# The T+3 IPO listing timeline

Source page: https://ipo24by7.com/learn/t-plus-3-listing/ · Updated 2026-10-31 · By IPO24by7 Research

Under SEBI's T+3 rule, the IPO listing timeline is three working days from the day bidding closes, called T. Allotment is finalised on T+1, money is released and shares reach demat accounts on T+2, and trading starts on T+3. It has been mandatory for IPOs opening on or after 1 December 2023.

## Key takeaways

- T is the closing day; T+1 is allotment, T+2 is money and shares, T+3 is listing.
- The days are working days, so a weekend or holiday pushes every later step back.
- UPI mandates must be approved by 5 pm on T; after that, the bid does not count.
- Unallotted money is released by the end of T+2, and shares reach demat the same day.
- T+3 replaced the older T+6 timeline and is mandatory from 1 December 2023.

## What T+3 means

**T** is the day an IPO closes for bidding. Every later step is counted in working days from T.

- **T+1:** the basis of allotment is finalised.
- **T+2:** money is debited or released, and shares reach demat accounts.
- **T+3:** the shares list and start trading on the exchange.

This is SEBI's T+3 timeline. It replaced the older T+6 timeline. SEBI made it voluntary for IPOs opening from 1 September 2023 and mandatory for IPOs opening on or after 1 December 2023.

## The timeline, step by step

| Day | What happens | Deadline in SEBI's circular |
|---|---|---|
| T (closing day) | Last day to bid and approve UPI mandates | Individual bids through apps and UPI mandates by 5 pm |
| T+1 | Registrar finalises the basis of allotment; exchange approves it | Basis of allotment by 6 pm; exchange approval by 9 pm |
| T+2 | Money debited for allotted shares; the rest released; shares credited | Unblocking complete by 4 pm; share credit complete by 6 pm |
| T+3 | Shares list and start trading | Trading begins on the listing day |

The times come from SEBI's circular of 9 August 2023. The registrar and the banks work to these deadlines; you do not need to do anything on T+1 or T+2 except check.

## Before T: the days that lead up to closing

The T+3 clock starts at the close, but a few dates come before it:

1. **Price band announcement:** at least two working days before the IPO opens, with the lot size.
2. **Anchor bid day:** one working day before the IPO opens, for mainboard issues with an anchor portion.
3. **Bidding window:** the IPO stays open for at least three working days. The last of them is T.

All of these dates are in the RHP and the exchange notices. If an issue is extended, the exchange publishes the new closing date, and T moves with it. On IPO24by7, each IPO page shows them in the dates timeline.

## What happens on closing day (T)

T is the most important day for you as an investor. Bids and UPI mandates must be in before the cut-off.

1. **Individual bids** through a broker's app and UPI mandates must be approved by **5 pm**. A mandate approved after 5 pm is not counted.
2. **Bids placed directly in your bank's net banking (ASBA)** can close earlier in the day. Check your bank's cut-off.
3. **Institutional and other non-retail bids** have earlier cut-offs on T.

After the close, the exchanges publish the final subscription figures for each category. That is when you can judge your chance of allotment.

## A worked example

BLS Polymers closed for bidding on Thursday, 29 October 2026. Here is its T+3 timeline. The dates after T are expected dates, worked out on the T+3 rule, until the exchange confirms them.

| Step | Day | Date |
|---|---|---|
| Bidding closes | T | Thursday, 29 October 2026 |
| Basis of allotment | T+1 | Friday, 30 October 2026 |
| Refunds and demat credit | T+2 | Monday, 2 November 2026 |
| Listing | T+3 | Tuesday, 3 November 2026 |

Saturday and Sunday are not working days, so T+2 falls on Monday rather than Saturday. A public holiday in the week would push the dates back the same way.

## What you can do on each day

- **T:** approve your UPI mandate early, well before 5 pm.
- **T+1, evening:** check your allotment status on the registrar's site, or on BSE or NSE. Read [how to check IPO allotment status](/learn/how-to-check-ipo-allotment-status/).
- **T+2:** check your bank account for the debit or release, and your demat account for the shares.
- **T+3:** the shares are tradable from the listing day. On NSE and BSE, a special pre-open session sets the opening price before normal trading.

