How do I apply for an IPO in India?

Apply for an IPO through your broker app (Zerodha, Groww, Angel One, etc.) or your bank's net banking IPO section. You need a demat account and a linked bank account with UPI enabled. During the subscription window (usually 3 days), select the IPO, enter the number of lots, choose cut-off price, and confirm via UPI mandate.

What is ASBA in IPO application?

ASBA (Application Supported by Blocked Amount) is the mandatory payment mechanism for IPO applications in India. Your bank blocks the application money rather than debiting it — if you don't get allotment, the block is released and the money was never actually taken from your account.

Can I apply for an IPO without a demat account?

No. A demat account (with a depository participant like Zerodha, HDFC Securities, etc.) is mandatory to apply for an IPO in India. This is where allotted shares are credited. You also need a linked bank account for the UPI ASBA payment block.

What is cut-off price in IPO?

Cut-off price means you are agreeing to pay whatever final price is discovered within the price band — you are not specifying a particular bid price. SEBI allows retail investors to apply at cut-off price, which ensures your application is valid regardless of where the final price is set within the band. Always apply at cut-off.

How many days does it take to get IPO allotment?

IPO allotment typically happens on T+6, where T is the closing day of the subscription window. Demat credit for allottees follows on T+8, and the IPO lists on T+9. The total wait from application to listing is usually 8–10 working days.

How to Apply for an IPO in India: Step-by-Step Guide for 2025

Since SEBI mandated the UPI-based ASBA system, applying for an IPO in India has become entirely digital. You no longer need to fill a physical form or write a cheque. Here is the complete process from start to finish.

What You Need Before You Apply

You need a Demat account (with any SEBI-registered broker), a linked bank account with UPI enabled, and a UPI ID (e.g., 98XXXXXXXX@okaxis). Make sure your Demat and PAN are linked — mismatches cause rejection.

Step-by-Step Application Process

Log in to your broker app (Zerodha, Groww, Angel One, Upstox, etc.)
Navigate to the IPO section and select the open IPO you want.
Choose the number of lots (minimum 1 lot). Check IPOLyst for the lot size and minimum investment amount.
Select 'Cut-off price' to automatically bid at the upper end of the price band — recommended for retail investors.
Enter your UPI ID and submit. You will receive a mandate request on your UPI app — approve it within the deadline.
Funds are blocked (not debited) until allotment. If you don't get shares, the block is released.

Common Mistakes to Avoid

Applying at a price below the cut-off — your application will be rejected.
Not approving the UPI mandate in time — the IPO closes and your bid lapses.
Applying from multiple Demat accounts under the same PAN — leads to cancellation of all applications.

Checking Allotment Status

Allotment is typically announced 6 days after the IPO closes. You can check your allotment status directly from each IPO's detail page on IPOLyst — we link directly to the registrar's allotment check portal.

Sources & References

How to Apply via Popular Brokers

The IPO application flow is broadly the same across all SEBI-registered brokers, but the exact navigation varies. Here is where to find the IPO section in the four most-used platforms:

Zerodha (Kite)

Open Kite → tap the menu (three lines top left) → Portfolio → IPO
Select the IPO, enter lot quantity, verify UPI ID, and submit
Approve the UPI mandate in your BHIM / Google Pay / PhonePe app within 24 hours
Zerodha does not charge a fee for IPO applications via Kite

Groww

Open Groww → tap Explore (bottom bar) → IPOs
Tap Apply, choose lot size, confirm bid price (usually upper band), enter UPI ID
Open your UPI app and approve the mandate — funds are blocked but not debited until allotment

Angel One

Open Angel One → tap IPO from the home dashboard or via Invest → IPO
Select the open IPO, enter lots and price, provide your UPI ID, and submit
Approve the e-mandate in your linked UPI app within the window shown

Common UPI Errors and How to Fix Them

Most failed IPO applications come down to one of these five issues:

Mandate not approved in time — the UPI block request expires if you do not approve it within the window (usually 24–48 hours). Fix: check your UPI app immediately after applying and look for a pending collect request.
Wrong UPI ID — a typo in the UPI ID will cause the application to fail silently. Fix: double-check the UPI ID before submitting. Copy-paste from your UPI app rather than typing.
Insufficient funds — the bank must have enough balance to block the full application amount. Fix: ensure your linked bank account has the required funds before applying.
UPI limit exceeded — some banks set daily UPI transaction limits below ₹2 lakh. Fix: increase the UPI transaction limit in your bank app before the IPO window closes.
Demat account not linked — if your demat account is not linked to your broker's IPO platform, the application may be rejected. Fix: complete the demat linking step in your broker's settings before applying.

What Happens After You Apply

Once your UPI mandate is approved, here is the standard timeline:

Subscription window closes — IPO bids are accepted for 3 working days. No action needed during this period.
Allotment day (T+6) — SEBI mandates allotment within 6 working days of the close date. You receive an SMS and email. If not allotted, your blocked funds are released the same day.
Refund (if not allotted) — funds unblocked within T+6. Your bank balance reflects this automatically — no action needed.
Listing day (T+6 or T+7) — shares appear in your demat account before market opens. You can sell from 10:00 AM on listing day.

You can check your allotment status on the registrar website (KFintech or Link Intime) or directly via BSE. IPOLyst's allotment guide walks you through this step by step.

Official sources and regulators referenced in this guide: