According to SEBI's guidelines, for book built IPO's, the allotment/share credit and refund process has to be completed within 15 days of the closure of the issue. (For fixed priced issues, the limit is 30 days).
The listing has to be done within 1 week of the completion of allotment process.
Thus next time you have doubt on when a stock will list after IPO is closed. Just add 22 days to the closing date of the IPO (book built).
Quote:
As per Listing Agreement, a company is required to complete allotment of securities offered to the public within 30 days of the date of closure of the subscription list and approach the Regional Stock Exchange, i.e. Stock Exchange nearest to its Registered Office for approval of the basis of allotment.
In case of Book Building issue, Allotment shall be made not later than 15 days from the closure of the issue failing which interest at the rate of 15% shall be paid to the investors.
IPO Closing Date + 15 days = Allotment is done and refunds sent. (Actual allotment announcement comes 1-2 days after allotment is done).
Refunds may take 7 days to reach the investors after they are sent. (Reliance Power refunds have got delayed a bit because the registrar make refunds to 50 lac investors.)
Credit of shares will be at least 1 day before listing.
Listing will happen within 21 days of IPO closure.
What should be the Last date of Refund for Reliance IPO
HI Alchemist,
I didn't get my refund till now of Reliance power IPO.
Pls tell me the last expected date to wait for refund through e-transfer.
In case it delayed then where I should contact.
HI Alchemist,
I didn't get my refund till now of Reliance power IPO.
Pls tell me the last expected date to wait for refund through e-transfer.
In case it delayed then where I should contact.
This link is to a pdf file giving the time-frame for IPO (and FPO?) from the date the issue closes to the date of listing with respect to the 12-day regime:
Expected Listing Dates of IPO's & Refund Time
Linear Mode
