Answer
The bid closing date is the final deadline for submitting an IPO application. The company defines this cutoff date in its main registration papers. No one can buy shares after 5 PM on this final day. The bidding window shuts completely at this hour.
The entire process moves to the allocation phase after this target date. The company distributes shares to successful applicants. Finally, the stock lists on the exchange for open trading.
For example, a firm shares its public issue calendar:
- IPO Start Date: Wednesday, July 15, 2026
- IPO End Date: Friday, July 17, 2026
- Allotment Finalization: Monday, July 20, 2026
- Refund Processing: Tuesday, July 21, 2026
- Demat Share Delivery: Tuesday, July 21, 2026
- Market Listing Day: Wednesday, July 22, 2026
- UPI Approval Deadline: 5 PM on July 17, 2026
In this case, July 17, 2026 is the closing date.