## The listing day itself

On T+3, the exchanges hold a special pre-open session for the newly listed shares before normal trading starts. Buy and sell orders are collected and matched to find a single opening price, called the equilibrium price.

That opening price is the "listing price" quoted in the news. Normal trading starts at 10 am. From then on, the shares trade like any other listed share, within the price limits the exchange sets for that day.

## T+3 in SME IPOs

SME IPOs follow the same T+3 timeline. Allotment is on T+1, money and shares move on T+2, and the shares list on BSE SME or NSE Emerge on T+3. The difference after listing is that SME shares trade in lots, not single shares.

## Why the shorter timeline matters

Under T+6, application money stayed blocked for about a week after the issue closed. Under T+3, it is released or used within two working days.

For investors, that means:

- **Less time with money locked up.** Unallotted money comes back faster.
- **Less waiting between allotment and listing.** You know the result and can trade sooner.
- **Less time for prices to move** between the close of bidding and the first trade.

For companies, it means faster access to the money they raise.

In practice, an IPO that closes on a Monday now usually lists on the Thursday of the same week, if there is no holiday in between. Bombay Coated and Special Steels, which closes on Monday, 2 November 2026, is expected to list on Thursday, 5 November.

## If a step is late

The deadlines are firm, but delays do happen. If money is not released by T+2, or shares do not arrive:

1. **Check the allotment status** on the registrar's site first. A delay at the bank is different from a rejected bid.
2. **Contact the registrar** named in the RHP and on the IPO page, with your application number.
3. **Raise a complaint on SEBI's SCORES portal** if the registrar does not resolve it.

SEBI's rules require compensation when money is unblocked late: ₹100 a day or 15% a year on the application amount, whichever is higher. Read [what happens to your money if you are not allotted](/learn/ipo-not-allotted-refund/) for how the release works.

## Common mistakes to avoid

- **Counting calendar days.** T+3 counts working days, so a Thursday close usually means a Tuesday listing.
- **Approving the mandate on the evening of T.** The 5 pm cut-off is firm.
- **Expecting money back on T+1.** Allotment is finalised on T+1; the release is on T+2.
- **Trying to sell before the listing day.** Shares credited on T+2 can only be traded from T+3.
- **Ignoring holidays.** An exchange holiday in the week shifts every step after it.

## What to do next

See the dates for every open IPO on the [IPO calendar](/ipo/calendar/) and [allotment status page](/ipo/allotment-status/). Then learn [how IPO shares are allotted](/learn/ipo-allotment-process/) and [how the UPI mandate works](/learn/upi-mandate-for-ipo/).

## Frequently asked questions

**What does T+3 mean in an IPO?**
T is the day the issue closes for bidding. T+3 means the shares list and start trading on the third working day after that. Allotment is on T+1 and the shares and refunds are processed on T+2.

**When does T+3 apply?**
SEBI's circular of 9 August 2023 made it voluntary for issues opening from 1 September 2023 and mandatory for issues opening on or after 1 December 2023. It applies to mainboard and SME IPOs.

**Are weekends counted in T+3?**
No. T+1, T+2 and T+3 are working days. An IPO closing on a Thursday usually has allotment on Friday, refunds and demat credit on Monday, and listing on Tuesday.

**When will I get my money back if I am not allotted?**
On T+2. The circular requires the unblocking of application money to be completed by 4 pm on T+2.

**When do IPO shares reach my demat account?**
On T+2, the day before listing. The registrar completes the credit by the evening of T+2, so the shares are in your account before trading starts on T+3.

**What was the IPO listing timeline before T+3?**
T+6. Shares listed on the sixth working day after the issue closed, so money stayed blocked for about twice as long.

## Sources

- SEBI circular SEBI/HO/CFD/TPD1/CIR/P/2023/140, 9 Aug 2023: reduction of the timeline for listing of shares in a public issue from T+6 to T+3 days
- BSE circular of 3 Aug 2022: UPI mandate acceptance and bid modification close at 5 pm on the closing day
- SEBI circular CIR/MRD/DP/01/2012, 13 Jan 2012: special pre-open call auction session on the listing day of an IPO
- BLS Polymers RHP and exchange notices (October 2026), for the dated example

Information only, not investment advice.