How to Apply for an IPO – Complete Step-by-Step Guide | IPO Route

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📝 How to Apply for an IPO in India

Complete step-by-step guide for first-time investors. coverage - UPI, ASBA, HNI & all broker apps.

✅ What You Need Before Applying

📋 PAN Card — Mandatory. Your PAN is your investor identity number.
🏦 Demat Account — Where shares are held electronically (NSDL or CDSL). Open with any SEBI-registered broker.
💳 Bank Account linked to UPI — For UPI-based applications (up to ₹5 lakh). OR net banking for ASBA.
📱 Broker App or Net Banking — Zerodha, Groww, Upstox, Angel One, DreamStreet or your bank's netbanking portal.

📋 Step-by-Step: How to Apply (5 Simple Steps)

ONE-TIME SETUP

Open a Demat + Trading Account

You need a Demat account to receive shares if allotted. This is a one-time process that takes 15–30 minutes online with Aadhaar e-KYC. Choose any SEBI-registered broker:

Zerodha — Most popular, excellent interface
Groww — Simple and beginner friendly
Angel One — Full Services with research
Upstox — Good for active investors
Dreamstreet — New interface and strong lineup with AI
Your bank — SBI, HDFC, ICICI also offer demat accounts

FIND THE IPO

Find an Open IPO on IPO Route

Visit IPORoute.com and check the Mainboard or SME table. Look for IPOs with Open Now status. Note the:

Price Band — You bid within this range
Lot Size — Minimum number of shares you must apply for
Close Date — Last day to submit your application

CHOOSE METHOD

Choose How to Apply: UPI or ASBA

There are two ways to apply. Both are safe — funds are blocked, not debited, until allotment.

BID

Submit Your Bid

In your broker app or bank netbanking: search for the IPO → select number of lots → enter price (always select the Cut-off Price unless you know what you're doing) → confirm with UPI PIN or OTP.

💡 Tip: Apply at the cut-off price to ensure your application is processed even if the final price is at the top of the band.

WAIT & CHECK

Wait for Allotment and Check Status

After the IPO closes, wait for allotment day. Check your allotment status on our homepage → Allotment Section → your registrar link.

If not allotted, your blocked funds are released immediately to your bank account.

🔄 UPI vs ASBA — Which Should You Choose?

📱 UPI Method (Recommended for Retail)

Apply directly through your broker app using your UPI ID (Google Pay, PhonePe, BHIM). Fast and simple.

Available on: Groww, Zerodha, Upstox, Angel One
Limit: Up to ₹5 lakh per application
How it works: Funds are blocked via UPI Mandate
You get an approval notification on your UPI app — approve it!
Best for: Retail investors, small applications

🏦 ASBA Method (For Larger Applications)

Apply through your bank's netbanking portal. Funds blocked directly in your savings account.

Available on: All bank netbanking portals
No limit on application amount
Required for: NII/HNI applications (above ₹2 lakh)
Also available through broker's bank ASBA
Best for: Large applications, HNI investors

📅 IPO Timeline — What Happens When?

IPO Opens (Day 1–3)

Subscription window is open. You can bid, modify, or withdraw your application during these days.

T+3

IPO Closes

Last day to submit your application. After this, no more changes can be made. Some IPOs may take a time of 4 days to close.

T+6

Allotment Day

The registrar finalises who gets shares. Check your status on our Allotment section. If not allotted, funds unblocked same day.

T+7

Shares Credited to Demat

If allotted, shares appear in your Demat account the day before listing.

T+8

Listing Day 🎉

Shares start trading on NSE/BSE. You can hold or sell on this day. Most listing-gain seekers sell on listing day itself.

👥 Who Can Apply? Investor Categories Explained

Category	Full Name	Investment Amount	Allotment Method
Retail (RII)	Retail Individual Investor	Up to ₹2 lakh	Lottery (if oversubscribed)
HNI / NII	High Net Worth / Non-Institutional	₹2 lakh – ₹10 lakh (sHNI) / Above ₹10 lakh (bHNI)	Proportionate allotment
QIB	Qualified Institutional Buyer	No limit (banks, mutual funds, FIIs)	Proportionate allotment

💡 Retail Investor Tip: As a retail investor, you can only invest up to ₹2 lakh in one IPO. But family members (spouse, parents, adult children) can each apply separately — each application goes into the lottery independently, improving your family's collective chances of getting allotment.

❓ Common Questions

Can I apply for multiple lots?

Yes, you can apply for multiple lots up to ₹2 lakh worth (for retail). For example, if the lot size is 100 shares at ₹180 each = ₹18,000 per lot. You can apply for up to 11 lots (₹1,98,000). You will only get allotment of 1 lot though, even if oversubscribed.

I approved the UPI mandate but didn't get a confirmation. What happened?

Sometimes there's a delay in confirmation. Check your broker app's IPO section — your application should appear there. If nothing shows in 30 minutes, try applying again. If funds are blocked twice, one will be auto-released.

Can I modify my bid after applying?

Yes! You can modify (change price or lot quantity) or withdraw your application until the IPO closing date and time. Do this through the same broker app or netbanking where you applied.

When will I know if I got allotment?

On T+6 (6 working days after IPO close). Check our homepage's Allotment section for direct links to the registrar's website. Enter your PAN or Application Number to check status.

I wasn't allotted. When do I get my money back?

If you used UPI, the funds are automatically unblocked on allotment day (T+6). For ASBA, the bank unblocks within 1–2 business days of allotment. You don't need to do anything — it happens automatically.

📋 Ready? Check Today's Open IPOs

See which Main Board and SME IPOs are currently open for subscription.

View Open IPOs → What is GMP? →

Disclaimer: This guide is for educational purposes only. IPO Route is not a SEBI-registered investment advisor. Please read the Red Herring Prospectus (RHP) of each IPO before applying and consult a qualified financial advisor if needed. Past IPO performance does not guarantee future returns.