Home › Learn › How to Apply for IPO

🎯 How to Apply for an IPO

Complete step-by-step guide — UPI method (online) and ASBA method (bank)

📋 What You Need Before Applying

  • Demat Account — Open with Zerodha, Groww, Upstox, or Angel One (free)
  • Trading Account — Usually opened together with Demat
  • PAN Card — Mandatory, linked to your Demat account
  • Bank Account — Savings account with sufficient balance
  • UPI ID — For online method (e.g. 9876543210@ybl, yourname@oksbi)
  • UPI must be linked to same bank as your Demat/trading account for smooth processing
  • IPO must be open — Applications only accepted during the 3-day subscription window

⚡ Choose Your Application Method

📱 UPI Method
Recommended · 2 minutes
🏦 ASBA via Bank
Net Banking · 5 minutes
💻 Broker App
Zerodha / Groww etc.
📱 Fastest method — works on any broker app or bank's BHIM/net banking portal. Most popular with retail investors.
1

Open your broker app or net banking

Log in to Zerodha Kite, Groww, Upstox, or your bank's net banking portal. Look for "IPO" section — usually under Investments or Markets tab.

2

Select the IPO you want to apply for

Browse current open IPOs. Click on the IPO name to open the application form. Verify details — price band, lot size, open/close dates.

3

Enter bid details

Select category (Retail / NII). Enter number of lots (1 lot minimum). Select Cut-off price for price — this is recommended for retail investors as it ensures your bid is valid at whatever final price is set.

💡 Always select "Cut-off price" — don't enter a custom price below the upper band.
4

Enter your UPI ID

Type your UPI ID (e.g. 9876543210@ybl or name@oksbi). Double-check it — a wrong UPI ID will cause your application to be rejected.

5

Submit the application

Review all details and click Submit. A UPI payment request (mandate) will be sent to your UPI app (BHIM, PhonePe, GPay, or your bank's UPI app).

6

⚠️ Approve the UPI mandate — Most Critical Step

Open your UPI app. You'll see a pending mandate for the IPO amount. Tap Approve. Enter your UPI PIN to confirm. The amount will be blocked (not deducted) in your account.

🚨 You MUST approve within 1 hour or your application will be auto-rejected. Don't close the UPI app before approving.
7

Application confirmed ✅

Once you approve, you'll get a confirmation SMS/email with your application number. Save this. You can track your application status on the registrar's website after allotment.

💡 Check allotment status on the registrar's website using your PAN number, about 6 days after the IPO closes.
🏦 The classic method via your bank's net banking. More steps but works even without a broker account. Recommended if UPI is not available.
1

Log in to your bank's net banking

Go to your bank's net banking portal (SBI, HDFC, ICICI, Axis etc.). Look for "IPO / ASBA" under the Investments or Requests section.

2

Select IPO and enter Demat details

Choose the IPO from the list. Enter your Demat account number (DP ID + Client ID or 16-digit beneficiary ID). This is where shares will be credited if allotted.

3

Enter bid details

Fill in number of shares (must be in multiples of lot size), bid price (select cut-off), and category (Retail for applications up to ₹2 lakh).

4

Submit and authorise

Submit the ASBA form. The bank will block the bid amount in your account. You'll receive an application number via SMS. The blocked amount earns interest till allotment.

💡 Your ASBA application is processed by the bank directly — it doesn't go through your broker.
💻 Most beginner-friendly. Broker apps like Zerodha Kite, Groww, or Upstox have a clean IPO section with guided steps.
1

Open broker app → IPO section

Zerodha: Kite app → top menu → IPO
Groww: Home → Stocks → IPO
Upstox: Markets → IPO
Angel One: IPO tab on home screen

2

Select IPO → Apply

Tap on the open IPO, review details, and tap "Apply". Select number of lots and choose cut-off price.

3

Enter UPI ID → Submit

Enter your UPI ID linked to your bank account. Submit the application. All broker apps internally use UPI/ASBA — same mandate approval required.

4

Approve UPI mandate in your payments app

Open PhonePe / GPay / BHIM / your bank's UPI app. Approve the pending IPO mandate. Enter UPI PIN. Done.

