Upcoming IPOs In India: What The Process Looks Like And How Allotment Works

Friday, January 2, 2026, 18:49

India's initial public offer market has been very active and busy, with many companies ready to list on stock exchanges in 2025-26. Investors are closely following every upcoming IPO so that they can capitalize on it or gain some benefit in short terms by listing it in stock markets. This active listing movement is not only happening in mainstream businesses but also in SME businesses in NSE Emerge and BSE SME listing markets.

This article explains the IPO process in India - what happens during the IPO subscription process, the method of share allocation, as well as the process of IPO allotment status, all of which are done clearly.

What Is an IPO?

An IPO (Initial Public Offering) refers to a situation whereby a company that was previously privately owned is able to offer its share to the public for sale via the stock market (NSE/BSE). Subscriptions can be made through an IPO offer; after which the share is able to trade on the market.

IPOs are recognized by firms as a means to raise funds for expansion, debt repayment, as well as for strategic purposes, while for investors, IPOs are means to buy into a growing company.

Upcoming IPOs in India - 2026 Outlook

The IPO momentum in India continues to build. According to recent market projections:
Over 190 companies are preparing to raise more than ₹2.5 lakh crore through public listings in 2026.

Approximately 84 companies got approval from SEBI, but over 100 companies are waiting for approval.

Some of the notable names that are anticipated or are about to file or launch the initial public offering (IPO) are the prominent tech companies, fintech companies, consumer internet companies, telecommunication companies, and the financial services sector companies like Reliance Jio, Flipkart, PhonePe, NSE, SBI Mutual Fund, Hero Fincorp, Kuku FM, Zepto

The strong pipeline reflects both investor confidence and increasing adoption of equity investments in India's capital markets.

IPO Process in India

Here is the detailed process that an IPO follows:

Filing of Draft Red Herring Prospectus (DRHP)

The company planning the upcoming IPO files a Draft Red Herring Prospectus with SEBI. This document contains financials, business info, risk factors, and plans for IPO proceeds.

SEBI Review and Approval

SEBI reviews the DRHP for regulatory compliance and may make a request for clarifications. With approval in hand, a Final Prospectus is issued that includes information on issue size, price band, among others.

IPO Subscription Window Opens

The IPO is open for 3-5 days when investors can place bids for shares. Retail investors can apply through brokers, UPI, or ASBA (Applications Supported by Blocked Amount), where funds get blocked until shares are allotted.

Book Building and Bidding

Investors bid within the specified price band. The final price is decided through book building based on demand from investors across categories - Retail, HNI (High Net Worth Individuals), and QIBs (Qualified Institutional Buyers).

Basis of Allotment and Lottery System

If the IPO is oversubscribed (common for popular issues), shares may be allocated proportionally or through a lottery system among applicants within each category.

IPO Allotment and Refunds

Once bidding ends and allocation is decided, unallotted applicants receive refunds automatically through the ASBA process. Shares are credited to successful investors' Demat accounts within ~6-7 working days of issue closure.

Listing on Stock Exchange

Finally, the company lists on NSE or BSE, and its shares start trading publicly. The listing price on day one may differ from the issue price, depending on demand and market sentiment.

Understanding IPO Allotment Status

Once the subscription period closes and the company's registrar finalizes allocations, investors begin tracking their IPO allotment status to know if they received shares or not.

Here's how it works:

What Is IPO Allotment Status?

IPO allotment status shows:

Whether you got shares from the IPO.
How many shares were allocated.
Whether any refund is due.

This becomes available 3-6 working days after the IPO subscription closes.

How to Check IPO Allotment Status

You can check your allotment status in multiple ways:

By PAN or Application Number:

Go to the official website of NSE/BSE, select your IPO, and enter your PAN number/applicant number to check the status.

Registrar Websites:

There are websites like KFin Technologies, Link Intime, Bigshare Services (registrar for numerous IPOs) where you can check the allotment status using PAN number, DP ID/Client ID, or Application Number.

Broker Platforms:

Many brokers provide an integrated IPO tracking feature where you can see your application and IPO allotment status directly.

SMS/Email Updates:

You may receive updates from your broker or registrar once the shares are allotted or refunded.

What If You Don't Get Allotment?

If you do not have any shares allocated, the blocked amount will be refunded in your bank account within a few days of the finalization of the allotment.

Reasons Why IPO Allotment Doesn't Always Occur

Oversubscription occurs quite often for some of the firms planning to have an IPO because of higher demand from investors compared to the number of shares on sale. Allocation of shares to prospective investors occurs through:

Pro-rata basis (proportional allocation)
Lottery system (especially for Retail Individual Investors)

Thus, even if you apply, you may not necessarily be allotted every time, and that will be subject to the demand and the allotment norms. Some investors will also look to see how to increase the probabilities of allotment (for instance, applying in the retail category of ₹2 lakhs), but there is no foolproof process.

Things To Do Before Investing in an Upcoming IPO

Read the Prospectus Carefully: Understand business model, financials, and risks.
Check Subscription Trends: High subscription often means lower chances of allotment but potentially strong listing gains.
Don't Only Chase Noise: Fundamentals and long-term outlook are more valuable than short-term noise.

Conclusion

The IPO market in India is set to start an impressive streak as main and SME companies are launching upcoming IPOs regularly. Knowing the IPO process and how IPO allotment status works helps investors plan better and manage expectations.