How to Apply for an IPO Online: UPI vs ASBA Guide
A complete, regulator-verified walkthrough for Indian retail investors applying for Mainboard and SME public issues through discount brokers or bank ASBA.
Method 1: UPI Mandate via Stock Broker
Best for retail investors applying via Zerodha, Groww, Angel One, Upstox, or Dhan.
- Maximum limit: ₹5,00,000 per transaction via NPCI UPI.
- Zero paperwork: Completely digital flow inside your trading app.
- Fund block: Money stays in your savings account earning interest until allotment.
- Cutoff time: Bidding closes at 5:00 PM on closing day; mandate approval deadline is 5:00 PM next business day.
Method 2: Net Banking ASBA
Best for High Net-Worth Individuals (HNI) bidding above ₹5 Lakh or 3-in-1 accounts.
- Maximum limit: Unlimited (governed by your bank's NEFT/RTGS limit).
- Direct lien: Bank blocks the funds directly without needing a third-party UPI app.
- Supported banks: SBI, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank.
- Demat requirement: Must input your 16-digit CDSL/NSDL BOID manually during application.
How to Apply in Leading Stock Broker Apps
Zerodha
Platform: Kite (Bids > IPO)
Log in to the Zerodha Kite app or web platform. Navigate to the 'Bids' section and select 'IPO'.
Open Zerodha Account →Groww
Platform: Groww App (Explore Stocks > IPO)
Open the Groww mobile app or website. Under the 'Stocks' tab, scroll to the 'IPO' quick-links section.
Open Groww Account →Angel One
Platform: Angel One App (Discover > IPO)
Log in to the Angel One application. Go to the 'Discover' tab and tap 'IPO'.
Open Angel One Account →Upstox
Platform: Upstox Pro (Discover > IPO)
Log in to Upstox Pro on mobile or web. Navigate to 'Discover' and tap on 'IPO'.
Open Upstox Account →Dhan
Platform: Dhan App (Bids > Live IPOs)
Open the Dhan app and tap on the 'Bids' tab. Select 'Live IPOs' and tap on {company}.
Open Dhan Account →5paisa
Platform: 5paisa App (User > IPO)
Open the 5paisa app and go to the 'User' profile menu. Select 'IPO' to view currently active issues.
Open 5paisa Account →ICICI Direct
Platform: ICICI Direct Web & Neo (IPO > Current Issues)
Log in to your ICICI Direct account. Go to 'IPO' in the top navigation bar.
Open ICICI Direct Account →Kotak Securities
Platform: Kotak Neo (Invest > IPO)
Log in to the Kotak Neo mobile app. Tap on 'Invest' and choose 'IPO'.
Open Kotak Securities Account →HDFC Securities
Platform: HDFC Sky (IPO > Live Issues)
Log in to HDFC Sky or HDFC Securities platform. Navigate to the IPO section and locate {company}.
Open HDFC Securities Account →