How to Apply for an IPO Online with UPI: Step by Step

Updated 20 Oct 2026 · 2 min read

You can apply for an IPO in a few minutes from your phone. Here is what you need and how to do it.

What you need

A PAN card.
A demat and trading account with any broker.
A bank account in your own name, with UPI or net banking.
Enough money in that account for your bid. It is blocked, not taken, until allotment.

Apply with UPI in your broker app

Open the IPO section of your broker app while the IPO is open for bidding.
Choose your category. “Individual” (retail) is for bids up to ₹2 lakh. Choose employee or shareholder only if you are eligible.
Enter the number of lots. One lot is the minimum.
Tick “cut-off price”, so you bid at the final issue price.
Enter your own UPI ID and submit.
Approve the mandate in your UPI app. It can take a few minutes to arrive. Your bid counts only after you approve it, and the deadline is 5 PM on the closing day.

Apply with net banking (ASBA)

Log in to your bank’s net banking, open the IPO or ASBA section, choose the IPO, enter your demat details, lots and price, and submit. The bank blocks the money until allotment.

How much money do you need?

Lots × lot size × upper price band. For example, an IPO with a price band of ₹95–100 and a lot of 150 shares needs ₹15,000 for one lot. Right now, Jio Platforms IPO needs ₹13,428 for one lot of 12 shares at ₹1,119. If you get shares, the money is debited; if not, it is released.

Common mistakes

Applying twice with the same PAN. All your applications can be rejected.
Missing the UPI mandate. Approve it before 5 PM on the closing day.
Not bidding at the cut-off price. If the final price is above your bid, your bid fails.
Using someone else’s UPI ID or bank account. They must be in the applicant’s name.

Retail, NII and the ₹2 lakh line

Bids up to ₹2 lakh count as retail. Above that you are a small NII (₹2–10 lakh) or a big NII (above ₹10 lakh), with different allotment rules. You can use UPI for bids up to ₹5 lakh.

Next: see upcoming IPOs and how allotment works.

Frequently asked questions

Can I apply for an IPO without a demat account?

No. The shares are credited to a demat account, so you need one in your name.

What is the cut-off price?

Choosing the cut-off price means you agree to buy at the final issue price. Retail, employee and shareholder bidders can choose it; NIIs and QIBs cannot.

Can I cancel my IPO application?

Yes, until bidding closes, from the same app or bank where you applied. The blocked money is then released.

For information only, not investment advice.