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Decoding the IPO Listing Process: A Step-by-Step Guide for Investors 

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An IPOs or initial public offering, is the process of offering shares of a private company to the public for the first time. An IPO can be a great opportunity for investors to participate in the growth and success of a company, and to diversify their portfolio. However, investing in an IPO can also be challenging and risky, as it involves various factors, such as market conditions, valuation, demand, and regulations. Therefore, it is important for investors to understand the IPO listing process, and to follow the steps to apply for an IPO.

IPO Process

What is the IPO Listing Process?

The IPO listing process is the process of preparing, launching, and completing an IPO, which involves several steps and stages. The IPO listing process can be divided into three main phases: pre-IPO, IPO, and post-IPO. Below are the steps involved in each phase of the IPO listing process:

Pre-IPO Phase

The pre-IPO phase is the phase before the IPO is launched, which involves the preparation and planning of the IPO by the company and its advisors. The pre-IPO phase can take several months or even years, depending on the size and complexity of the company and the IPO. The pre-IPO phase consists of the following steps:

  • Step 1: Hire an investment bank: The first step in the pre-IPO phase is to hire an investment bank or a team of underwriters, who will act as the lead managers and advisors for the IPO. The investment bank will help the company to evaluate its financial situation, growth potential, and market opportunity, and to determine the amount and type of securities to be issued, the valuation and pricing of the shares, and the timing and strategy of the IPO. The investment bank will also sign an underwriting agreement with the company, which outlines the details and terms of the IPO, such as the fees, commissions, and responsibilities of the parties involved.
  • Step 2: Conduct due diligence and regulatory filings: The second step in the pre-IPO phase is to conduct due diligence and regulatory filings, which involves the verification and disclosure of the company's information, such as its business model, financial performance, risk factors, industry outlook, and future plans. The company and its advisors will prepare a draft prospectus, also known as a red herring prospectus, which contains all the essential information about the company and the  IPO. The draft prospectus will be submitted to the Securities and Exchange Board of India (SEBI), which is the regulator of the IPO market in India, for approval and registration. The SEBI will review the draft prospectus and may ask for clarifications or modifications, before issuing an observation letter, which indicates the clearance of the IPO.
  • Step 3: Form a syndicate and book-building: The third step in the pre-IPO phase is to form a syndicate and book-building, which involves the formation and coordination of a group of intermediaries, such as brokers, dealers, and distributors, who will help the company and the investment bank to market and sell the shares to the investors. The syndicate will also conduct a book-building process, which is a method of price discovery, where the company and the investment bank will invite bids from the investors, and collect their expressions of interest, such as the number of shares and the price range they are willing to pay. Based on the demand and feedback from the investors, the company and the investment bank will finalise the offer price and the allocation of the shares.
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IPO Phase

The IPO phase is the phase when the IPO is launched and completed, which involves the offering and listing of the shares to the public. The IPO phase can take a few days or weeks, depending on the market conditions and the response from the investors. The IPO phase consists of the following steps:

  • Step 4: Marketing and promotion: The fourth step in the IPO phase is to market and promote the IPO, which involves the creation and distribution of the final prospectus, which is the official document that contains all the updated and final information about the company and the IPO. The final prospectus will also include the offer price and the offer period, which are the price and the duration of the IPO, respectively. The company and the investment bank will also conduct a roadshow, which is a series of presentations and meetings with the potential investors, such as institutional investors, mutual funds, and high-net-worth individuals, to showcase the company's strengths and prospects, and to generate interest and demand for the IPO.
  • Step 5: Application and allotment: The fifth step in the IPO phase is to apply and allot the shares, which involves the submission and processing of the applications from the investors, and the allocation and distribution of the shares to the successful applicants. The investors can apply for the IPO through various modes, such as online platforms, brokers, banks, or post offices, by filling an application form and paying the application money. The investors can also choose the category of investors they belong to, such as retail investors, non-institutional investors, or qualified institutional buyers, which have different eligibility criteria and reservation quotas. The company and the investment bank will then process the applications and allot the shares to the investors, based on the availability and the proportion of the shares. The investors will receive a confirmation of the allotment, and the refund of the excess application money, if any.
  • Step 6: Listing and trading: The sixth and final step in the IPO phase is to list and trade the shares, which involves the admission and commencement of the trading of the shares on the stock exchange. The company and the investment bank will complete the necessary formalities and procedures with the stock exchange, such as the listing agreement, the listing fees, and the listing date, which is the date when the shares will start trading on the stock exchange. The company and the investment bank will also conduct a listing ceremony, which is a symbolic event to mark the debut of the company on the stock exchange. The investors can then start buying and selling the shares on the stock exchange, at the prevailing market price, which may be higher or lower than the offer price, depending on the demand and supply of the shares.

