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

Step-by-step guide to applying for an IPO online with UPI: choose the IPO, select category and lots, enter your UPI ID, approve the mandate and track allotment.

What you need before you apply

To apply for an IPO in India you need a demat account, a bank account linked to a UPI ID in your own name, and a PAN. The UPI ID must belong to the same person whose PAN and demat account are used in the application — third-party UPI IDs are rejected.

Steps to apply for an IPO with UPI

• Open the live IPO on IssueX and check the price band, lot size and closing time.
• Choose your investor category (Retail, small HNI, big HNI, or an employee/shareholder quota if eligible).
• Enter the number of lots and your bid price — individual investors usually bid at the cut-off price.
• Enter your UPI ID and submit. A mandate request reaches your UPI app.
• Approve the mandate in your UPI app before the cut-off time on the last bidding day (5 PM).

What happens to your money

The application amount is only blocked in your bank account, not debited. If you get an allotment, the amount for the allotted shares is debited; the rest is unblocked. If you don't get an allotment, the full amount is released.

Individual investors can apply for up to ₹5 lakh through UPI. Retail investors can bid up to ₹2 lakh in one IPO; bids above ₹2 lakh fall in the NII (HNI) category.

After the IPO closes

Under SEBI's T+3 timeline, allotment is usually finalised the next working day, shares are credited and funds unblocked the day after, and the stock lists on the third working day after the issue closes.

How to Apply for an IPO Online with UPI – Step by Step IPO FAQs

Can I apply for an IPO without UPI?

Yes. You can apply through your bank's net banking (ASBA) or submit a physical ASBA form at your bank branch.

What is the last time to approve the UPI mandate?

Mandates must be approved by 5 PM on the last bidding day. Unapproved bids are not considered.

Can I apply in an IPO from two demat accounts?

Only one application per PAN is allowed in a category. Multiple applications with the same PAN are rejected.