The cooling-off period is the time after an IPO when insiders and underwriters are restricted from selling their shares.

You can sell the shares bought through an IPO process on the listing day. Once the allotment process is complete and the shares are credited to the subscribers' accounts, the company will announce the day of listing. Please check IPO detail page to know the listing date for the company. On the day of listing, you can sell you shares just like you sell any share in the market.

Many investors subscribe to an IPO with the intention to get listing gains by selling it on the first day of listing. Good company shares generally list at higher price than the subscription price but it is not always the case. The difference between the two is known as listing gain. It is difficult to identify IPOs that will deliver positive returns on the listing day. The listing day performance of a company depends on several factors like perception about the company, its past performance, demand during the application time and listing day, reputation of promoters and significant news on company and industry etc. There are many companies that have performed poorly or listing day and grew later. So, it is always better to pick the right company after research and invest for the long-term.

IPO stocks can be sold short once they are trading on public markets, known as the secondary market. While traders can sell short IPO shares, investors allocated IPO shares may have to wait for a lock-up period to expire before they can sell.