Post-IPO Phase

The post-IPO phase is the phase after the IPO is completed, which involves the monitoring and reporting of the performance and activities of the company and its shares. The post-IPO phase can last for several months or years, depending on the company's growth and expansion plans. The post-IPO phase consists of the following steps:

  • Step 7: Stabilisation and lock-up: The seventh step in the post-IPO phase is to stabilise and lock-up the shares, which involves the maintenance and regulation of the price and volume of the shares in the market. The investment bank may act as a stabilising agent, who can buy or sell the shares in the market, to prevent any extreme fluctuations or manipulations of the share price, within a certain period after the IPO, usually 30 days. The company and the investment bank may also impose a lock-up period, which is a restriction on the sale or transfer of the shares by the existing shareholders, such as the promoters, directors, and employees, within a certain period after the IPO, usually 180 days. The stabilisation and lock-up measures can help to protect the interests of the investors, and to ensure a fair and orderly market for the shares.
  • Step 8: Reporting and compliance: The eighth step in the post-IPO phase is to report and comply with the regulations and obligations of the stock exchange and the SEBI, which involve the disclosure and submission of the financial and operational information and updates of the company and its shares. The company has to report its quarterly, half-yearly, and annual financial results, such as its revenue, profit, earnings per share, and cash flow, to the stock exchange and the SEBI, and to the public through its website and the media. The company also has to comply with the corporate governance and disclosure norms, such as the board composition, the audit committee, the shareholder meetings, the dividend policy, and the material events and developments, that may affect the company and its shares. The reporting and compliance measures can help to enhance the transparency and accountability of the company, and to build trust and confidence among the investors.
  • Step 9: Growth and expansion: The ninth and final step in the post-IPO phase is to pursue the growth and expansion plans of the company, which involve the utilisation and allocation of the funds raised from the IPO, and the execution and implementation of the business strategies and objectives of the company. The company has to use the proceeds from the IPO for the purposes stated in the prospectus, such as the repayment of debt, the acquisition of assets, the expansion of operations, the research and development, and the working capital requirements. The company also has to deliver on its promises and expectations, such as the revenue growth, the market share, the customer satisfaction, and the innovation and differentiation, that it has communicated to the investors during the IPO. The growth and expansion measures can help to create value and wealth for the company and its shareholders, and to achieve a successful IPO.
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What is the IPO Listing Time?

The IPO listing time marks a critical milestone when a company’s shares are made publicly available on the stock exchange, allowing investors to buy and sell them. The time of IPO listing on the day of debut typically begins with a special pre-open session at 9:00 a.m., where price discovery occurs through a call auction. This session helps determine the opening price based on demand and supply dynamics. During this period, investors can place orders, but they may also modify or cancel them until the session concludes.

After the initial pre-open session, the IPO listing proceeds with a sequence of steps. At 9:45 a.m., the order-matching and confirmation period begins, where the orders are matched based on demand, and the opening price is confirmed. By 10:00 a.m., the market transitions to normal trading hours, allowing the listed IPO shares to be freely bought and sold on the secondary market until the close of the trading day. These structured segments ensure a smooth listing process and provide investors with opportunities for trading at different stages.

Session

Time

Action

Order entry period

9:00 a.m. - 9:45 a.m.

Orders for new listings (IPO) and re-listed instruments can be entered, modified, or cancelled.

Order matching & confirmation period

9:45 a.m. - 9:55 a.m.

Order placement, modification, or cancellation stops. Opening price is determined and confirmed.

Buffer period

9:55 a.m. - 10:00 a.m.

Facilitates transition from pre-open to normal market.

Normal trading for IPOs (new listing)

10:00 a.m. onwards

Unmatched market orders move to the continuous session at the opening price.

This IPO listing time process is designed to balance demand and supply, ensuring price stability as the company debuts on the stock exchange. By structuring the time of IPO listing into segments, the exchange provides a controlled environment for price discovery, catering to both retail and institutional investors. The IPO listing experience often influences the stock’s initial performance and can create significant gains for early investors.

What is the IPO Listing Price?

The IPO listing price is the price at which a company’s shares start trading on the stock exchange on the day of its IPO listing. This price is distinct from the issue price, which is the price at which investors initially buy shares during the IPO subscription period. The listing price is determined through market demand and supply in a pre-open session on the listing day, reflecting investor interest and market conditions.

The determination of the IPO listing price is crucial, as it can impact both the immediate and long-term performance of the stock. If the demand for the IPO is high, the listing price may be significantly higher than the issue price, resulting in potential listing gains for investors. Conversely, lower demand may lead to a listing price close to or even below the issue price, which can influence investor sentiment and trading activity on the first day of trading.

Conclusion

The IPO listing process is a complex and lengthy process, that requires a lot of preparation, planning, and execution, by the company and its advisors. The IPO listing process can also be a rewarding and beneficial process, that can provide access to capital, visibility, and growth, for the company and its investors. The IPO full form, or Initial Public Offering, refers to the process where a company offers its shares to the public for the first time. Therefore, it is important for investors to understand the IPO listing process, and to follow the steps to apply for an IPO, to make informed and profitable investment decisions.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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Frequently Asked Questions

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1. How long does the IPO process take?

