Orders for an IPO can be placed from 10:00 AM on the day it opens until 4:30 PM on the day it closes. Applications submitted during market hours are processed on the same day, while those submitted outside of market hours are processed the following day. 

Clients can also place orders in the pre-apply window. The pre-apply window opens one/two days prior to the IPO, providing convenience for early applications. However, the chances of allotment remain unchanged regardless of when the IPO is applied for. 

Modifications can only be made between 10:00 AM and 5:00 PM on trading days. Dhan submits the application to the exchange, and a mandate request is sent to the UPI app upon submission. The UPI mandate can be accepted until 5 PM on the closing day of the IPO. Mandates for IPO applications submitted between 5:00 PM and 10 AM are received on the UPI app when the IPO market opens. 


IPO applications are not processed in real-time and can take several minutes to a few hours. As the exchange may not accept applications after 4:30 PM, applications collected on the last day after 4 PM are sent to the exchange on a best-effort basis. 

NOTE - The IPO window for HNI investors closes at 4 PM on the last day of bidding.