27 Aug 2026 · 8 min read

How to Apply for an IPO in India — A Complete Guide

Applying for an IPO (Initial Public Offering) in India has become simple with UPI-based mandates. Whether you use Zerodha, Groww, Upstox, or Angel One, the process is largely the same. This guide walks you through every step.

What You Need Before Applying

• Demat account — with any SEBI-registered broker (Zerodha, Groww, Upstox, Angel One, HDFC Securities, etc.)
• UPI ID — linked to your bank account (Google Pay, PhonePe, BHIM, or your bank's UPI app)
• PAN card — must match your demat account PAN
• Sufficient bank balance — the application amount is blocked (not debited) until allotment

Step-by-Step: How to Apply for an IPO

Step 1: Find an Open IPO

Check your broker's app or use a tool like IPO Tracker to see currently open and upcoming IPOs with price bands, lot sizes, and dates.

Step 2: Place Your Bid

Open your broker's IPO section, select the IPO, choose the number of lots, and enter your bid price. For most retail investors, bidding at the cut-off price is recommended — this means you agree to pay whatever price is finalized.

Step 3: Approve the UPI Mandate

After placing the bid, you'll receive a UPI mandate request on your UPI app (Google Pay, PhonePe, etc.). You must approve this within the deadline — usually by the closing date of the IPO. If you don't approve, your application is invalid.

Step 4: Wait for Allotment

After the IPO closes, allotment happens within 5–7 business days. The amount stays blocked in your bank until then. If you're allotted shares, the money is debited and shares are credited to your demat account. If not, the block is released.

ASBA vs UPI — What's the Difference?

ASBA (Application Supported by Blocked Amount) was the original method where you applied through your bank. UPI replaced it for retail investors — it's the same concept (money is blocked, not debited) but uses UPI for mandate approval instead of net banking.

HNI (High Net Worth Individual) and institutional investors still use ASBA through banks. Retail investors (applying up to ₹2 lakhs) use UPI.

How Many Lots Can You Apply For?

In the retail category, you can apply for a maximum of ₹2,00,000 worth of shares. The lot size varies per IPO — for example, if the lot size is 150 shares at ₹95 each, one lot costs ₹14,250, and you can apply for up to 14 lots (₹1,99,500).

Tips for Better Allotment Chances

• Apply from multiple demat accounts — each PAN gets one application per account, but family members can apply separately
• Bid at cut-off price — this maximizes your chance of being in the valid pool
• Apply early — while it doesn't improve allotment odds, it avoids last-minute UPI issues
• Track everything — use IPO Tracker to manage applications across all your accounts

How to Track Your IPO Applications

If you apply from multiple demat accounts, tracking which account applied to which IPO — and whether you got allotted — gets messy fast. That's exactly what IPO Tracker is built for: one dashboard showing all your IPO applications, allotments, holdings, and P&L across every account.