How to Apply for an IPO in India — Step by Step (2026)

If you've never applied for an IPO before, the process can look complicated from the outside. It really isn't. Once you've done it once, it takes literally 2-3 minutes the next time. Let me walk you through the whole thing.

What You Need Before You Start

• A demat account (Zerodha, Groww, Upstox, Angel One — any SEBI-registered broker)
• Your UPI ID linked to your bank account
• Enough balance in your bank for the application amount
• PAN card (mandatory)

Step-by-Step Process

1. Open your broker app — Go to the IPO section. In Zerodha it's under "Console → IPO". In Groww, it's directly on the home screen.
2. Select the IPO — You'll see a list of open IPOs. Click on the one you want to apply for.
3. Check the price band — Most IPOs have a price range. For retail investors, the cut-off price (highest price in the band) is usually the safest option to maximise allotment chances.
4. Select lot quantity — One lot is the minimum. Each IPO has a different lot size. Check the lot size and calculate how much it'll cost.
5. Enter your UPI ID — Type your UPI ID correctly. This is linked to your bank where the amount will be blocked.
6. Submit the application — Once submitted, you'll get a mandate request on your UPI app (Google Pay, PhonePe, BHIM etc.).
7. Approve the UPI mandate — Open your UPI app and approve the mandate. This blocks the amount but doesn't debit it. You MUST do this before the IPO closes.

When Will You Know If You Got Allotment?

Allotment is typically announced 6-7 days after the IPO closes. You can check on BSE, NSE or your broker app. If you're allotted shares, they'll appear in your demat account on listing day. If not, the blocked amount is released back to your bank immediately.

Tips to Improve Allotment Chances

• Apply at the cut-off price — don't try to save money by bidding lower
• Apply early — last day can have UPI congestion
• Apply from multiple family members' accounts (each PAN gets one application)
• For oversubscribed IPOs, allotment is by lottery — even one lot gives you same chances as someone applying for 10 lots in the retail category