Ipo allotment
Executive summary
IPO allotment is the registrar-led process that allocates shares after an issue closes; for large-cap book-built IPOs allotment is typically completed within 24 hours to a week and shares are credited the next working day (examples: SEBI-aligned timing for large IPOs, registrars like KFinTech/LinkIntime) [1] [2] [3]. Recent December 2025 issues show concrete dates: Exato and Purple Wave scheduled allotments on Dec 3 with credits/refunds on Dec 4, while Meesho’s basis of allotment was slated for Dec 8 with credits on Dec 9 [4] [5] [6].
1. What “IPO allotment” means and who runs it — the nuts and bolts
IPO allotment is the registrar’s rule‑driven distribution of shares to applicants after subscription closes; the registrar publishes a “basis of allotment” that the stock exchanges and investors can view and then pushes shares into demat accounts or triggers refunds [3] [7]. Registrars named in current reporting include KFin Technologies, Link Intime and others; brokers, exchanges (BSE/NSE) and depositories (CDSL/NSDL) relay the status by email/SMS once the registrar finalises allocations [1] [8].
2. Timelines investors should expect — fast for large IPOs, variable for SMEs
Multiple trackers say large-cap book‑building IPO allotments are typically finished within 24 hours to a week of the issue close; small‑cap or SME offers can take longer, and timelines are set by the issuer and registrar [2] [7] [3]. Practical examples from December 2025: Exato and Purple Wave scheduled allotment on Dec 3 with demat credits and refunds the following day (Dec 4) [4] [5]; Meesho’s allotment was slated for Dec 8 with credits/refunds on Dec 9 [6] [9].
3. How allotment is allocated — quotas, lottery and pro‑rata mechanics
When demand exceeds supply, retail investors often face a lottery; institutional slices (QIB/NII) are typically allotted on a proportionate basis while retail allotment uses a draw of lots for oversubscription — details appear in the published “basis of allotment” from the registrar [10] [7] [11]. Some SME IPO rules differ (e.g., minimum bid lot allotments or separate NII subcategories), and SEBI rule changes since March 2025 have adjusted SME/mainboard allocation mechanics in certain cases [10].
4. How to check your allotment — the practical checklist
Check the registrar’s allotment portal first (examples: KFinTech’s kosmic portal), then cross‑verify on BSE/NSE or your broker/demat account by PAN, application number or DP/Client ID; exchanges and depositories send confirmations via SMS/email once allotment is processed [8] [1] [9]. Coverage of recent IPOs reiterates those steps: visit the registrar site, select the IPO, enter PAN/Client ID and submit [8] [5].
5. What happens after allotment — credits, refunds and listing
After the basis of allotment is finalised, registrars credit shares into demat accounts (usually the next working day) and initiate refunds for unsuccessful or partially allotted bids (timing examples: credits/refunds next day for Exato and Purple Wave; Meesho credits/refunds on Dec 9 after Dec 8 allotment) [12] [5] [6] [9]. Listing dates follow the timetable published in the offer documents and media reports [4] [13] [6].
6. Odds and investor behaviour — why many retail bidders get nothing
High subscription ratios reduce per‑applicant chances; analysts put Meesho retail odds at roughly 1 in 33 based on subscription data and IPOwiz analysis — a concrete reminder that oversubscription typically leads to low retail allotment via lottery or prorata allotment rules [9]. Media coverage recommends cut‑off price bidding (for book‑built IPOs) and using shareholder/employee quotas where applicable to improve odds, but these are conditional and vary by issue [11].
7. Sources, limitations and conflicting details to watch
Reporting is consistent that registrars publish the Basis of Allotment and that exchanges/depositories communicate credits/refunds; however, timelines differ by issue size and registrar practice — some pieces state “within 24 hours for large IPOs” [1] while others say “within a week” [2] [7]. Specific allotment and credit dates are issuer‑by‑issuer: Exato and Purple Wave show Dec 3 allotments with Dec 4 credits/refunds [4] [5] while Meesho’s allotment window and dates are later [6] [9]. Available sources do not mention any unified SEBI rule that fixes a single global deadline for all allotments across every IPO — timing remains contingent on issuer/registrar practice [2] [3].
Bottom line: expect the registrar’s basis of allotment to be the authoritative document, check the registrar portal first (PAN/DP ID/Application no.), and treat media‑reported allotment dates as issue‑specific schedules — they match recent practice but are not a universal guarantee [8] [1] [5].