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.