In India, initial public offerings (IPOs) are listed at 9:00 a.m. on the listing day. The listing ceremony takes place at this time. The exchanges then conduct a one-hour pre-open trading session for the newly listed IPO shares. During this time, the opening price of a stock is determined.
The trading session is divided into two parts:
- Pre-open trading session: 9:00 AM to 9:45 AM
- Price discovery: 9:45 AM to 10:00 AM
The buffer period from 9:55 a.m. to 10:00 a.m. allows for the transition between the pre-open and the continuous trading session. Continuous trading for IPOs and re-listed scrips happens from 10:00 a.m. to 3:30 p.m.
Once the shares are listed, they become part of the secondary market and can be bought or sold publicly through the exchange platform.