IPO Timeline in India: From DRHP Filing to Listing Day

The IPO timeline in India runs in two phases. The filing phase takes months: the company files a draft offer document, SEBI reviews it, and the company files its red herring prospectus. The issue phase takes about two weeks: the price band is announced, bidding stays open for at least three working days, shares are allotted on T+1 and they list on T+3, the third working day after the issue closes.

Here is each step in order, with the rule behind it and where to see the dates for any IPO.

The IPO timeline at a glance

Phase 1: filing and review

Draft red herring prospectus (DRHP)

The company and its lead managers file the DRHP with SEBI and the stock exchanges where the shares will list. It's published for 21 days of public comments. A company using the confidential pre-filing route publishes an updated draft (UDRHP) after SEBI's observations instead.

SEBI observations

SEBI reviews the draft and issues observations. The company updates its disclosures in response. From the date of the observations, the company has 12 months to open the issue. On Eyepio, IPOs in this phase appear as Draft filed. Drafts with no newer filing after many months are taken off the upcoming list, because the window has usually lapsed.

Red herring prospectus (RHP)

When the company is ready to launch, it files the RHP with the Registrar of Companies. The RHP fixes the issue dates and the structure of the offer, but not usually the price. The differences between the documents are explained in DRHP vs RHP vs prospectus.

Phase 2: the issue

Price band announcement

The price band and minimum lot are published by advertisement at least two working days before the issue opens. The cap price can be at most 120% of the floor price and must be at least 105% of it. The lot is set so that a minimum application is worth roughly ₹10,000–15,000 on the mainboard.

Anchor investor day

One working day before the issue opens, anchor investors (large QIBs) bid for up to 60% of the QIB portion. The anchor allocation is announced the same day and disclosed to the exchanges.

Bidding period

The issue stays open for at least three working days and at most ten. If the price band is revised during the issue, the bidding period is extended by at least three more working days (within the ten-day maximum). During this time:

• retail investors can bid at the cut-off price (whatever final price is fixed within the band)
• bids can be modified or cancelled until the close
• subscription figures are updated on the exchanges during each day

Learn the mechanics in how to apply for an IPO.

Closing day (T)

Bidding ends on the closing day. UPI mandates must be approved by the cut-off time that day; unapproved bids are not considered.

After closing: T+1, T+2 and T+3

SEBI made the T+3 listing timeline mandatory for all public issues from 1 December 2023, down from T+6.

• T+1 – basis of allotment. The registrar and the designated stock exchange finalise who gets shares. Results are usually searchable on the registrar's website that evening. See how IPO allotment works.
• T+2 – credit and refunds. Allotted shares are credited to demat accounts, and banks release money blocked for bids that got nothing.
• T+3 – listing. Shares are listed and trading begins on the exchange, with a special pre-open session on listing day.

Where to see the dates for any IPO

Every IPO page on Eyepio shows a timeline with the open, close, allotment, refund, demat credit and listing dates from the RHP, in Indian time. To compare several issues:

• the upcoming IPOs list shows what is open now and what opens next
• the IPO calendar groups issues by the month they opened
• the mainboard and SME lists split issues by board

Frequently asked questions

How long does an IPO take from DRHP to listing?

Usually several months. SEBI's review alone can take weeks to months, and the company then has up to 12 months from SEBI's observations to open the issue. The issue itself, from the price band to listing, takes about two weeks.

What does T+3 mean in an IPO?

T is the day the issue closes. T+3 means the shares must be listed by the third working day after closing, with allotment on T+1 and demat credit and refunds on T+2.

How many days is an IPO open for bidding?

At least three working days and at most ten. If the price band changes during the issue, bidding is extended by at least three working days.

Do SME IPOs follow the same timeline?

Yes, the T+3 timeline applies to SME issues too, but SME drafts are reviewed by the SME exchange rather than through SEBI observations. See mainboard vs SME IPO.

When is the price band announced?

At least two working days before the issue opens, by a public advertisement from the company and its lead managers.