IPO Closing Today

Applying on the Final Day — What the 5:00 PM Deadline Actually Means

An IPO's last day is not a soft deadline. Bidding on the exchange platform stops at 5:00 PM IST, and an application that is not fully funded and authorised by then is rejected outright — there is no grace window and no partial credit.

• The UPI mandate is the usual failure point. Submitting the bid through your broker is only half the process; the mandate has to be approved in your UPI app, and the block must succeed against a funded account. An unapproved mandate at 5:00 PM is a rejected application.
• Your bank's cut-off is earlier than the exchange's. Many banks and brokers stop accepting fresh IPO submissions in the early afternoon on the closing day to leave time for the mandate round-trip. Treat the practical deadline as several hours before 5:00 PM.
• One application per PAN. The registrar deduplicates across brokers and banks — multiple applications under the same PAN are rejected in full, not merely trimmed to one.
• Final-day subscription is the most informative. Institutional money arrives late in the book-building window, so the QIB multiple on the closing day tells you far more about an issue's quality than the Day 1 total did.
• SME bids cannot be revised downward. Since 1 July 2025 downward revision and cancellation have been withdrawn for SME issues, so an SME bid placed today is effectively final.

Live subscription multiples in the table above refresh through the bidding day. Read the full application guide → or compare the two payment routes in ASBA vs UPI →.

IPO investing carries risk of capital loss, allotment is not guaranteed, and grey market premium is an unofficial signal rather than a prediction. Nothing here is investment advice — read the offer document and consult a SEBI-registered adviser before committing capital.