Applying for an IPO doesn't guarantee you'll get shares — allotment is a separate step that happens after the issue closes. Here's exactly how it's decided, and how to check your result.
How Allotment Is Decided
The registrar (typically Link Intime or KFin Technologies) processes all valid applications after the IPO closes. What happens next depends on whether a category is undersubscribed or oversubscribed:
Undersubscribed category: every valid applicant gets full allotment — no lottery needed.
Oversubscribed category: shares are allotted through a computerised lottery system. If retail demand is 5x the available retail shares, roughly 1 in 5 applicants gets allotted a lot, chosen randomly by the system — not first-come-first-served.
Getting allotment is partly outside your control once you've applied correctly. Applying early or for a larger amount within your category doesn't improve your lottery odds per lot — it only increases how many lots you're eligible to be considered for.
The Allotment Timeline
Under India's current T+3 IPO listing framework, the typical sequence is: IPO closes → allotment finalised (usually the next working day) → refunds initiated for non-allottees → shares credited to Demat accounts → listing day — all compressed into just a few working days.
How to Check Your Allotment Status
Go to the registrar's website
Each IPO has a designated registrar (Link Intime, KFin Technologies, Bigshare, etc.) — this is listed on the IPO's prospectus and usually on tracking sites.
Find the IPO allotment status page
Registrars have a dedicated page for checking allotment, usually listing all recent/current IPOs to choose from.
Enter your PAN or application number
You'll need either your PAN card number or the IPO application/reference number you received when applying.
View your result
The page will show whether you were allotted shares, and if so, how many.
You can also check allotment status directly through the BSE and NSE websites, which have a common allotment status checker covering most IPOs, as an alternative to going registrar-by-registrar.
What Happens If You're Not Allotted?
If you don't receive allotment, the blocked amount in your bank account is simply released — no money was ever debited under the UPI/ASBA system, so there's no refund to wait for in the traditional sense. The block typically clears within 1-2 working days of the allotment being finalised.
What Happens If You Are Allotted?
The blocked amount is debited, and shares are credited to your Demat account — usually visible a day or two before the official listing date. From there, you can choose to sell on listing day or hold, based on your own view of the company.
Frequently Asked Questions
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