What a price band revision is
A company announces its price band before the IPO opens. Read what a price band is. During bidding, it can change that band, raising or lowering the floor and the cap. This is a price band revision.
The revised band must still meet SEBI’s rules on the band, with the cap between 105% and 120% of the floor. The lot size may also change so that one lot stays within the required value.
The rules when a band is revised
SEBI’s rules set three requirements:
- Announce it. The company tells the stock exchanges and publishes the change in the same newspapers as the original price band advertisement.
- Extend bidding. The issue must stay open for at least three more working days after the revision.
- Stay within ten days. The total bidding period, including the extension, cannot be more than ten working days.
The exchanges update their issue pages, and your broker’s app shows the new band and closing date. The RHP is usually not refiled for a revision, so the announcement, any addendum and the exchange notice are the documents to read. Keep the date of the announcement in mind: bids placed before it were made on the old band.
How the dates move
Because the closing date moves, so does everything after it. Under SEBI’s T+3 timeline, allotment follows on T+1, money and shares on T+2, and listing on T+3, all counted in working days from the new closing date. Read the T+3 listing timeline.
That has a cost for bidders. Money already blocked for the IPO stays blocked for several extra days, and cannot be used for another IPO closing in the same week. If you planned to bid in two issues, check that your balance covers both for the longer period.
A worked example: Antala Industries
On 2 November 2026, BSE’s issue page for Antala Industries, an SME IPO, showed a revised price band and an extension. The later dates are our estimate on the T+3 rule.
| Before | After | |
|---|---|---|
| Price band | ₹63 to ₹67 | ₹62 to ₹66 |
| Closing date | Mon 2 Nov | Thu 5 Nov |
| Allotment | Tue 3 Nov | Fri 6 Nov |
| Money and shares | Wed 4 Nov | Mon 9 Nov |
| Listing | Thu 5 Nov | Wed 11 Nov |
The extension is three working days: 3, 4 and 5 November. In all, bidding ran for six working days, within the ten-day limit. Listing moves to Wednesday rather than Tuesday because 10 November, Diwali Balipratipada, is a trading holiday.
The minimum bid of two lots fell from ₹2,68,000 to ₹2,64,000 at the cap. The share count, 34,82,000, did not change.
What happens to bids already placed
Bids placed before the revision stay in the book. What happens next depends on the kind of bid:
- Cut-off bids by retail investors move with the band and are allotted at the final price.
- Bids at a specific price stay at that price. If it falls outside the new band, or below the final price, the bid may get no shares. Check it and modify it if needed.
- A lowered band leaves your blocked amount at the old cap until allotment. The difference for any shares allotted is released on T+2.
- A raised band may mean a cut-off bid needs more money blocked. If not topped up, the RHP explains how the number of shares in the bid is adjusted so that no extra payment is needed.
Retail bidders in a mainboard IPO can modify or cancel a bid until the new close. SME bids cannot be cancelled or lowered, so check what your broker allows.
A revision is not the final price
The revised band is still a range. The final issue price is set after the new closing date, within the new band, in the same way as before. Read what cut-off price means.
So a lowered band does not mean the shares will be priced at the new floor. Demand in the remaining days decides where in the band the final price falls.
Where to find the announcement
The company files the revision with NSE and BSE, and it appears on the exchange issue page with the new band and dates. A newspaper advertisement follows. Our IPO pages show the revised band and the new dates, with the exchange as the source, and mark later dates as estimates until they are confirmed.
Revisions in SME IPOs
SME IPOs follow the same rule on extending bidding. Two points matter more for SME bidders. First, SME bids cannot be cancelled or lowered, so a bid placed before a revision stays as it is. Second, the minimum bid is two lots above ₹2 lakh, so the lot size may be changed with the band to keep the minimum above that limit.
Why companies revise the band
Companies usually revise a band because of the demand they see during bidding, or because markets have moved. A lowered band is often linked to weaker demand; a raised band to stronger demand.
Neither is certain, and the announcement may not give a reason. A revision is a fact about the offer, not a verdict on the company. Read the subscription figures and the RHP as before. Read IPO subscription status explained.
What you can do
- Check the new band and closing date on the exchange or the IPO page.
- Look at your bid. If you bid at a specific price, make sure it still makes sense in the new band.
- Plan for the longer block. The money stays unavailable until the new T+2.
- Approve any new mandate your broker sends after a modification, before 5 pm on the new closing day.
Common mistakes to avoid
- Missing the new closing date. The old date no longer applies.
- Leaving a fixed-price bid unchecked. It may fall below the final price.
- Expecting the money back early. A lowered band does not release money before allotment.
- Reading the revision as a signal on its own. Look at subscription and the RHP.
- Forgetting holidays. A trading holiday can push listing back a further day.
What to do next
See the current band and dates for any open IPO. Then read what cut-off price means and how to apply for an IPO.
Sources: SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, Regulation 46: bidding period of 3 to 10 working days, extended by at least three working days on a revision of the price band; SEBI's General Information Document for investing in public issues: treatment of cut-off bids on a revision of the price band; BSE issue details for Antala Industries, 2 Nov 2026: price band revised to ₹62 to ₹66 and issue extended from 2 Nov to 5 Nov 2026; NSE trading holidays 2026: 10 Nov 2026 (Diwali Balipratipada).
Frequently asked questions
Can a company change its IPO price band after bidding opens?
Yes. SEBI's rules allow a revision during the bidding period. The company must announce it to the exchanges and in newspapers, and extend bidding by at least three working days.
How long is bidding extended after a price band revision?
By at least three working days. The total bidding period, including the extension, cannot exceed ten working days.
What happens to my bid if the price band is revised?
It stays in the book. A bid at cut-off moves with the new band. If you bid at a specific price, check whether it is still within the new band, and modify the bid if you want to. Retail bidders can do this until the new closing time.
Do I get money back if the price band is lowered?
The amount blocked at the old cap stays blocked until allotment. If you are allotted shares at a lower final price, the difference is released on T+2 with the rest of the blocked money.
What if the price band is raised and I bid at cut-off?
You may need to block more money at the new cap, or modify your bid. If you do neither, the RHP's issue procedure explains how the number of shares in your bid is adjusted so that no extra payment is needed.
Why do companies revise the price band?
Usually because of demand during bidding or market conditions. The announcement does not always give a reason, and a revision says nothing on its own about the company's quality.