How to apply for an IPO in India (UPI & ASBA)
Updated 19 October 2026
Applying for an IPO in India takes a few minutes once you have a demat account. Your money is not taken when you apply: it is blocked in your bank account and only debited if you get shares.
What you need
- A demat and trading account with any SEBI-registered broker.
- A bank account linked to a UPI app (for UPI bids) or with net-banking ASBA facility.
- Your PAN, which is already linked to your demat account.
Applying through UPI (most common)
- Open the IPO section of your broker's app or website while the issue is open.
- Choose the category — most individuals apply as Retail (RII).
- Enter the number of lots and the price. Retail investors can tick "cut-off" to bid at the final issue price.
- Enter your UPI ID and submit. A mandate request appears in your UPI app.
- Approve the mandate before the deadline (usually 5 pm on the closing day). An unapproved mandate means no bid.
Applying through ASBA net banking
Most banks offer an IPO option in net banking. You choose the IPO, enter your demat details, lots and price, and the bank blocks the amount directly. This works well for larger applications beyond UPI limits.
After you apply
- The amount stays blocked until allotment.
- If you get shares, only the amount for allotted shares is debited; the rest is released.
- If you do not get shares, the full amount is unblocked.
- Allotted shares are credited to your demat account before listing day.
Tips
- Apply one or two days before the closing date — UPI and bank systems get busy on the last day.
- One application per PAN. Multiple applications from the same PAN are rejected.
- Read the Red Herring Prospectus (RHP) — it is linked on each IPO page here.
This guide explains the process only. It is not a recommendation to apply for any IPO.