🚨 Approve within 1 hour. If you miss it, your entire application is cancelled — you'll need to re-apply within the IPO window.

📅 IPO Timeline — What Happens When

Day 0 — DRHP Filed
Company files draft prospectus with SEBI
Can take weeks/months for SEBI approval
Day 0 — IPO Opens (Day 1)
Subscription window opens. Apply from 10am to 5pm on NSE/BSE working days
Day +1 — IPO Open (Day 2)
Subscription continues. Day-wise data published on BSE/NSE
Day +2 — IPO Closes (Day 3)
Last day to apply. Subscription window closes at 5pm. QIB bids can come in till end of day
💡 Best to apply on Day 1 to avoid last-minute UPI failures
Day +5 — Allotment Date
SEBI-approved allotment happens. Results on registrar website by evening
Day +6 — Refunds / Unblocking
Unsuccessful applicants get their blocked amounts released back
Day +6 — Shares Credited
Allotted shares credited to successful applicants' Demat accounts
Day +7 — Listing Day
Shares start trading on NSE/BSE. You can sell from 10am onwards

💡 Pro Tips for Better Allotment Chances

  • Apply on Day 1 or Day 2 — don't wait for Day 3 when UPI servers can get congested
  • Apply from multiple family members' accounts (parents, spouse) — each PAN gets one chance in the lottery
  • Always select Cut-off Price — never enter a price below the upper band
  • Apply for exactly 1 lot in retail category — more lots don't increase allotment chances
  • Approve the UPI mandate within 30 minutes — don't wait for the 1-hour deadline
  • Keep sufficient balance in bank — blocked amounts that fail due to insufficient funds = rejected application
  • Use a reliable UPI app (Google Pay or PhonePe tend to be most stable during high load)
  • Do NOT apply from the same PAN in multiple broker accounts — it will lead to application rejection

❓ Frequently Asked Questions

Can I apply for an IPO without a Demat account? ▾
No. A Demat account is mandatory to receive allotted shares. You can open a free Demat account with Zerodha, Groww, or Upstox in 10–15 minutes online.
How many lots should I apply for as a retail investor? ▾
For oversubscribed IPOs, apply for exactly 1 lot. Applying for more lots (2, 3, 5 lots) does NOT increase your allotment chances — you'll still get 1 lot or nothing via lottery. Save the extra money. Exception: if you genuinely want more shares for long-term holding and don't mind the locked capital.
When will my blocked money be returned if I don't get allotment? ▾
Within 6 working days of the IPO closing date. For UPI applications, the mandate is simply cancelled — the money was never actually deducted. For ASBA, the bank unblocks the amount.
Can I modify or cancel my IPO application after submitting? ▾
Yes, you can modify (change lot size or bid price) or withdraw your application before the IPO closes. You cannot modify after the IPO window closes. Modification can be done through the same broker platform you used to apply.
I didn't get allotment. What happened to my money? ▾
Nothing was ever deducted. In UPI method, the mandate (block) is cancelled. You'll see the amount available in your account within 1–2 days of allotment date. In ASBA, the bank removes the block on the same day.
Can I apply for the same IPO from two different broker accounts? ▾
No. You can only submit ONE application per PAN number, regardless of broker. Multiple applications from the same PAN are rejected. However, different family members with different PANs can each apply from their own accounts.
How do I check if I got IPO allotment? ▾
On allotment date, visit the registrar's website (Kfin Technologies, Link Intime, or Bigshare — shown on our IPO detail pages). Enter your PAN number or application number or Demat account number. You can also check on BSE's website at bseindia.com → Investors → IPO → Allotment Status.
Should I sell on listing day or hold? ▾
This is a personal decision and not investment advice. Common approaches: (1) Sell at listing for quick listing gain if GMP was high. (2) Hold if the company has strong fundamentals and you believe in long-term growth. (3) Sell a portion to recover cost, hold rest. Always do your own research. We are not SEBI-registered advisers.
🔥 Don't have a Demat account yet?

Open a free Zerodha account in 10 minutes and start applying for IPOs. Get ₹100 reward via our referral link.

⚡ Open Free Zerodha Account

Max 5 ₹100 reward claims/month · Email your Client ID to contact@ipobee.in