Zerodha Listing day IPO

Listing-day trading hours

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On the listing day of a new IPO, NSE / BSE conduct a special pre-open session before the regular continuous trading. The pre-open helps discover the listing price.

Schedule

PhaseTime
Pre-open / order collection09:00 to 09:45 IST (extended)
Indicative price formation09:45
Listing price discovery09:45
Continuous trading10:00 onwards

The listing day pre-open is longer than the regular 8-minute window to accommodate the price-discovery process.

Circuit relaxation

For the first day:

  • Standard 20% circuit may be relaxed if the indicative price moves significantly.
  • Special wider band may apply (e.g., +/- 30% from issue price).
  • Specific rules per the IPO’s terms.

This allows the stock to find its true price without artificial constraints.

Order placement

Order typeListing-day pre-open
LimitAccepted
MarketAccepted (executes at discovered price)
Stop-lossNot in pre-open; from continuous session
GTTStored; not active in pre-open

Post-listing

After 10:00 (continuous trading begins):

  • Standard market rules apply.
  • Circuit filters per the stock’s category.
  • Settlement T+1 (or T+0 if eligible).

Implications for retail traders

  • Volatile pricing in the first hour of trading.
  • Wide spreads can widen further.
  • Allocated shares can be sold from 10:00 onwards.
  • Non-allocated investors can buy at the post-discovery price.

For most retail investors, waiting for the first day’s volatility to settle (before deciding to buy) is prudent.

See also

External references

References

  1. NSE India, Listing-day pre-open session, nseindia.com.
  2. SEBI, IPO listing framework, sebi.gov.in.

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