- Demand:
- How many times the issue was oversubscribed. This is what the outlook is built on.
- Lead manager:
- The banker running the issue, and how its past SME IPOs listed. A poor record has meant weaker listings when demand is low.
- Market mood:
- How recent IPOs listed. A hot market nudges listings up a little; demand matters far more.
- Price (P/E):
- Price compared with similar listed companies. Useful if you plan to hold — it hasn't predicted listing-day moves.
- Business:
- Last year's sales and profit growth, from the offer document.
- Money goes to:
- Fresh issue money goes to the company. Offer-for-sale (OFS) money goes to existing owners selling their shares.