IPO Listing Times in India
From the pre-market placement at 9 AM to the regular trading bell at 10 AM. Everything you need to know about the listing day schedule on BSE & NSE.
Stock Market Opening
Ceremonial Bell Ringing Ceremony
Timeline
Process in India
Listing Price & IEP
Price Comparison
FAQ
When a company goes from privately held to publicly traded on the stock exchange, it launches an IPO or initial public offering. After shares are successfully allotted to the investors, the IPO gets listed on stock exchanges like NSE and/or BSE.
The IPO listing starts at 9 AM with a ceremony. Here’s what the trading session timeline looks like on a listing day.
IPO Listing Timeline
| Trading Phase | Time Duration | Activity Details |
|---|---|---|
| Pre-market open/pre-open order placement session | 9:00 AM to 9:45 AM | In the pre-market session, limit orders can be placed. The Indicative Equilibrium price (IEP) changes continuously depending on orders. Investors can modify, cancel, or reorder. |
| Order matching and execution session | 9:45 AM to 9:55 AM | According to the final Indicative Equilibrium price, the exchange will calculate the opening price of the newly listed stock. |
| Buffer session | 9:55 AM to 10:00 AM | A 5-minute transition phase to ensure the market can smoothly switch to regular trading. |
| Regular trading begins | At 10 AM | The “bell ringing” marks the beginning of the regular trading session. Investors can now actively trade. |
IPO Listing Process in India
The journey from a private entity to a publicly traded enterprise.
Appointment of Intermediaries
The company appoints investment bankers, auditors, and legal advisors to create a prospectus and set the price band.
DRHP Filing
Preparation of the Draft Red Herring Prospectus (DRHP) and filing it with SEBI and stock exchanges.
Roadshows & Publicity
Conducting advertising campaigns and press releases to promote the IPO to potential investors.
Approval from SEBI
SEBI reviews the DRHP. Once approved, it becomes the Red Herring Prospectus (RHP).
Price Determination
Pricing is determined through fixed-price (set prior) or book-building (determined via bids during offer period).
Anchor Investor Bidding
Anchor investors bid one day before the public open to gauge sentiment and build trust.
RHP Submission
Final updated version (RHP) is submitted with all final details.
IPO Open for Public
The IPO opens for retail investors, QIBs, and NIIs for usually 3-5 working days.
Allotment of Shares
Finalization of allocation on a lottery basis. Refunds for non-allottees within 7-10 days.
Listing of Shares
Final listing on BSE/NSE for active trading by the general public.
IPO Listing Price
After the Indicative Equilibrium price (IEP) fluctuations in the pre-market, the final price on which the IPO gets listed is known as the IPO listing price.
What is IEP?
Indicative Equilibrium Price (IEP) is the price at which maximum buy and sell orders match during the pre-market session. It is calculated based on market demand and supply and changes continuously until the final price is fixed at the end of the session.
IPO Issue Price vs Listing Price
| IPO Issue Price | IPO Listing Price |
|---|---|
IPO Issue Price is the price at which shares are offered to the public. It is either determined through a fixed-price method or a book-building method. | IPO Listing Price is the price at which the IPO gets listed on stock exchanges (NSE/BSE) at the end of the pre-market session. |
FAQs
• IPOs are open for a set period, usually 3-5 days. If the market is performing well and the company’s fundamentals are strong, the best time to apply is generally during the early days of the offer.
• On the other hand, if the market sentiment is weak or volatile, you can wait and assess the subscription rate, market reaction, GMP (Grey Market Premium), etc, during the initial days.
• However, it is always suggested to apply early to avoid the last-minute rush, which could cause delays or issues in submitting your application.