To apply for an Indian IPO, use an active demat account and submit a bid through an available ASBA route: UPI-based ASBA through a participating intermediary, or bank-facilitated ASBA where available. With UPI, you must also approve the payment-block mandate in your UPI app. ASBA blocks the bid amount while allotment is pending; applying is a bid, not a guarantee that you will receive shares.
What you need before applying
- An active demat account: IPO shares are allotted only in demat form. SEBI’s May 2025 investor FAQ says a demat account is mandatory for IPO and FPO allotments. SEBI investor FAQ
- Correct applicant details: Keep your PAN, applicant name, and demat DP/client identifiers at hand. Details should match the relevant account records and the application requirements.
- An eligible payment route: Choose an available UPI-based ASBA or bank ASBA option, and use payment details belonging to the applicant. SEBI warns that third-party payment details can invalidate an application. SEBI UPI ASBA guidance
- Issue-specific information: Check the current offer document or exchange/registrar notice for the opening and closing dates, price band, lot size, category, and permitted application routes.
How to apply through a demat account
- Review the IPO instructions. Read the current issue’s offer document or official exchange or registrar notice. Confirm the bid window, investor category, minimum bid lot, price band, and available payment route; these details vary by issue.
- Choose an ASBA route. Apply through a participating intermediary using UPI-based ASBA if you and the application are eligible, or use a bank’s ASBA facility where it supports the issue and your category. The exact channel and requirements depend on the applicant and current issue instructions.
- Enter the application details. Provide the applicant’s PAN, name, demat details, category, bid quantity in permitted lots, and bid price or cutoff selection if the issue allows it. Check that the price is within the stated range and that the details match the applicant’s records.
- Complete the payment authorization. For UPI-based ASBA, enter the applicant’s eligible UPI ID in the application. Submission alone does not authorize the block: find the mandate request in the UPI app and approve it using the required authentication. NPCI’s process describes the application, receipt of the mandate, PIN approval, and subsequent block. NPCI IPO process
- Save the reference and monitor status. Keep the application or reference number and use the broker, bank, exchange, or registrar channel named for that issue to track it. Follow the relevant channel’s instructions if a mandate or application status does not update.
Which ASBA route should you use?
| Route | What you do | Check before applying |
|---|---|---|
| UPI-based ASBA through an intermediary | Submit the bid with the applicant’s UPI ID, then approve the block mandate in the UPI app. | Confirm applicant and application eligibility, the applicable transaction limit, supported UPI app/handle and bank, and that you can receive and approve the mandate in time. SEBI guidance states a limit of ₹5 lakh per transaction for small individual investors; check current rules and issue instructions because eligibility and participating institutions can change. SEBI UPI ASBA guidance |
| Bank ASBA | Submit an application through the bank’s ASBA facility, such as a supported net-banking or designated bank channel. | Verify that the bank supports the issue and your applicant category, and follow its timing and application instructions. NSE ASBA information |
What happens to the money after you apply?
ASBA blocks the amount corresponding to your application in the account rather than transferring the full bid amount immediately. SEBI explains that the money remains in the investor’s account until allotment. If shares are allotted, the amount payable for them is debited; if none are allotted, the block is released or ends under the applicable ASBA or mandate process. SEBI ASBA guidance
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Errors that can disrupt an IPO application
- Applying without an active demat account or entering incorrect DP/client identifiers.
- A mismatch among the applicant name, PAN, and demat records.
- Entering an invalid lot quantity, a price outside the band, or incomplete payment details.
- Assuming that entering a UPI ID completes payment authorization; the mandate must be received and approved.
- Using someone else’s UPI ID or bank account when applicant-owned payment details are required.
- Treating an application as a guaranteed allotment or assuming ASBA immediately transfers all the applied funds.
What to verify for each IPO
Dates, price bands, lot sizes, categories, routes, UPI eligibility and limits, and participating apps or banks can change. Check the current issue documents and live official guidance before submitting; this general procedure does not establish that any particular IPO is open or recommend applying to one.
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