The IPO timeline after bidding closes: allotment, refund, demat credit and listing (T+3)

Since 1 December 2023 every public issue in India follows a T+3 timetable, where T is the day bidding closes and each step is a working day of the exchanges. SEBI set the timetable in its circular of 9 August 2023.

Day by day

• T: bidding closes. Individual investors must accept the UPI mandate by 5 pm.
• T+1: the basis of allotment is finalised with the exchange, and the registrar starts showing allotment status.
• T+2: money for applications that got no shares is unblocked (the 'refund'), and allotted shares are credited to demat accounts.
• T+3: the shares list and trading begins, after a special pre-open session in the morning.

When a step is late

The exchange's notice for each issue is final. If money is still blocked after T+2, the registrar and the bank that holds the block are the ones to contact; the registrar's contact details are in the offer document.

Each IPO page on newboard shows these dates for that issue, with an add-to-calendar file.