What happens after IPO subscription?

Exchanges close bids for IPO shares at 5 p.m. on the issue closing date. They provide the bid data to the registrar for further processing. Once the registrar receives the data, it proceeds with the following activities:

• Review applications to accept valid bids and reject invalid/wrong applications.
• Complete the basis of allotment in consultation with the exchanges.
• Refund of application money in case of partial allotment or non-allotment.
• Credit the Demat account of the allottees.

The shares are then listed on the exchange and normal trading of the shares begins.