A complete step-by-step walkthrough for first-time and seasoned investors applying through ASBA or UPI.
Initial Public Offering — the first time a company offers shares to the public.
An IPO lets a private company raise capital from the public by listing its shares on a recognised stock exchange like NSE or BSE for the first time.
You get a chance to buy shares at the offer price before they start trading — often at a discount to what the market later values the company at.
IPOs are applied in fixed lots. You must apply for at least 1 lot (minimum bid quantity). The price per lot = lot size × issue price.
Before listing, shares trade informally in the grey market. A positive GMP suggests strong listing gains — but it is unregulated and indicative only.
Follow these steps carefully to ensure your application is accepted.
You need a valid Demat & Trading account with a SEBI-registered broker (Zerodha, Groww, Angel One, Upstox, etc.) and a linked bank account. Your PAN must be KYC-verified.
Pre-requisiteVisit your broker app or SEBI's ASBA portal. Check the IPO open date, close date, price band, lot size, and GMP before deciding to apply.
ResearchApply via UPI (through your broker app in minutes) or through your bank's ASBA net banking portal. Both block funds in your account — no immediate debit.
UPI / ASBASelect the number of lots, choose a price (Cut-off Price is recommended for retail investors — it means you accept whatever price is finally set within the band). Enter your UPI ID or bank account / IFSC.
BiddingIf applying via UPI, open your UPI app (GPay, PhonePe, BHIM, etc.) and approve the payment mandate request within the time limit. Funds are blocked — not debited — until allotment.
Payment BlockAllotment happens ~6 days after IPO closes. Check on the registrar's website (KFintech / Link Intime), BSE/NSE website, or your broker app using your PAN or application number.
Allotment DayShares are credited to your Demat account 1 day before listing. On listing day, you can hold or sell. If not allotted, the blocked amount is released back to your account automatically.
Listing DayThree ways to submit your IPO application in India.
The fastest method. Apply directly from Zerodha Kite, Groww, Angel One, or any SEBI-registered broker app. Mandate approval via any UPI app. Best for retail investors.
Log in to your bank's net banking → IPO section → ASBA application. Funds are blocked in your savings account by the bank itself. Supported by all major Indian banks.
Fill a physical ASBA form at your bank branch. The banker submits the bid to the exchange. Slower but available if you lack internet access. Requires a self-certified cheque.
Keep these in mind before every application.
Apply at cut-off price to improve your chances. Bidding below the final price means your application is rejected outright.
One application per PAN. Multiple bids from the same PAN — even across family members' accounts — will result in rejection of all bids.
Approve the UPI mandate quickly. You have a window (usually till 5 PM on the close date) — a missed mandate means no application.
Check subscription status daily. Oversubscription >10× in the retail category lowers allotment odds — useful context before the final close.
Read the DRHP. The Draft Red Herring Prospectus contains business details, risks, and financials — skim at least the risk factors section.
Don't rely on GMP alone. Grey market premiums are unregulated and can change rapidly. Base decisions on fundamentals too.
What happens after the IPO closes.
