Applying for an IPO in India has become much simpler over the past few years, especially with UPI-based applications. If you have been curious about IPOs but unsure where to start, this step-by-step guide covers everything.
What Is an IPO?
An Initial Public Offering is when a private company offers shares to the public for the first time via NSE or BSE. It gives retail investors a chance to own a stake in a company from day one of listing — sometimes at valuations lower than the post-listing market price.
Step 1: Open a Demat and Trading Account
You need a Demat account (holds shares) and a trading account (buys/sells them). Leading SEBI-registered brokers include Zerodha, Groww, Upstox, Angel One, and ICICI Direct. Account opening is fully digital, takes 1–2 days. Requirements: PAN card, Aadhaar, bank details, selfie.
Step 2: Link Your UPI ID
All retail IPO applications today use UPI-ASBA. Make sure your UPI ID (e.g., yourname@okaxis) is active and linked in your broker account.
Step 3: Find Open IPOs
IPO Trend lists all live and upcoming IPOs with price bands, lot sizes, GMP, and real-time subscription data. Bookmark it during IPO season.
Step 4: Understand Lot Size
IPOs are sold in minimum quantities called lots. Retail investors can apply from 1 lot up to ₹2 lakh maximum per application.
Example: Lot size 46 shares × ₹320 = ₹14,720 per lot. Max 13 lots = ₹1,91,360. Always bid at the upper price band.
Step 5: Apply via Your Broker App
- Open broker app → IPO section
- Select the IPO → enter number of lots
- Enter your UPI ID → submit
- Approve the UPI mandate that arrives (funds blocked, not debited)
Step 6: Allotment Timeline
| Day | Event |
|---|---|
| Day 0 | IPO closes |
| Day 1–2 | Allotment basis finalised |
| Day 3 | Results published |
| Day 4 | Refund + shares credited |
| Day 5 | Listing on NSE/BSE |
Pro Tips for Retail Investors
Apply on the last day — institutional (QIB) subscriptions arrive on the final day, giving you clearer demand signals.
Use multiple family accounts — each PAN gets one lottery entry. More accounts = better chances in oversubscribed IPOs.
Don't rely solely on GMP — Grey Market Premium is sentiment only, not a listing guarantee.
Read the RHP — even just the key highlights section gives you crucial insight into the business.
For live allotment results and IPO tracking, IPO Trend is available on Android and iOS.
Disclaimer: For educational purposes only. Please consult a SEBI-registered financial advisor before investing.
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