Receivable days that rose before the IPO
How often did customers take longer to pay in the years before the IPO?
145 of 229 (63%)
In 145 of 229 studied IPOs (63%), receivable days were higher in the latest year than in the first year of the record.
Mainboard: 90 of 145 (62%); SME: 55 of 84 (65%)
How this is counted
Receivable days (how long customers take to pay, as the offer document states or as the study works out from it) in the first and the latest year of the record. An issue counts when the latest is higher.
The sample is every IPO newboard has studied whose study states the figures this needs: 229 of the 313 studied so far. Each figure is from that issue's own offer document, with its page in the study. Counted on 4 Oct 2026; the count moves as studies are added. It describes these issues and says nothing about any other.
Every issue in the count
| Issue | Board | Stage | Receivable days, change over the record | Counted |
|---|---|---|---|---|
| Solitario Lab Grown SME | SME | DRHP filed | 300 days | yes |
| Sadbhav Futuretech | Mainboard | DRHP filed | 174 days | yes |
| Himalayan Solar SME | SME | Closed | 162 days | yes |
| Soleos Energy | Mainboard | DRHP filed | 161 days | yes |
| Tonbo Imaging India | Mainboard | DRHP filed | 155 days | yes |
| Acme India Industries SME | SME | Live | 153 days | yes |
| Sollfege Smart Electronics SME | SME | Live | 129 days | yes |
| Nnt Developers | Mainboard | DRHP filed | 124 days | yes |
| Pci Infraprojects | Mainboard | DRHP filed | 115 days | yes |
| S.R.G. Narrow Fab SME | SME | DRHP filed | 109 days | yes |
| Sfc Environmental Technologies | Mainboard | DRHP filed | 104 days | yes |
| Shakti Infra Projects SME | SME | DRHP filed | 102 days | yes |
| Shah Investor's Home | Mainboard | Closed | 100 days | yes |
| Aditya Creative Ornaments SME | SME | DRHP filed | 94 days | yes |
| TNA Solutions SME | SME | Live | 88 days | yes |
| Rudra Cottex | Mainboard | DRHP filed | 79 days | yes |
| Maharaja Polyfab SME | SME | DRHP filed | 78 days | yes |
| Swid Renewables SME | SME | DRHP filed | 76 days | yes |
| Rays Power Infra | Mainboard | DRHP filed | 75 days | yes |
| Advanced Systek | Mainboard | DRHP filed | 69 days | yes |
| Rotomag Enertec | Mainboard | DRHP filed | 68 days | yes |
| Technopaints And Chemicals | Mainboard | DRHP filed | 67 days | yes |
| Anchor Offshore Services | Mainboard | DRHP filed | 66 days | yes |
| Shivchem Agro SME | SME | Closed | 64 days | yes |
| Liqvd Digital India SME | SME | Closed | 63 days | yes |
| Pragyawan Technologies | Mainboard | DRHP filed | 60 days | yes |
| SJP Ultrasonics SME | SME | Live | 60 days | yes |
| Pioneer Fabricators | Mainboard | DRHP filed | 55 days | yes |
| Renfra Energy India | Mainboard | DRHP filed | 53 days | yes |
| Rkb Global | Mainboard | DRHP filed | 53 days | yes |
| Aggcon Equipments International | Mainboard | DRHP filed | 53 days | yes |
| Oswal Energies | Mainboard | DRHP filed | 52 days | yes |
| Gallant Sports & Infra SME | SME | DRHP filed | 52 days | yes |
| Himalaya Nutravedics India SME | SME | Closed | 51 days | yes |
| Green Asia Impex SME | SME | Closed | 51 days | yes |
| S. K. Offset SME | SME | Closed | 50 days | yes |
| Madhur Iron & Steel (India) | Mainboard | DRHP filed | 46 days | yes |
| Polite Powertech | Mainboard | DRHP filed | 45 days | yes |
| Skinnovation SME | SME | DRHP filed | 45 days | yes |
| Everestims Technologies SME | SME | Live | 44 days | yes |
| Expression 360 Services India | Mainboard | DRHP filed | 41 days | yes |
| Bench Mark Infotech Services SME | SME | DRHP filed | 41 days | yes |
| Iris Global Services | Mainboard | DRHP filed | 40 days | yes |
| Sarva Foam Industries | Mainboard | DRHP filed | 37 days | yes |
| Eventions SME | SME | Live | 36 days | yes |
| Intellius Recode | Mainboard | DRHP filed | 36 days | yes |
