How IPO Allotment Works (and How to Check Status)

Why retail investors often get zero or one lot in popular IPOs, how the lottery works, and how to check your allotment status and refunds.

Allotment in oversubscribed issues

When an issue is oversubscribed in the retail category, SEBI's rules aim to give the minimum bid lot to as many retail applicants as possible. Allotment among applicants is decided by a computerised draw of lots supervised by the registrar and the stock exchange. Applying for more lots in the retail category does not usually increase your chance of getting one lot in a heavily oversubscribed issue.

In the NII category, allotment rules differ by size of application.

Timeline (T = issue closing day)

Day	Event
T	Issue closes
T+1	Basis of allotment finalised
T+2	Shares credited to demat; money unblocked for non-allottees
T+3	Listing on exchanges

How to check allotment status

On the registrar's website (named in the RHP) using PAN, application number or DP ID.
On the BSE or NSE IPO status pages.
In your broker's app or your demat holdings once credited.

What happens to your money

With UPI or ASBA, the application amount is blocked, not debited. If you receive allotment, only the amount for allotted shares is debited; the rest is unblocked. If you receive nothing, the full block is released.

Tips

Complete the UPI mandate before the cut-off time on the closing day.
Apply once per PAN in a category — multiple applications with the same PAN are rejected.
Bid at the cut-off price in the retail category to avoid rejection if the final price is at the top of the band.

Related: what is an IPO · IPO hub.

Frequently asked questions

Why did I not get an IPO allotment?

In oversubscribed retail categories, allotment is decided by draw of lots, and many applicants receive none.

Does applying through a particular broker improve my chances?

No. Allotment is done by the registrar based on the rules in the offer document, not by the broker.