IPO Research Agent
🌐 Try the Live App → ai-ipo-research-analyst.vercel.app
An Agentic RAG system designed for Indian IPO prospectuses (Draft Red Herring Prospectus [DRHP] and Red Herring Prospectus [RHP]). Features page-cited evidence attribution, deterministic financial calculation tools, domain-specialized LangGraph agents, version-aware comparative analysis, and 100% cross-IPO tenant isolation.
Key Highlights & Benchmark Results
- Two-Stage Hybrid Retrieval: Combines dense semantic search (ChromaDB with
BAAI/bge-base-en-v1.5), sparse lexical search (BM25Okapi), Reciprocal Rank Fusion (RRF), and Cross-Encoder Reranking (BAAI/bge-reranker-base).
-
Evaluated on a hand-labelled set of 16 queries over the MOEL DRHP (data/corrected_benchmark_results.json):
| Method | Hit@5 | Hit@10 |
|---|
| BM25 only | 50.0% (8/16) | 68.8% (11/16) |
| Dense only (Chroma) | 68.8% (11/16) | 100% (16/16) |
| Hybrid (BM25 + Dense, RRF) | 75.0% (12/16) | 87.5% (14/16) |
| Hybrid + Cross-Encoder Rerank | 62.5% (10/16) | 100% (16/16) |
-
Hybrid RRF gives the best top-5 hit rate; adding the reranker gives the best top-10 recall but lowered Hit@5 on this small set. The set is small and single-company, so treat these as directional.
- Deterministic Financial Calculations (no LLM arithmetic): the LLM only extracts reported figures with their page citations; YoY growth, margins and ratios are computed in Python with the formula shown. (Extraction itself can still be wrong, so every figure stays linked to its source page.)
- LangGraph Multi-Agent Architecture: 100.0% classification accuracy on a hand-written 18-query routing benchmark spanning Financial, Risk, Litigation, Related-Party, and Executive Summary domains.
- Comparative Version Scoping (DRHP vs. RHP): Dual-partition retrieval identifies balance sheet changes, business risk evolutions, and regulatory disclosures between draft and final filings.
- 100% Cross-IPO Tenant Isolation: Zero cross-contamination across 10,000+ indexed chunks between distinct IPO entities (e.g. HDB Financial Services vs. Maharashtra Oil Extractions).
- Safe Refusal Guardrails: Refuses speculative questions on unfiled prospectus versions (e.g., MOEL RHP).
- Production Reliability: 62/62 passing unit and integration tests.
Project Architecture
User Query (via Web UI / REST API)
│
▼
┌───────────────────────────────────────────────┐
│ FastAPI Server │
└──────────────────────┬────────────────────────┘
│
▼
┌───────────────────────────────────────────────┐
│ LangGraph State Router (100% Acc) │
└──────┬──────────┬──────────┬──────────┬───────┘
│ │ │ │
▼ ▼ ▼ ▼
┌───────────┐┌──────────┐┌──────────┐┌──────────────┐
│ Financial ││ Risk ││Litigation││Related-Party │
│ Agent ││ Agent ││ Agent ││ Agent │
└─────┬─────┘└────┬─────┘└────┬─────┘└──────┬───────┘
│ │ │ │
│ ┌───────┴───────────┴─────────┐ │
│ │ Hybrid Dense-Sparse Engine │ │
│ │ (BM25 + Chroma + Reranker) │ │
│ └─────────────────────────────┘ │
▼ ▼
┌───────────────────────────┐ ┌─────────────────────┐
│ Deterministic Calculator │ │ Page Attribution │
│ (YoY, Margins, Ratios) │ │ [Doc ID, Page X] │
└───────────────────────────┘ └─────────────────────┘
Live Demo vs. Full Pipeline
The live demo runs a lightweight serverless version (api/index.py) so it fits inside Vercel's 250MB function limit:
| Live demo (Vercel) | Full pipeline (server.py / Docker) |
|---|
| Routing | Keyword router | LangGraph LLM router + specialised agents |
| Retrieval | BM25 over text chunks and a separate table store, with section boosting | BM25 + ChromaDB dense search, RRF, cross-encoder reranking |
| DRHP vs RHP | Version-scoped retrieval; comparative mode pulls evidence from both filings | Same |
| Calculations | LLM extracts figures → Python computes growth | Deterministic financial calculator agent |
| Page-cited excerpts & refusals | Yes | Yes |
| Upload new prospectus | Not available (needs a persistent index) | Yes |
Set BACKEND_URL in Vercel to proxy the live UI to a container running the full pipeline.
Online Deployment
1. Deploy Frontend & Serverless API to Vercel
This repository includes a native vercel.json and a lightweight serverless handler in api/index.py designed to run inside Vercel's 250MB serverless limit:
- Push this repository to your GitHub account (see GitHub Setup below).
- Go to Vercel Dashboard and click Add New Project -> Import Git Repository.
- In Environment Variables, add:
GROQ_API_KEY: Your Groq Cloud API key (console.groq.com/keys)GROQ_MODEL: openai/gpt-oss-120b or llama-3.3-70b-versatile
- Click Deploy. Your IPO Research Agent UI and Serverless API will be live instantly!
(Optional: To connect the Vercel frontend to a dedicated heavy GPU/CPU container running the full PyTorch + BGE Reranker + ChromaDB pipeline, set the BACKEND_URL environment variable in Vercel to your container URL).
2. Deploy Container Backend (Render / Railway / Hugging Face Spaces)
A production Dockerfile is included for container platforms:
# Build the container
docker build -t ipo-research-agent .
# Run the container
docker run -p 8000:8000 --env-file .env ipo-research-agent
On Render or Railway:
- Connect your GitHub repository.
- Select Dockerfile as the build runtime.
- Add your
GROQ_API_KEY in the environment settings.
- Deploy to obtain your public backend URL.
Local Development & Quickstart
1. Clone & Set Up Environment
git clone https://github.com/YOUR_USERNAME/ai-ipo-research-analyst.git
cd ai-ipo-research-analyst
python3 -m venv .venv
source .venv/bin/activate
pip install -r requirements.txt
2. Configure Credentials
Create a .env file from the provided example:
cp .env.example .env
Add your Groq API key:
GROQ_API_KEY=your_groq_api_key_here
GROQ_MODEL=openai/gpt-oss-120b
GROQ_ROUTER_MODEL=openai/gpt-oss-120b
GROQ_MAX_TOKENS=2048
3. Initialize / Build Vector Database
Rebuild or verify the Chroma vector store from the pre-processed filings:
python scripts/build_vectorstore.py
4. Launch Application
python server.py
Navigate to http://127.0.0.1:8000 in your browser.
Running Test Suite
Run the complete test suite:
python -m unittest discover tests
Expected baseline: 62/62 tests passing (100% OK).
Example Demo Queries
HDB Financial Services Limited
- Financials:
What was HDB Financial Services' revenue and revenue growth?
- Risks:
What are the major risks associated with HDB Financial Services?
- Litigation:
What litigation is currently disclosed?
- Comparative (DRHP vs. RHP):
What changed between the DRHP and RHP?
- Executive Summary:
Give me a complete research summary of HDB Financial Services.
Maharashtra Oil Extractions Limited
- Financials:
What was the company's revenue and revenue growth?
- Risks:
What are the major risks associated with the company?
- Litigation:
What litigation is currently disclosed?
- Missing Filing Refusal: Select scope RHP or Comparative to verify safe refusal (MOEL has only filed a DRHP).
License
MIT License. See LICENSE for details.