| Brooks Restaurant and Banquets SME | SME | DRHP filed | 36 days | yes |
| Black Opal Consultants SME | SME | Closed | 35 days | yes |
| Alde Medi Impex SME | SME | DRHP filed | 34 days | yes |
| Ideas Electricals & Engineers SME | SME | DRHP filed | 33 days | yes |
| FX Multitech SME | SME | Closed | 33 days | yes |
| Steelbuild Infra Projects SME | SME | DRHP filed | 33 days | yes |
| Tenty | Mainboard | DRHP filed | 33 days | yes |
| Marco Secure Solutions SME | SME | DRHP filed | 32 days | yes |
| Shree TNB Polymers SME | SME | Live | 32 days | yes |
| Kianm Export | Mainboard | DRHP filed | 31 days | yes |
| Rodec Pharma | Mainboard | DRHP filed | 30 days | yes |
| Pes Installations | Mainboard | DRHP filed | 30 days | yes |
| Oremet Alloys And Castings SME | SME | DRHP filed | 29 days | yes |
| Transline Technologies | Mainboard | DRHP filed | 28 days | yes |
| Shreejikrupa Project | Mainboard | DRHP filed | 28 days | yes |
| Swastika Infra | Mainboard | Listed | 28 days | yes |
| ISSPL SME | SME | DRHP filed | 27 days | yes |
| Paramount Syntex SME | SME | Live | 26 days | yes |
| Tmc Transformers India | Mainboard | DRHP filed | 25 days | yes |
| Trenzet Infra | Mainboard | DRHP filed | 25 days | yes |
| Lalbaba Engineering | Mainboard | DRHP filed | 25 days | yes |
| Parijat Industries (India) | Mainboard | DRHP filed | 25 days | yes |
| Peshwa Wheat SME | SME | Closed | 25 days | yes |
| Rudra Green Ship Recycling | Mainboard | DRHP filed | 24 days | yes |
| Master Chains N Jewels | Mainboard | DRHP filed | 23 days | yes |
| Laser Technologies SME | SME | DRHP filed | 23 days | yes |
| Arete 22 | Mainboard | DRHP filed | 23 days | yes |
| Jaytee Alloys & Components SME | SME | DRHP filed | 22 days | yes |
| Jagatjit Agri Engineering | Mainboard | DRHP filed | 22 days | yes |
| Shree Balajee Tapes And Packaging SME | SME | DRHP filed | 21 days | yes |
| Quality Enviro Engineers SME | SME | DRHP filed | 20 days | yes |
| Mahanadi Coalfields | Mainboard | DRHP filed | 20 days | yes |
| Paras Healthcare | Mainboard | DRHP filed | 20 days | yes |
| Electromech Infraprojects | Mainboard | DRHP filed | 20 days | yes |
| Papadmalji Agro Foods SME | SME | Closed | 20 days | yes |
| Roopa Screen SME | SME | Closed | 20 days | yes |
| Dudani Retail SME | SME | Closed | 19 days | yes |
| Advanta Enterprises | Mainboard | DRHP filed | 19 days | yes |
| Kataline | Mainboard | DRHP filed | 19 days | yes |
| Panchratan Steels SME | SME | DRHP filed | 18 days | yes |
| Swara Baby Products | Mainboard | DRHP filed | 16 days | yes |
| Avtar Steel | Mainboard | DRHP filed | 16 days | yes |
| Sanghvi Housing And Infrastructure | Mainboard | DRHP filed | 14 days | yes |
| R.K. Fashion Accessories SME | SME | Upcoming | 14 days | yes |
| Jay Jagdamba | Mainboard | UDRHP filed | 14 days | yes |
| Vardaan Biotech | Mainboard | DRHP filed | 14 days | yes |
| Vardhman Appliances | Mainboard | DRHP filed | 14 days | yes |
| Pooja Logistics SME | SME | Closed | 14 days | yes |
| Milestone Gears | Mainboard | DRHP filed | 13 days | yes |
| Eswari Global Metal Industries | Mainboard | DRHP filed | 13 days | yes |
| Nityas Gems and Jewellery | Mainboard | Live | 13 days | yes |
| Stalwart People Services India | Mainboard | DRHP filed | 13 days | yes |
| Best Engineering Aids & Consultancies SME | SME | DRHP filed | 13 days | yes |
| Sky Alloys and Power | Mainboard | DRHP filed | 13 days | yes |
| Mundada Polychem SME | SME | DRHP filed | 13 days | yes |
| Aragen Life Sciences | Mainboard | DRHP filed | 12 days | yes |
| Tanvi Exports India | Mainboard | DRHP filed | 12 days | yes |
| Biocon Electric | Mainboard | DRHP filed | 12 days | yes |
| Hi Tech Flow Solutions | Mainboard | DRHP filed | 10 days | yes |
| Ekkaa Electronics (India) | Mainboard | DRHP filed | 10 days | yes |
