How IPO bidding works
Applying for an IPO is simple and paperless. Here is the full journey.
- 1
Discover
Browse open and upcoming IPOs. Open one to see the price band, lot size, minimum investment, important dates and live subscription.
- 2
Apply in 3 steps
Confirm your demat and PAN, choose your lots (or bid at cut-off price), and review the amount. It takes under a minute.
- 3
Approve the UPI mandate
You get a request in your UPI app to block the amount. Funds are blocked, not debited — and debited only if shares are allotted.
- 4
Allotment & listing
After the issue closes, allotment is finalised. Unallotted funds are unblocked automatically. Shares typically list in T+3 working days.
Frequently asked questions
Are my funds debited when I apply?+
No. Through UPI / ASBA the amount is only blocked in your bank account. It is debited solely if shares are allotted to you; otherwise the block is released automatically.
What is the cut-off price?+
Agreeing to pay the final issue price decided at the end of book-building. It is recommended for retail investors as it keeps your bid valid across the price band.
How much can I apply for using UPI?+
Up to ₹5,00,000 per application via UPI. Larger amounts must use the bank (SCSB) ASBA route.
What is the difference between Retail and HNI / NII?+
Applications up to ₹2,00,000 fall under Retail (RII). Above ₹2,00,000 is the Non-Institutional (NII / HNI) category.
Is allotment guaranteed?+
No. When an IPO is oversubscribed, retail allotment is done by a draw of lots, with a minimum of one lot where possible. Allotment is never guaranteed.
Can I modify or cancel my application?+
For mainboard IPOs, applications below ₹2,00,000 can be cancelled during the bidding window. SME IPOs do not allow modification or cancellation.
Whose UPI ID and bank account must I use?+
Only your own. Third-party UPI IDs or bank accounts are rejected by the exchange and make the application invalid.
Investments in the securities market are subject to market risks; read all the related documents carefully before investing. Allotment is not guaranteed.