LearnIPO allotment process: how shares are allotted and your chances
IPO allotment process: how shares are allotted and your chances
Updated 4 Nov 2026 · IPO Radar · tables below update with the live sheet
When a retail portion is oversubscribed, allotment is a computerised lottery: every valid application has the same chance of winning one minimum application's worth of shares, however many lots it bid for. Your chances therefore depend on how many applications there are, not how much money you put in.
How the basis of allotment works
After the issue closes, the registrar and the exchange remove invalid bids (duplicate PANs, mandates not approved, bids above the limit) and fix the basis of allotment on T+1, the next working day.
- Retail (up to ₹2 lakh): if not oversubscribed, everyone gets what they bid. If oversubscribed, a lottery picks winners, each getting one minimum application (one lot on mainboard, usually two on SME).
- NII / HNI: since 2022, also a draw — each winner gets the minimum NII application size, and any shares left over are allotted proportionately.
- QIB: proportionate to each institution's bid.
Your chances right now
For NSE SME issues IPO Radar divides the shares reserved for individual investors by the minimum application to get the number of winning slots, and compares that with NSE's count of valid retail applications. For mainboard issues the application count is split across NSE and BSE, so only the retail multiple is shown.
| IPO | Retail subscribed | Applications / slots | Rough odds |
|---|---|---|---|
| Bombay Coated & Special Steels Mainboard | 33.73× | — | — |
| Vedant Poly Fabs SME | 2.26× | 3,195 / 1,415 | ~1 in 2 |
| HGS (India) SME | 235.72× | 94,287 / 400 | ~1 in 236 |
| Maxwell Engineering Solutions SME | 556.10× | 4,17,078 / 750 | ~1 in 556 |
Odds are a guide from NSE's figures; the registrar's basis of allotment is final. Mainboard: only the retail multiple, because applications are split across NSE and BSE.
How to improve your chances (legally)
- Apply for one minimum application in the retail category. Bidding for more lots does not improve your odds in the lottery.
- Apply from separate demat accounts of family members, each with their own PAN and their own bank/UPI. That is several valid applications, not one.
- Tick cut-off price so a revised final price does not invalidate your bid.
- Approve the UPI mandate early on a bidding day, not at the deadline.
- If you hold shares of the parent company, check whether there is a shareholder quota — it is a separate, often less crowded category.
What does not work
- Two applications with the same PAN, even through different brokers: duplicates are rejected.
- Applying early on day one: the lottery does not reward timing.
- Applying through someone else's UPI ID: the bid is rejected.
After allotment
Check allotment status on the registrar's site, or on NSE or BSE, with your PAN on T+1 evening. If you are not allotted, the blocked amount is released by T+2; if you are, shares are credited to your demat on T+2 and the stock lists on T+3.
Questions people ask
Does applying for more lots increase IPO allotment chances?
Not in an oversubscribed retail portion. Each valid application gets one ticket in the lottery and winners get one minimum application, so one lot is as good as fifteen.
Can I apply for an IPO from my family members' accounts?
Yes, if each person has their own demat account, PAN and bank account or UPI in their own name. Each is a separate valid application.
When is IPO allotment done?
On T+1, the working day after the issue closes. Status usually appears on the registrar's website that evening.
Why didn't I get an IPO allotment?
Most often because the retail portion was oversubscribed and your application was not picked in the lottery. Bids can also be rejected for a duplicate PAN or an unapproved UPI mandate.