How IPO allotment works and how to check your status

For public issues opening on or after 1 December 2023, SEBI requires listing within three working days of the issue closing (the “T+3” timeline). Counting the closing day as T:

• T+1: the basis of allotment is finalised and allotment results become available.
• T+2: shares are credited to the demat accounts of successful applicants, and the money blocked for unsuccessful applications is released.
• T+3: the shares list on the exchange and trading begins.

Weekends and exchange holidays are not counted. Each IPO's exact dates are in its offer document and on its IPONexa page.

If an IPO is not oversubscribed in the retail category, every valid retail application receives the shares applied for. If it is oversubscribed, SEBI's rules aim to give the minimum application size (one lot) to as many retail applicants as possible. When there are more applicants than lots available, the allottees are chosen by a computerised lottery.

In practice, this means that in a heavily oversubscribed IPO, applying for several lots does not improve a retail applicant's chance of getting one lot. Applications in the NII category are also allotted their minimum application size by lottery when that category is oversubscribed.

• The registrar's website. Every IPO has a registrar (for example KFin Technologies, MUFG Intime or Bigshare Services) that runs the allotment. Select the IPO and enter your PAN, application number or demat details.
• BSE or NSE. Both exchanges offer an application status check for IPOs listed on them.
• Your broker's app or your bank (for the UPI mandate or blocked amount) will also show the outcome.

The IPO allotment status page lists current IPOs with links to the right registrar and exchange pages. Results usually appear on the evening of the allotment date.

IPO applications use ASBA: your money stays in your bank account and is only blocked, through a UPI mandate or your bank. If you are not allotted shares, the block is released, normally by the T+2 day. If it is not released on time, contact your bank or broker and the registrar.