An IPO is more than just a company going public; it’s the moment when private ambition meets the open market. For investors, applying for shares is only half the journey. The real action unfolds on the IPO listing day, when those shares finally debut on the NSE or BSE. That’s when excitement peaks, prices swing, and opportunities take shape. Still, many investors wonder: When will my shares get listed? How long does the process take? What should I expect on listing day? This guide answers those questions step by step, with timelines, real examples, and practical tips to help you stay ahead.
How Long Does an IPO Listing Take in India?
Under the new SEBI rule, IPOs must be listed within three working days after the issue closes (effective December 1, 2023).
Here “T” = the last day of subscription.
So, if an IPO closes on Monday (T), it must list by Thursday (T+3), unless there are holidays.
Previously, the deadline was T+6 days.
SEBI made this change to speed up capital flow and reduce uncertainty for investors.
IPO Allotment, Demat Credit, and Listing.
Here’s a practical timeline, backed by regulations and market practices:
| Step | When (relative to IPO close) | What happens |
| Allotment | T+1 working day | Registrar finalises share allotment. |
| Refund / Funds Unblock | T+2 working day | Money blocked for unsuccessful applications is released |
| Demat Credit | By T+3 (before listing) | Shares get credited to your Demat account |
| Listing & Trading Begins | On T+3 | Shares begin trading on exchanges |
This timeline aligns with SEBI’s T+3 rule.
Please note that weekends or holidays may alter the working schedule. Always check the IPO document for precise dates.
IPO Listing Day Schedule: Timing You Must Know
On the listing day itself, trading follows a structured schedule.
- 9:00 AM – 9:45 AM: Pre-open session. Investors place limit orders, adjust or cancel them as needed.
- 9:45 AM – 9:55 AM – Order Matching- & Execution. The exchange calculates the opening price, known as the Indicative Equilibrium Price (IEP).
- 9:55 AM – 10:00 AM – Buffer Period– No new orders or modifications allowed.
- From 10:00 AM: Regular trading begins. IPO shares enter the continuous market.
Thus, while the pre-open session starts at 9:00, actual trading opens at 10:00.
If you try to place market orders during pre-open, they may not execute — only limit orders are allowed.
Why IPOs Sometimes Get Delayed
In practice, the IPO listing schedule can slip. Here are common reasons:
- Regulatory Delays
If SEBI raises queries on the DRHP or RHP, the company must respond. This back-and-forth may push dates. - Technical/Exchange Issues
System glitches, connectivity problems, or exchange constraints might affect listing. - Holidays or Non-Trading Days
Public holidays or exchange closures shift the “working day” count. - Corporate or Legal Issues
Last-minute disputes, compliance gaps, or litigation can stall listing.
When delays happen, the registrar or company must inform investors and stock exchanges. Always read the IPO prospectus to check “fallback dates.”
What Investors Should Expect on Listing Day
- Volatility is high. Prices may fluctuate sharply due to shifts in demand and supply.
- Watch the IEP movement.- The Indicative Equilibrium Price changes in real-time during the pre-open period.
- You can sell your shares once trading opens (unless lock-in restrictions apply to promoters or anchors).
- Some listings debut at substantial premiums. For example, Urban Company listed nearly 62% above the issue price.
- Others may debut modestly or even at a discount. For instance, VMS TMT opened 6% higher than its IPO price.
These examples show listing gain variations. Listing gain = (listing price – issue price) / issue price × 100%.
Key Terms Every Investor Must Know
- IPO listing time India: Time when IPO shares get listed and begin trading (pre-open session starts 9:00 AM; actual trading at 10:00 AM).
- IPO allotment to listing timeline: Sequence from allotment – Demat credit – listing, typically by T+3 days.
- IPO allotment to refund timeline: Unused funds are released by the T+2 working day.
- IPO Listing Rules by SEBI: SEBI mandates a T+3 listing, disclosure norms, and other requirements.
- IPO listing period India / time between IPO and listing: The window between IPO closure and listing is now up to 3 working days.
Example: Pushpa Jewellers IPO (SME Listing)
In mid-2025, Pushpa Jewellers ran an SME IPO.
- The issue period ended on a specific T day.
- Their shares were listed on July 7, 2025, on NSE’s SME platform.
- Interestingly, they listed at ₹112, which was approximately a 23.8% discount relative to the issue price band.
This case shows that listing gains aren’t guaranteed, and SME IPOs can also list at discounts.
Why Choose Equentis Investech?
You might ask: “Why pick Equentis Investech to guide me through IPOs?” Here’s why:
- We explain timelines clearly. No jargon, no “maybe.” You know when things should happen.
- Data-backed insights. We utilise real IPOs and current SEBI regulations.
- Personalised support. We can help you interpret IPO documents, assess risks, and time your trades.
- Trust and transparency. We don’t hide terms or fine print; we walk beside you.
With Equentis Investech, you won’t feel lost in the IPO maze. You get clarity, timing, and the confidence to act.
