From IPO Close to Listing: The T+6 Timeline
Once an IPO subscription window closes, SEBI mandates that listing must happen within 6 working days — often referred to as the T+6 framework (T = IPO close date). This compressed timeline replaced the older T+10 and T+12 processes, significantly reducing the time investors' capital stays blocked.
Understanding exactly what happens on each day between close and listing helps you plan ahead, check allotment, and prepare your listing day strategy.
Day-by-Day: The Post-Close Process
T+0 (IPO Close Day): Subscription window closes at 5 PM. Final subscription data is compiled by the exchange. Your UPI mandate must have been approved before this deadline — if not, your application is invalid.
T+1 (Basis of Allotment): The registrar (KFin Technologies or Link Intime India) finalises the basis of allotment in consultation with the exchanges. This determines the lottery logic — how many applicants in each category receive allotment, and the ratio.
T+2 (Allotment Finalization): Individual allotment status is confirmed. You can now check your allotment on the registrar's website using your PAN number or application number. Unblocking of funds begins for non-allotted investors.
T+3 to T+5 (Credit and Refunds): Shares are credited to the demat accounts of allotted investors via CDSL and NSDL. Refunds (unblocking of blocked amounts) are processed for non-allotted applicants. Most investors see the shares or the unblock within this window.
T+6 (Listing Day): The stock begins trading on NSE and/or BSE. Pre-open session runs from 9:00 AM to 9:15 AM IST — this is when indicative listing prices form. Regular trading begins at 9:15 AM.
How to Check Allotment Status
Go to the registrar's website — either KFin Technologies (kfintech.com) or Link Intime India (linkintime.co.in), depending on which registrar the IPO appointed. Select the IPO from the dropdown, enter your PAN or application number, and the allotment status will appear. You can also check via the BSE or NSE IPO portal directly.
Pre-Open Session: The Most Important 15 Minutes
The pre-open session (9:00–9:15 AM on listing day) is where price discovery happens before regular trading opens. During this window, buy and sell orders are collected but not executed. The exchange calculates an equilibrium price — the indicative open price — which is shown in real time. This gives you a preview of where the stock will open. You can place orders during pre-open, and they'll execute at the opening price once regular trading begins.
What to Do If Shares Aren't Credited by T+5
If allotted shares aren't visible in your demat account by T+5, first verify that your demat account details (DP ID and Client ID) were correctly entered in your IPO application. If details were correct, contact your broker. Rarely, technical delays occur — but shares must be credited before listing. If listing happens without credit, raise a complaint with the exchange and SEBI's SCORES portal.
Planning Your Listing Day in Advance
Use the pre-open indicative price to update your listing day strategy. If the indicative open is significantly higher than your pre-planned target, consider placing a sell order in the pre-open itself. If the indicative open is below issue price, decide quickly whether you want to exit at a loss or hold for potential intra-day recovery. The first 30 minutes of listing day trading is typically the most volatile — have your plan ready before 9 AM.