IPO Allotment Process 2026 — How Shares Are Distributed (T+3)

With T+3 listing now standard, the entire IPO cycle — from close to allotment to listing — happens in just 3 working days. Here's how shares are distributed across investor categories in 2026.

Retail Individual Investors (RII)

Retail investors (applying up to ₹2 lakh) receive allotment through a computerised lottery if oversubscribed. Each successful applicant receives a maximum of 1 lot. Applying from multiple family members' accounts (separate PANs and Demat accounts) proportionally increases the collective probability of at least one allotment.

NII: sNII and bNII (Updated 2026)

sNII covers ₹2 lakh–₹10 lakh applications (1/3rd of NII quota). bNII covers above ₹10 lakh (2/3rd). Allotment is proportional within each sub-pool — larger applications proportionally receive more shares.

QIB (Institutional)

Mutual funds, FPIs, insurance companies. Proportional allotment within QIB pool. Strong QIB subscription (20x–50x+) is the most reliable signal of institutional confidence in an IPO. Citius Transnet InvIT's institutional category subscribed 1.45x — a moderate institutional response.

How to Check Allotment (T+3 Era)

With T+3, allotment is announced on T+2 (2 days after close). Check via: the registrar website (KFin Technologies at kfintech.com, MUFG Intime at linkintime.co.in), BSE allotment status, NSE allotment status, or IPOCloud's IPO detail page (allotment checker link published immediately when results are out).