DRHP LensYou applied, the issue closed, and now you want to know one thing: did you get it? Here is where to check, when the result is due under SEBI’s T+3 timeline, and why bidding for more lots rarely improves your odds.
The T+3 timeline
SEBI made the T+3 listing timeline mandatory for public issues opening on or after 1 December 2023. “T” is the day the issue closes.
| Day | What happens |
|---|---|
| T | Issue closes. UPI mandates must be accepted by the cut-off time on this day. |
| T+1 | Basis of allotment is finalised with the stock exchange. Allotment status usually appears on the registrar’s site the same evening. |
| T+2 | Funds for unallotted bids are unblocked in your bank account, and allotted shares are credited to your demat account. |
| T+3 | Shares list and begin trading on NSE and BSE. |
Three places to check allotment
- The registrar’s website. The RHP names the registrar to the issue. The large ones are KFin Technologies, MUFG Intime India (formerly Link Intime) and Bigshare Services; SME issues often use smaller registrars. Select the IPO and enter your PAN, application number or demat account number.
- BSE. Use the “Status of Issue Application” page on bseindia.com with the issue name and your PAN or application number.
- NSE. NSE has an IPO bid verification and allotment page that needs a one-time sign-up.
The final confirmation is your demat account on T+2. If the shares are there, you were allotted. If your bank shows the blocked amount released, you were not.
How retail allotment works when an IPO is oversubscribed
For the retail category, SEBI’s allotment rules aim to give the minimum bid lot to as many applicants as possible. When the retail portion is oversubscribed so heavily that not everyone can get one lot, allotment is decided by a computerised draw among valid applications. The practical result:
- Applying for the maximum retail amount does not usually improve your chance of getting a lot in a heavily oversubscribed issue.
- What counts is the number of valid, separate applications. Each must be under a different PAN; duplicate applications under the same PAN are rejected.
- Small non-institutional investors (applications above ₹2 lakh up to ₹10 lakh) are also allotted by draw at the minimum NII application size when that portion is oversubscribed.
Common reasons an application fails
- The UPI mandate was not approved before the cut-off on day T.
- Bank account and PAN did not match, or the PAN and demat details were inconsistent.
- More than one application under the same PAN.
- A bid below the cut-off price when the issue priced at the top of the band.
Before the next application
Allotment is luck; the decision to apply should not be. Read the offer document, look at how much of the issue is offer for sale, and check whether promoters have pledged shares. DRHP Lens does a cited first pass in about ten minutes.
Run the red-flag scan
Upload a DRHP, RHP, NCD prospectus, AIF PPM or annual report. The scan runs in your browser, nothing is uploaded, and every finding is cited to a page.
Analyse a documentFrequently asked questions
When will IPO allotment status come out?
Under SEBI’s T+3 timeline, the basis of allotment is finalised on T+1, one working day after the issue closes. Most registrars publish status the same evening.
How do I check IPO allotment status by PAN?
Go to the registrar named in the RHP (for example KFin Technologies, MUFG Intime India or Bigshare), select the IPO and enter your PAN. You can also check on the BSE issue application status page.
Does applying for more lots increase allotment chances?
In a heavily oversubscribed retail category, allotment is decided by a draw for the minimum lot, so applying for more lots generally does not improve the odds.
When is money refunded if I do not get an allotment?
Funds blocked through ASBA or UPI are released on T+2, two working days after the issue closes.
What is MUFG Intime?
MUFG Intime India Private Limited is the new name of Link Intime India, one of the largest registrars to IPOs in India. Its allotment status page works the same way.
This guide is general education about how Indian offer documents are structured. It is not investment advice or a recommendation to subscribe to any issue. Regulations change; always read the current offer document and the SEBI regulations it refers to, and consult a SEBI-registered investment adviser before you invest.