How to buy an IPO?

In the world of investing, buying an IPO can mean two very different things depending on when you decide to act. You can either apply for the shares before the company is famous (the Primary Market) or you can buy them after they start trading on the news (the Secondary Market).

If applying for an IPO is like pre-booking a concert ticket at a fixed price, buying it after listing is like buying that same ticket from someone else at the gate. In 2026, both methods are incredibly fast and can be done from your phone, but the rules of the game change once the clock strikes 10:00 AM on the listing day.

Method 1: Buying during the IPO (Primary Market)

This is the process of applying for shares before they are listed on the exchange. You are buying directly from the company.

• When: During the 3-5 days window when the IPO is Open.
• Price: You pay a price within the Price Band (e.g., ₹500 - ₹510).
• Process:

1. Open your broker app and go to the IPO Section.
2. Enter the number of Lots and your UPI ID.
3. Approve the Block request on your UPI app (GPay/PhonePe).

• Catch: If the IPO is a hit, you might get zero shares in the lottery.

Method 2: Buying after Listing (Secondary Market)

If you missed the IPO or didn't get an allotment, you can buy the shares the moment they start trading on the NSE or BSE.

• When: On the Listing Day (starts at 10:00 AM) and any day after that.
• Price: You pay the Market Price, which could be much higher (or lower) than the IPO price.
• Process:

1. Search for the company name in your trading app (e.g., Motilal Oswal RIISE).
2. Click 'BUY'.
3. Enter the specific number of shares (no need for Lots here).
4. The money is deducted from your trading balance instantly.

Listing Day Timing (2026 Schedule)

On the day a new stock joins the market, the timing is slightly different from your regular stocks:

Time Slot

Session Name

What happens?

9:00 AM – 9:45 AM

Pre-Open Session

Big investors place orders to decide the Opening Price.

9:45 AM – 10:00 AM

Price Discovery

The exchange matches all orders and fixes the starting price.

10:00 AM – 3:30 PM

Regular Trading

You can now buy and sell shares like any other stock.

Tips for Buying Post-Listing

1. Avoid the 10:00 AM Rush: The first 15-30 minutes of a new listing are extremely volatile. Prices can swing 10% in seconds. It’s often wiser to wait until 11:00 AM for the price to settle.
2. Use 'Limit Orders': Don't just click Market Buy. Set a Limit Price so you don't accidentally buy at a much higher price than you intended.
3. Check the 'Delivery' Rules: On the first day, many stocks have a Circuit Limit (e.g., 5% or 20%). If the stock hits the upper limit, there will be no sellers, and you won't be able to buy until the next day.
4. No Lot Restriction: Unlike the IPO phase where you must buy a full Lot (e.g., 30 shares), in the secondary market, you can buy even 1 single share.