Can you apply for an IPO from multiple accounts?

Updated 19 October 2026

Investors often ask whether applying from several demat accounts improves their chance of allotment. The answer depends on whose PAN is used.

One application per PAN

Each PAN can make only one application per category in an IPO. If the same PAN appears more than once — even from different demat accounts or brokers — the duplicate applications are rejected, and sometimes all of them.

Family members

Family members with their own PAN and demat account can each apply separately. Each is a separate applicant and goes into the retail lottery separately. The money should come from a bank account in the applicant's own name or as a joint holder, as banks block funds against the applicant.

Shareholder and employee quotas

If an IPO has a shareholder reservation (for shareholders of a listed parent company on a record date) or an employee reservation, eligible investors can usually apply in that category as well as in the retail category.

Common reasons for rejection

• Duplicate PAN across applications.
• UPI mandate not approved before the cut-off time.
• Name or PAN mismatch between bank, demat and application.
• Bid above ₹2 lakh in the retail category.