How to apply for an IPO in India (UPI and ASBA, step by step)

What you need

  • A demat account and a PAN linked to it.
  • A bank account with UPI (the account that will block the money).
  • Enough balance for at least one lot.

Steps

  1. Open your broker’s app or your bank’s IPO section and pick the open IPO.
  2. Choose the category: individual (retail, up to ₹2 lakh) or another category you are eligible for.
  3. Enter the number of lots. One lot is the minimum; a retail investor can bid for several lots up to ₹2 lakh in total.
  4. Enter your bid price. Tick cut-off to accept whatever final price is decided inside the band (the upper end is blocked).
  5. Enter your UPI ID and submit.
  6. Open your UPI app and approve the mandate request. Without this approval your application is not valid.

How ASBA works

ASBA (Application Supported by Blocked Amount) means your money stays in your own bank account but is blocked while the application is pending. It is debited only if you are allotted shares; otherwise the block is released.

Deadlines

The issue is open for three working days. The last day usually has a cut-off time for UPI mandate confirmation, often late afternoon, so apply early. The exact times are in the offer document.

Common reasons for rejection

  • UPI mandate not approved in time.
  • PAN, DP or bank details that do not match.
  • More than one application on the same PAN for the same IPO.
  • Bid below the final issue price.

After closing, see how allotment works and check your status on the allotment page.

Frequently asked questions

Can I apply for an IPO with a family member’s demat?

Each application must be made with the applicant’s own PAN, demat and bank account. Several family members can each apply with their own details, but one PAN can apply only once per IPO.

What is the maximum I can bid as a retail investor?

Up to ₹2 lakh across the lots you bid for.

Last updated 2026-10-20. Information only, not investment advice.