My colleague wrote the IPMAT back in 2013. It was one of the safe options for her, as she was preparing for law. The exam was to be held within 2 days of a major law exam. You can easily prepare for the exam in 2-3 days.
You can go through the sample papers and previous years’ papers to understand the pattern. Management exams are all about functioning with common sense and the IPM entrance exam tests just that. You can prepare with ease simply by revising what you've prepared in the last 6 months.