When an IPO is oversubscribed — more shares are bid for than are on offer — not everyone who applies receives shares. The basis of allotment decides who does.
The steps after an IPO closes
- Bidding closes. Your money stays blocked in your bank account (through ASBA or a UPI mandate), not debited.
- Basis of allotment. The registrar, together with the stock exchange, finalises who gets shares.
- Allotment status goes live on the registrar's website and the exchanges' status checkers.
- Funds are debited or released. If you are allotted, the blocked amount is debited; if not, the block is released.
- Shares are credited to your demat account before listing.
- Listing day. The shares start trading on the exchange.
How retail allotment is decided
In the retail category, when an issue is oversubscribed, the aim is to give at least one lot to as many applicants as possible. Applications are selected by a computerised lottery, so applying for more lots does not raise your chance of getting the first lot. Every valid one-lot application has the same chance.
For QIB (institutional) and NII (high-value) categories, allotment rules differ and are generally proportionate to the amount bid.
How to check IPO allotment status
You need your PAN, application number, or DP/Client ID. Check on:
- the registrar's website (for example KFin Technologies, MUFG Intime or Bigshare — the registrar is named in the IPO document), or
- the BSE or NSE application status pages.
On the NEOGreeks IPO page, every closed IPO has a Check allotment status button that opens the right registrar or exchange checker for that issue.
Why you might not get an allotment
- The issue was heavily oversubscribed and your application was not picked in the lottery.
- The application was rejected — for example a PAN mismatch, a UPI mandate that was not approved in time, or more than one application under the same PAN.