| A-One Steels India | Mainboard | Listed | 10 days | yes |
| M K C Agro Fresh | Mainboard | DRHP filed | 9 days | yes |
| Travelstack Tech | Mainboard | DRHP filed | 9 days | yes |
| Sssmehta Industries SME | SME | DRHP filed | 9 days | yes |
| SD International | Mainboard | DRHP filed | 9 days | yes |
| Laxmi Security (Gujarat) SME | SME | DRHP filed | 8 days | yes |
| Access Computech SME | SME | DRHP filed | 8 days | yes |
| Pentacle Consultants (I) | Mainboard | DRHP filed | 8 days | yes |
| Adroit Industries (India) | Mainboard | Listed | 8 days | yes |
| German Green Steel and Power | Mainboard | Closed | 8 days | yes |
| Lamtuf | Mainboard | DRHP filed | 7 days | yes |
| Silver Consumer Electricals | Mainboard | DRHP filed | 7 days | yes |
| Inox Air Products | Mainboard | DRHP filed | 7 days | yes |
| Kasliwal Projects SME | SME | DRHP filed | 7 days | yes |
| Vivekanand Cotspin SME | SME | Closed | 6 days | yes |
| Varmora Granito | Mainboard | Listed | 6 days | yes |
| Online Instruments (India) | Mainboard | DRHP filed | 6 days | yes |
| Steel Infra Solutions Company | Mainboard | DRHP filed | 5 days | yes |
| Dove Soft SME | SME | Live | 5 days | yes |
| Ukb Electronics | Mainboard | DRHP filed | 5 days | yes |
| Sbipl Projects SME | SME | DRHP filed | 5 days | yes |
| R.K. Steel Manufacturing Company | Mainboard | DRHP filed | 4 days | yes |
| Bls Polymers | Mainboard | DRHP filed | 4 days | yes |
| Rayzon Solar | Mainboard | Lapsed | 3 days | yes |
| Pmcona Industries | Mainboard | DRHP filed | 3 days | yes |
| Bvishal Oil And Energy | Mainboard | DRHP filed | 3 days | yes |
| Sunil Gold India | Mainboard | DRHP filed | 3 days | yes |
| Natraj Energy SME | SME | DRHP filed | 3 days | yes |
| Vetrivel Explosives SME | SME | DRHP filed | 3 days | yes |
| Integrum Energy Infrastructure | Mainboard | DRHP filed | 3 days | yes |
| Royal Chain | Mainboard | DRHP filed | 2 days | yes |
| Mehta Hitech Industries | Mainboard | DRHP filed | 2 days | yes |
| SS Retail | Mainboard | Listed | 2 days | yes |
| Marri Retail | Mainboard | DRHP filed | 2 days | yes |
| Baanganga Gold & Diamond (I) | Mainboard | DRHP filed | 2 days | yes |
| Momai Art | Mainboard | DRHP filed | 2 days | yes |
| Bssponge | Mainboard | DRHP filed | 2 days | yes |
| ACE Furnaces SME | SME | DRHP filed | 1 days | yes |
| Ratnadeep Retail | Mainboard | DRHP filed | 0 days | yes |
| Nobel Hygiene | Mainboard | DRHP filed | 0 days | no |
| Hindustan Laboratories | Mainboard | DRHP filed | 0 days | no |
| Imagine Marketing | Mainboard | UDRHP filed | 0 days | no |
| Alps Digital Devices SME | SME | DRHP filed | 0 days | no |
| Suntek Axpress India SME | SME | DRHP filed | 0 days | no |
| Runwal Enterprises | Mainboard | Closed | 0 days | no |
| Shriram Food Industry | Mainboard | DRHP filed | -1 days | no |
| Mann Fleet Partners | Mainboard | DRHP filed | -1 days | no |
| Cj Darcl Logistics | Mainboard | DRHP filed | -1 days | no |
| J Pan Tubular Components | Mainboard | DRHP filed | -2 days | no |
| Iberia Pharmaceuticals India | Mainboard | DRHP filed | -2 days | no |
| Pride Hotels | Mainboard | DRHP filed | -2 days | no |
| Hd Fire Protect | Mainboard | DRHP filed | -2 days | no |
| Acme Universal Safezone 9 SME | SME | Closed | -2 days | no |
| Everbrands India | Mainboard | DRHP filed | -3 days | no |
| Jerai Fitness | Mainboard | DRHP filed | -3 days | no |
| Sai Urja Indo Ventures SME | SME | Closed | -3 days | no |
| Unitec Fibres SME | SME | Closed | -3 days | no |
| Maharashtra Oil Extractions | Mainboard | DRHP filed | -4 days | no |
| Jai Parvati Forge | Mainboard | DRHP filed | -4 days | no |
| Innoterra | Mainboard | DRHP filed | -4 days | no |
| Pushp Brand (India) | Mainboard | DRHP filed | -4 days | no |
| Renny Strips | Mainboard | DRHP filed | -4 days | no |
