The Complete IPO Guide for Indian Investors · Chapter 7 of 15
The IPO Timeline: From DRHP to Listing
Before the issue
The company files the DRHP, SEBI examines it and issues observations, and the company then files the RHP. Roadshows take place and the price band is announced a few working days before the issue opens. The time from DRHP filing to listing is usually several months, and an approval can lapse if the issue is not launched within the permitted period.
The anchor day
On the working day before opening, anchor investors bid. News of an anchor allotment therefore appears the evening before the issue opens, and the names of the anchors become public information.
The issue week
The issue stays open for three working days. Most big institutional and NII bids arrive on the last day, so early subscription figures understate the final result. The last day for UPI mandate approval is the same day, with a cut-off time.
After the issue closes
The registrar finalises the basis of allotment, funds for unsuccessful bidders are unblocked, shares are credited to demat accounts, and the shares list. Under current rules, listing takes place within three working days of the issue closing (T+3).
The key dates to track
Opening date, closing date, allotment date, refund and credit date, and listing date. Put all five in your calendar for every issue you apply to. The IPO Calendar on LiveIPOData lists them for every open and upcoming issue.
Key takeaways
- The issue stays open for three working days.
- Listing is due within three working days of closing (T+3).
- Track five dates: open, close, allotment, refund, listing.
- Anchor allotment news appears the evening before opening.