As per a SEBI circular effective 1 December 2023, a mainboard IPO must list on the exchange within T+3 working days of the issue closing for bidding — down from the T+6 timeline that applied before.
What happens between bid closing and listing?
Here's the day-by-day sequence, taking an issue that closes at 5 PM on a Monday as the example:
| Step | When |
|---|---|
| IPO window closes | 5 PM Monday |
| Basis of allotment finalised | 9 PM Tuesday (T+1) |
| Blocked amount released (refund for bids not allotted, or partly allotted) | 4 PM Wednesday (T+2) |
| Shares credited to allotted investors' demat accounts | 6 PM Wednesday (T+2) |
| Stock lists and starts trading | 10 AM Thursday (T+3) |
You can track exactly where your own application stands — bid submitted, allotment, refund, listing — under IPOs > Applied on the Rupeezy app. See How to check the IPO bid and allotment status?.
How did this change from the old timeline?
Before 1 December 2023, the same steps took nearly twice as long:
| Step | Before 1 Dec 2023 | From 1 Dec 2023 |
|---|---|---|
| IPO window closes | 5 PM Monday | 5 PM Monday |
| Allotment finalised | Thursday | 9 PM Tuesday |
| Blocked amount released | Friday | 4 PM Wednesday |
| Shares credited to demat account | Next Monday | 6 PM Wednesday |
| Listing | 10 AM next Tuesday | 10 AM Thursday |
Things to keep in mind
- This T+3 timeline is set by SEBI and the exchanges (NSE/BSE) — it applies the same way across every broker, not just Rupeezy.
- "T" here is the day the issue closes for bidding, not the day it opens.
- Only working days count — weekends and exchange holidays push every step (and the final listing date) out, they aren't skipped over.
- The exchange confirms the exact listing date one day in advance via its own circular, so the date shown on Rupeezy's IPO page beforehand is a tentative estimate.