How to apply for an IPO in India
UPI through a broker or ASBA through your bank, with a demat account for allotment. NRIs and OCI holders follow a separate ASBA route.
Where can you apply for IPOs?
Tell us your residence, nationality and existing accounts; we match them against documented routes. No registration before your first result.
Who can apply
- Resident Indian individuals, in the retail tranche (applications up to the retail limit) or the non-institutional tranche above it.
- Non-resident Indians (NRIs) and OCI cardholders, on repatriation or non-repatriation basis, through ASBA from an NRE or NRO account.
- Other foreign individuals cannot apply in the retail tranche; foreign participation runs through the registered FPI route, which is institutional.
Accounts you need
- A demat account with a SEBI-registered broker or depository participant (mandatory; shares are allotted only in demat form).
- A bank account with UPI enabled (for broker applications) or ASBA at a self-certified syndicate bank (for bank applications).
- PAN, which is linked to both accounts. We never ask for it; your broker or bank already holds it.
Where to apply
- SEBI-registered stockbroker apps and websites (UPI mandate route).
- Net banking of a self-certified syndicate bank (ASBA route).
- Bank branches, for physical ASBA forms, which some banks still accept.
Each IPO page lists the channels confirmed for that specific issue, with their own deadlines, minimums and evidence dates. Paid placements never affect what appears there.
Step by step
- 1
Read the RHP and the price band
The red herring prospectus (RHP) is on SEBI, the exchanges and the lead managers' sites. The price band and lot size are announced a few days before opening.
- 2
Choose the tranche and bid
Retail applicants bid in lots. Bidding at the cut-off price means you accept whatever final price is set within the band.
- 3
Place the bid through UPI or ASBA
On a broker app, enter your UPI ID and approve the mandate in your UPI app before the deadline (usually 5 pm on the closing day). Through ASBA, your bank blocks the amount directly.
- 4
Money is blocked, not debited
The application amount stays in your account, blocked, until the basis of allotment. If you are not allotted, the block is released.
- 5
Basis of allotment and listing
Allotment is finalised by the registrar, usually within a few working days of the close. Shares are credited to your demat account before the listing day.
Timeline
Anchor book
One working day before the public issue opens; for institutional anchors only.
Issue open to close
Typically three working days. UPI mandates must be approved by the closing-day cut-off.
Basis of allotment
Shortly after the close, published by the registrar.
Refunds and demat credit
Blocks are released and shares credited before listing.
Listing
Trading begins on the exchange's listing day, within the SEBI timeline.
Provider deadlines (a bank's or broker's cut-off) are often earlier than the issuer close. Each IPO page shows both separately.
Watch-outs
- One PAN, one application: multiple retail applications under the same PAN are rejected.
- A UPI mandate that is not approved in time is treated as no application.
- SME issues have larger minimum lots and some brokers do not support SME bids; check before the window opens.
- Grey-market premium is unofficial. It never affects eligibility or allotment and is not an indicator we rely on.
- Several Indian brokers restrict NRIs based in the US or Canada; confirm with the broker before applying.
Frequently asked
Sources and review
- SEBI (ICDR) Regulations, 2018
- NSE IPO section
- BSE IPO section
- RBI: FEMA (Non-debt Instruments) Rules, 2019
Checked by the BrokerBazaar IPO desk on 2026-10-05; next scheduled review 2027-01-05. This guide describes documented procedures and eligibility. It is not investment, legal or tax advice, and BrokerBazaar does not take applications or money.
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