The IPO Timeline: From Filing to Listing (T+3)
From the first prospectus to listing day, an IPO moves through a fixed set of steps. Knowing the sequence tells you exactly when to apply, when to check allotment, and when to expect listing.
Before the IPO opens
- DRHP filed. The company files a Draft Red Herring Prospectus with SEBI — the detailed document with financials, risks and the objects of the issue. Learn to read it in our DRHP guide.
- SEBI observations. SEBI reviews and issues observations; the company revises accordingly.
- RHP & price band. The company files the final Red Herring Prospectus and announces the price band and dates.
- Anchor allotment. Large institutional anchor investors are allotted shares one working day before the issue opens — strong anchor demand is read as a vote of confidence.
The application window
- Issue opens. The IPO is open for bidding — usually three business days.
- You apply via UPI or ASBA, and approve the UPI mandate — see how to apply. Subscription figures update live through the window.
- Issue closes. Bidding ends at the cut-off on the final day. This is day T.
After close: the T+3 sequence
India moved IPO listing to a T+3 timeline — shares list three working days after the issue closes. In broad terms:
| Stage | Roughly when | What happens |
|---|---|---|
| Issue closes | Day T | Bidding ends. |
| Basis of allotment | ~T+1 | Who-gets-what is finalised; status goes live on the registrar. |
| Refunds / unblock | ~T+2 | Blocked funds released for unsuccessful applicants. |
| Shares credited | ~T+2 | Allotted shares hit your demat account. |
| Listing day | T+3 | The stock starts trading on NSE/BSE. |
Exact dates for each IPO are published in the RHP; the sequence above is the standard shape.
What to do at each stage
- Before it opens: read the RHP, note the price band and lot size.
- During the window: apply (ideally a day early), approve the mandate, and watch subscription build.
- After close: check your allotment once the basis is out.
- Listing day: decide whether to sell or hold — see our listing-day guide.
Frequently asked questions
How long after an IPO closes does it list?
Under the current T+3 schedule, three working days after the issue closes.
When does allotment status come out?
Around T+1 — a day or so after close, once the basis of allotment is finalised.
When is my money debited or refunded?
Allotted amounts are debited around T+2; unsuccessful applications have their ASBA block released around the same time.