From the moment a company decides to list to the day shares begin trading — the full 9-step IPO lifecycle with timelines, key players, and what retail investors need to watch at each stage.
The company's board passes a resolution to raise capital through a public offering. Key decisions made at this stage:
The Draft Red Herring Prospectus (DRHP) is filed simultaneously with SEBI, NSE, and BSE. It is publicly available immediately.
SEBI reviews the DRHP and may raise observations (queries). The company must respond to all SEBI observations before proceeding.
The company may do a pre-IPO placement with institutional investors and conducts a roadshow to generate demand.
Qualified Institutional Buyers (QIBs) who are selected as anchor investors receive their allotment at the upper end of the price band.
The IPO is open for bidding for exactly 3 days (Monday–Wednesday or Tuesday–Thursday). Investors apply via ASBA or UPI.
The Registrar processes all bids and conducts a lottery (for retail) or proportional allotment (for HNI/QIB) to determine who gets shares.
Unallotted application amounts are unblocked in your bank account. Allotted shares are credited to your demat account.
Shares begin trading on NSE and BSE. The listing price is determined by pre-open price discovery from 9:00–9:15 AM on listing day.