IPO SaathiGuide
IPO Timeline: From Closing Date to Listing (T+3)
In short
Since December 2023, SEBI requires an IPO to list within three trading days of its close (T+3). Allotment is on T+1, refund and share credit on T+2, and listing on T+3. Weekends and exchange holidays are not counted.
Day by day
| Day | What happens |
|---|---|
| Open day | Bidding opens at 10 AM. |
| Last day (T) | Bidding closes at 5 PM for a mainboard IPO and 4 PM for an SME IPO. The UPI mandate can be approved until 5 PM. |
| T+1 | Allotment. Results are usually out in the evening. |
| T+2 | Refund for those not allotted, and shares credited to demat accounts of those allotted. |
| T+3 | Listing. The exchange confirms the date, and trading starts at 10 AM after a pre-open session. |
Weekends and holidays
T+1, T+2 and T+3 count trading days. A Friday close gives an allotment on Monday. A holiday also moves the dates. Example: an IPO closing on Monday 19 October 2026, with the exchanges shut on Tuesday 20 October for Dussehra, has its allotment on 21 October, refund and share credit on 22 October and listing on 23 October.
Expected and confirmed dates
IPO Saathi works out the allotment, refund and listing dates from the close date with this rule and marks them expected. When the exchange confirms the listing date, the confirmed date replaces the estimate. Every IPO page has the five key dates, and the app can alert you when an IPO opens, closes and lists, and when the allotment results are out. Then check your allotment.