Answer Field

The IPO process in India takes around 4 to 6 months including all the steps.

2. How is the IPO price decided in India?

Answer Field

The IPO price is determined either by the book-building method or by the fixed-price IPO method. Underwriters or investment bankers assess investor demand to determine the price.

3. Who controls the IPO process in India?

Answer Field

Security and Exchange Board of India (SEBI) controls the entire IPO process in India.

4. What are the latest changes in the IPO process in India?

Answer Field

SEBI has introduced rules to ensure transparency in IPOs. Shareholders with more than 20% before the issue can only sell 50%, and those with less than 20% can sell up to 10% of their stakes. These regulations protect the interests of investors and companies.

5. What makes a company eligible to launch an IPO?

Answer Field

In India, a company launching an IPO must meet specific criteria, including three years of existence, two years of profits, a net worth of Rs. 3 crore and a minimum float of 20%. In addition, they must meet financial and legal requirements such as audit of financial statements by a SEBI-registered trader.

6. What is the timing of IPO listing day?

Answer Field

The timing of the IPO listing day begins with a pre-open session at 9:00 a.m., where price discovery occurs. Regular trading for the IPO shares officially starts at 10:00 a.m., allowing investors to trade in the open market.

7. What is the timing for IPO buying?

Answer Field

Investors can place orders during the pre-open session from 9:00 a.m. to 9:45 a.m. on the IPO listing day. However, regular buying and selling start at 10:00 a.m., when normal trading begins for the listed IPO shares.

8. At what time is IPO allotted or listed?

Answer Field

IPO shares are typically listed on the exchange six working days after the IPO closes. On the listing day, the shares become available for trading after the pre-open session concludes, with trading starting at 10:00 a.m.

9. What is the typical time frame for an IPO listing?

Answer Field

From the close of the IPO to the listing date, it usually takes six business days for the shares to be listed. With recent regulatory changes, this timeline has been reduced to three days for faster access to trading.

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DISCLAIMER FOR REPORT

DISCLOSURES UNDER THE PROVISIONS OF SEBI (RESEARCH ANALYSTS) REGULATIONS 2014 (REGULATIONS)

Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities.  

This Report has been prepared by Bajaj Financial Securities Limited in the capacity of a Research Analyst having SEBI Registration No. INH000010043 and distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors.  

This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Bajaj Financial Securities Limited and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Bajaj Financial Securities Limited reserves the right to make modifications and alterations to this statement as may be required from time to time. Bajaj Financial Securities Limited or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Bajaj Financial Securities Limited is committed to providing independent and transparent recommendation to its clients. Neither Bajaj Financial Securities Limited nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance .The disclosures of interest statements incorporated in this report are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The information provided in these reports remains, unless otherwise stated, the copyright of Bajaj Financial Securities Limited. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of Bajaj Financial Securities Limited and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.  

We offer our research services to clients as well as our prospects. Though this report is disseminated to all the customers simultaneously, not all customers may receive this report at the same time. We will not treat recipients as customers by virtue of their receiving this report.  

Bajaj Financial Securities Limited and its associates, officer, directors, and employees, research analyst (including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. Bajaj Financial Securities Limited may have proprietary long/short position in the above-mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Bajaj Financial Securities Limited.  

Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.  

Research analyst has served as an officer, director or employee of subject Company: No  

Bajaj Financial Securities Limited has financial interest in the subject companies: No  

Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.  

Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Subject company may have been client during twelve months preceding the date of distribution of the research report.  

There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at https://www.nseindia.com/

ANALYST CERTIFICATION

The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.  

RISK DISCLOSURE ON DERIVATIVES

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹ 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

BROKERAGE DISCLAIMER

All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit : https://www.bajajbroking.in/pricing

MTF 

As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).  

US INVESTING

International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.  

MARKETSMITH / GOLDENPI / SOVEREIGN GOLD BONDS

Bajaj Financial Securities Limited is only distributor of this product. These are not exchange traded products and all disputes with respect to the distribution activity, would not have access to exchange investor redressal forum or Arbitration mechanism. Bajaj Financial Securities Limited is not a registered Investment Advisory. User discretion is required before investing. Client is requested to independently evaluate and/or consult their professional advisors before arriving at any conclusion to make any investment. The decision to invest shall be the sole responsibility of the Client and shall not hold Bajaj Financial Securities Limited, its employees and associates responsible for any losses, damages of any type whatsoever. 

IPO 

This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.  

SCREENERS 

Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform. 

SECURITIES 

Securities quoted are exemplary and not recommendatory. 

IPV 

Account would be open after all procedure relating to IPV and client due diligence is completed. 

IMAGES 

The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites. 

DISCLOSURE TO CLIENTS REGARDING PAYOUT OF FUNDS

As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.