| Aarvee Engineering Consultants | Mainboard | DRHP filed | -4 days | no |
| Ue Press Tools SME | SME | DRHP filed | -4 days | no |
| Omara Ventures India SME | SME | Live | -5 days | no |
| Kay Jay Forgings | Mainboard | DRHP filed | -5 days | no |
| Vishal Nirmiti | Mainboard | Live | -5 days | no |
| S. G. Encon | Mainboard | DRHP filed | -5 days | no |
| Torrent Gas | Mainboard | UDRHP filed | -6 days | no |
| Absolute Projects (India) | Mainboard | DRHP filed | -6 days | no |
| Safex Chemicals India | Mainboard | DRHP filed | -6 days | no |
| Runwal Developers | Mainboard | DRHP filed | -7 days | no |
| R.D.Engineers (India) SME | SME | DRHP filed | -7 days | no |
| Grace Renewable Energy | Mainboard | DRHP filed | -7 days | no |
| Jsw One Platforms | Mainboard | DRHP filed | -7 days | no |
| Anarock Property Consultants | Mainboard | DRHP filed | -7 days | no |
| J B Ecotex | Mainboard | DRHP filed | -8 days | no |
| Atomberg Technologies | Mainboard | DRHP filed | -8 days | no |
| Orient Cables (India) | Mainboard | Closed | -8 days | no |
| Sembcorp Green Infra | Mainboard | DRHP filed | -9 days | no |
| Lalsai Global SME | SME | DRHP filed | -9 days | no |
| M P Steel(India) | Mainboard | DRHP filed | -10 days | no |
| Technomed Devices India SME | SME | DRHP filed | -10 days | no |
| Monomark Engineering (India) | Mainboard | DRHP filed | -10 days | no |
| Olpad Aqua SME | SME | DRHP filed | -10 days | no |
| Abakkus Asset Manager | Mainboard | DRHP filed | -11 days | no |
| Axiom Gas Engineering SME | SME | Closed | -12 days | no |
| ArMee Infotech | Mainboard | Listed | -12 days | no |
| Premier Industrial Corporation | Mainboard | DRHP filed | -14 days | no |
| Kritilabs Technologies SME | SME | DRHP filed | -14 days | no |
| Geeta Glasses (India) SME | SME | DRHP filed | -15 days | no |
| Abacus Lifestyle Brands SME | SME | DRHP filed | -15 days | no |
| LGC Engineering SME | SME | DRHP filed | -16 days | no |
| Watrana Rentals SME | SME | DRHP filed | -16 days | no |
| Sify Infinit Spaces | Mainboard | DRHP filed | -17 days | no |
| Deon Energy | Mainboard | DRHP filed | -17 days | no |
| J Infratech | Mainboard | DRHP filed | -17 days | no |
| Anil Fashions SME | SME | DRHP filed | -18 days | no |
| Laxyo | Mainboard | DRHP filed | -19 days | no |
| Sahajanand Medical Technologies | Mainboard | DRHP filed | -20 days | no |
| Neolite Zkw Lightings | Mainboard | DRHP filed | -21 days | no |
| Pind Hospitality SME | SME | Closed | -21 days | no |
| Sai Infinium | Mainboard | DRHP filed | -22 days | no |
| Vishakha Renewables | Mainboard | DRHP filed | -23 days | no |
| Sael Industries | Mainboard | DRHP filed | -25 days | no |
| Rkcpl | Mainboard | DRHP filed | -25 days | no |
| Clastek Engineering SME | SME | DRHP filed | -27 days | no |
| Bvg India | Mainboard | DRHP filed | -38 days | no |
| Sabari Construction Technologies SME | SME | DRHP filed | -38 days | no |
| Rathod Jewellery Manufacturing | Mainboard | DRHP filed | -38 days | no |
| Vans Electroengineerings SME | SME | Closed | -47 days | no |
| Moneyview | Mainboard | Listed | -47 days | no |
| Itwings Infosystem SME | SME | DRHP filed | -49 days | no |
| Allied Engineering Works | Mainboard | DRHP filed | -52 days | no |
| Rysa Infratech SME | SME | DRHP filed | -59 days | no |
| Madhavaa Crafts SME | SME | DRHP filed | -60 days | no |
| Raj Polypack SME | SME | DRHP filed | -61 days | no |
| Tgtmc Supply Chain SME | SME | DRHP filed | -70 days | no |
| Carnet Books SME | SME | DRHP filed | -97 days | no |
| AITMC Ventures | Mainboard | UDRHP filed | -123 days | no |
| Appl Containers | Mainboard | DRHP filed | -150 days | no |
| Harekrishna Rubber Industries SME | SME | DRHP filed | -153 days | no |
| Srit India | Mainboard | Closed | -157 days | no |
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