Indian IPO Calendar: Current and Upcoming Issues

An Indian IPO, or initial public offer, is the first time a company sells shares to the public and lists them on the National Stock Exchange (NSE) and BSE. The process is governed by SEBI's rules, and it runs on a tight clock: a few working days of bidding, then allotment and listing. This page tracks current and upcoming Indian issues from official pages and explains how the steps fit together.

The table below carries its own "as of" date. Price bands, dates and lot sizes can change, so check the offer document and the exchange page before acting on any entry.

How the IPO process works in India

SEBI's investor material and its Issue of Capital and Disclosure Requirements (ICDR) Regulations, 2018, as amended up to March 21, 2026, set out the main steps.

1. Draft filing. The company, through a merchant banker, files an offer document with SEBI, the stock exchanges and the Registrar of Companies, and receives observations. SEBI posts draft documents on its public issues filings page.
2. Opening the issue. A public issue may open within twelve months of SEBI's observations. The red herring prospectus (or the prospectus, in a fixed-price issue) must be filed with the Registrar at least three working days before the issue opens.
3. Price discovery. Most IPOs are book-built, which SEBI's investor deck describes as the more common route. The company announces a price band, with a floor and a cap, and investors bid within it. SEBI's material says the band may be up to 20% wide. A fixed-price issue instead prints one price in the prospectus. Retail individual investors can bid at a "cut-off" price in a book-built issue, which accepts whatever final price is set.
4. Anchor day. The ICDR schedule says bidding for anchor investors, large institutional buyers, opens one day before the issue opens.
5. Bidding period. The ICDR says an initial public offer must stay open for at least three and at most ten working days. A minimum of 90% of the offer must be subscribed, with exceptions for offers for sale.
6. Payment by ASBA or UPI. Applicants' money is blocked in their bank accounts, not debited, until allotment. Money for unsuccessful applications is released.
7. Allotment and listing. SEBI moved the time from the issue closing to listing from six working days to three (T+3, with T being the closing day), as its board memo on the change describes.

An IPO can be a fresh issue of shares, an offer for sale by existing holders, or a mix, so the proceeds may go to the company or to selling shareholders. The offer document says which.

Lock-ins that follow an IPO

The ICDR (as amended up to March 2026) says the promoters' minimum contribution is locked in for eighteen months from allotment, or three years if the majority of proceeds, excluding any offer for sale, is for capital expenditure. Promoter holdings above the minimum are locked in for six months, or one year in the capital expenditure case. The pre-issue capital held by persons other than the promoters is generally locked in for six months. When a lock-in ends, more shares may become tradable.

How to use an IPO calendar

Look at four things in each row: whether the issue is open, closed or awaiting listing; the price band and lot size; the closing date, which starts the listing clock; and the board, since NSE and BSE also run separate platforms for small and medium enterprises (NSE Emerge and BSE SME), so check which board an issue belongs to. Then read the offer document. SEBI's investor deck lists its key sections: business, risk factors, litigation, capital structure, objects of the issue and the basis for the issue price.

Subscription levels shown on calendars after the book closes tell you how many times the offer was bid for, and nothing about future performance. Unofficial "grey market" chatter is not an exchange or regulator source.

Risks to understand

• Pricing risk. A band is a range, not a valuation. The final price can sit anywhere inside it.
• Information risk. The company is newly public, and the offer document is your main source. SEBI's deck urges investors to avoid relying on rumors.
• Supply risk. Lock-in expiries can bring shares to market.
• Use of proceeds. An offer for sale sends money to existing holders rather than the business.
• Allotment is not certain. A bid blocks your funds until the issue closes, and you may receive fewer shares than you bid for, or none.

Where the official calendars and filings are

• NSE's upcoming issues and IPO page.
• BSE's IPO and bookbuilding listings at bseindia.com.
• SEBI's public issue filings, covering draft, red herring and final offer documents.
• SEBI's investor deck on IPOs, dated September 2022, so check current circulars for changes.

Tax notes

• NRIs applying. SEBI's NRI material says an NRI with an NRE or NRO bank account can take part in an IPO, that a PIS permission letter is not required for IPOs, and that sale proceeds can be credited to an NRE or NRO account after applicable taxes. See our page on NRE, NRO and FCNR accounts.
• Indian tax on the gain. Indian tax questions belong with an Indian chartered accountant; our Indian new highs page summarizes what the Income Tax Department says about listed shares.
• U.S. persons. Shares in an operating company are generally not PFICs, unlike Indian mutual funds. The demat account used for the IPO is a foreign account for the FBAR, and each rupee amount must be converted to dollars; see our forex rates page.
• Where we help. Our international tax services page describes how we prepare U.S. returns for clients with Indian holdings.

If you sell the shares later, the gain follows the rules in our capital gains guide for U.S. persons, and our page on residency rules explains how your status affects what each country taxes.

Frequently asked questions

General information only, not tax, legal or accounting advice for your situation. Rules, limits and deadlines change; confirm the current rules with the official source or a qualified professional before you act. Reading this page does not create a professional relationship with CPA Tax Payroll and Accounting Corp.