What is model basis?

Model basis describes whether demand, deal terms and historical comparison inputs are sufficient. It is shown as strong, moderate or limited.

Plain meaning

It reflects whether the inputs are enough for a comparison. It is not this IPO's win probability and not a return probability. When key demand data is still missing, basis is usually limited.

Why it matters

The same expected-lots figure should be read more conservatively when basis is limited. Strong basis only means more inputs are in place, not that the number is guaranteed to be accurate.

How to read it

Check the basis label first, then one-lot, A-tail and B-head. If margin or public oversubscription is still missing, do not read the page figures as already observed demand.

How it appears here

Each allotment card shows model basis. Data coverage on the scoring panel is a different question: one is about allotment inputs, the other is about whether rating inputs for the current stage are in place.

Common mistakes

Reading strong basis as a guaranteed allocation or a guaranteed rise.
Reading limited basis as a broken model.
Using the basis label as a substitute for the one-lot percentage or the official allotment result.