Special Pre Open

Applicable only to IPO Securities and Re-listed Securities. Conducted only on the first day of listing or recommencement of trading. Uses Call Auction mechanism for determining the opening price. Duration of session is 60 minutes. Only Limit Orders are permitted. Orders can be entered, modified and cancelled during the Order Collection Period. System driven random closure occurs anytime between the 35th and 45th minute.

Order Collection Period: 9:00 AM to 9:45 AM. Random Closure: Between 9:35 AM and 9:45 AM. Order Matching & Trade Confirmation: 9:45 AM to 9:55 AM. Buffer Period: 9:55 AM to 10:00 AM. Market Parameters: Series EQ/BE/BZ, Lot Size 1 share, No Price Band.

The equilibrium price is determined using the demand and supply mechanism. The opening price is the price at which the maximum executable quantity can be traded. If multiple prices qualify, the price having minimum order imbalance is selected. If still tied, the price closest to the base price is selected.

Indicative Equilibrium Price, Indicative Executable Quantity, Total Buy Quantity, Total Sell Quantity and Tradable Quantity are disseminated. Eligible securities are marked as PO in market watch.

• What is a Special Pre-Open Session?

  A dedicated Call Auction Session for IPO and Re-listed securities.

• Which securities are eligible?

  IPO and Re-listed securities only.

• What order types are allowed?

  Only Limit Orders.

• What happens to unmatched orders?

  IPO unmatched orders move to normal market within applicable range.

Only DAY validity limit orders allowed. Disclosed quantity orders not permitted. No order entry, modification or cancellation during matching period. In case of market-wide circuit breaker during collection period, orders are cancelled and fresh session is conducted.