboard listing count and median listing gain, ranked","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."],"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."},"dates":["2016-01-31","2016-02-29","2016-03-31","2016-04-30","2016-05-31","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":{"listings_in_month":[0,3,1,3,3,0,3,4,2,2,1,2,0,1,2,1,3,3,3,2,6,6,5,3,3,2,4,4,0,0,4,1,1,2,0,0,0,2,1,3,1,0,1,1,0,2,0,3,0,0,1,0,0,0,1,0,2,5,2,2,1,5,8,2,0,4,5,9,3,2,10,12,1,2,0,3,8,2,0,1,3,2,8,7,2,0,2,2,1,1,6,6,11,6,7,12,4,9,8,3,5,4,5,8,12,7,6,15,6,4,0,0,3,5,13,15,16,15,12,10,3,3,9,4,1,3,13,17,30],"window_listings":[null,null,4.0,7.0,7.0,6.0,6.0,7.0,9.0,8.0,5.0,5.0,3.0,3.0,3.0,4.0,6.0,7.0,9.0,8.0,11.0,14.0,17.0,14.0,11.0,8.0,9.0,10.0,8.0,4.0,4.0,5.0,6.0,4.0,3.0,2.0,0.0,2.0,3.0,6.0,5.0,4.0,2.0,2.0,2.0,3.0,2.0,5.0,3.0,3.0,1.0,1.0,1.0,0.0,1.0,1.0,3.0,7.0,9.0,9.0,5.0,8.0,14.0,15.0,10.0,6.0,9.0,18.0,17.0,14.0,15.0,24.0,23.0,15.0,3.0,5.0,11.0,13.0,10.0,3.0,4.0,6.0,13.0,17.0,17.0,9.0,4.0,4.0,5.0,4.0,8.0,13.0,23.0,23.0,24.0,25.0,23.0,25.0,21.0,20.0,16.0,12.0,14.0,17.0,25.0,27.0,25.0,28.0,27.0,25.0,10.0,4.0,3.0,8.0,21.0,33.0,44.0,46.0,43.0,37.0,25.0,16.0,15.0,16.0,14.0,8.0,17.0,33.0,60.0],"window_median_gain":[null,null,-0.1276,0.0122,0.1026,0.1257,0.1924,0.2359,0.1838,0.1667,0.0326,0.1224,0.1224,0.3266,0.3266,0.3507,0.1091,0.0253,0.0253,0.1239,0.212,0.1213,0.0306,0.0222,0.0337,0.0913,0.0302,-0.019,-0.019,-0.0146,0.0618,0.0728,0.0618,-0.0907,-0.1246,-0.0907,null,-0.0257,-0.0504,0.0222,0.0907,0.1539,0.2819,0.2554,0.2554,0.1727,0.64,0.5122,0.5122,0.5122,-0.0975,-0.0975,-0.0975,null,0.7451,0.7451,0.8609,0.1859,0.1859,0.1859,0.2932,0.4538,0.278,0.1756,0.1452,0.2188,0.425,0.2188,0.1593,0.0699,0.2268,0.217,0.2071,0.1028,0.078,0.1663,0.0452,0.0452,0.0263,0.2062,0.4149,0.4149,0.1257,0.0293,0.0293,-0.0647,0.1689,-0.0307,0.0258,0.1149,0.5021,0.417,0.2723,0.1575,0.1743,0.2085,0.2085,0.1153,0.079,0.0776,0.1131,0.2748,0.2402,0.2866,0.2731,0.2688,0.1386,0.1946,0.273,0.273,0.1635,-0.0271,0.0823,0.0342,0.0823,0.0614,0.0588,0.0401,0.0111,0.0245,0.0245,0.0076,-0.0587,-0.0357,-0.0431,0.07,0.1258,0.1638,0.159],"pct_count":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.1667,0.3077,0.6429,0.8667,1.0,0.8824,1.0,1.0,1.0,0.9524,0.8636,0.6957,0.7917,0.8,0.6538,0.1852,0.2143,0.3103,0.4333,0.2258,0.0938,0.0,0.0,0.0571,0.1944,0.5405,0.4211,0.3333,0.075,0.0976,0.119,0.2558,0.1364,0.5111,0.2826,0.2979,0.0208,0.0408,0.06,0.0196,0.0962,0.1132,0.3889,0.7636,0.8929,0.8947,0.569,0.8136,0.9833,0.9836,0.8871,0.619,0.8594,1.0,0.9848,0.9403,0.9559,1.0,0.9857,0.9296,0.3056,0.4795,0.8378,0.84,0.7895,0.2987,0.3846,0.557,0.85,0.963,0.9634,0.7349,0.369,0.3765,0.4651,0.3793,0.6705,0.8427,0.9889,0.989,1.0,1.0,0.9681,1.0,0.9167,0.9072,0.8469,0.7374,0.81,0.8911,1.0,1.0,0.9904,1.0,0.9906,0.972,0.6481,0.3119,0.2182,0.5586,0.875,1.0,1.0,1.0,0.9828,0.9744,0.9322,0.7563,0.7417,0.7603,0.7049,0.5122,0.8065,0.968,1.0],"pct_gain":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,1.0,1.0,0.2857,0.1333,0.1875,0.5294,0.7778,0.3684,0.2,0.0952,0.3182,0.3478,0.2083,0.04,0.0769,0.1111,0.4286,0.4483,0.4333,0.0323,0.0312,0.0909,null,0.1176,0.1143,0.2778,0.5676,0.7895,0.9231,0.9,0.9024,0.7619,1.0,0.9773,0.9778,0.9783,0.0426,0.0625,0.0816,null,1.0,1.0,1.0,0.6981,0.7037,0.7091,0.8214,0.8772,0.7759,0.6102,0.55,0.7213,0.871,0.7143,0.5469,0.3538,0.7273,0.6866,0.6618,0.4058,0.3571,0.5493,0.2917,0.3014,0.2297,0.68,0.8816,0.8831,0.4872,0.2278,0.2375,0.0864,0.5854,0.1084,0.2262,0.4588,0.9186,0.8851,0.7841,0.5393,0.6,0.6923,0.6957,0.4301,0.3617,0.3474,0.4271,0.8041,0.7653,0.8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