How to Apply for IPO Online Using UPI or ASBA: Step by Step
By IPOgmps Research Desk · Updated 2026-10-21
Quick answer: Here is how to apply for IPO shares online: open the IPO section of your broker’s app, pick the IPO, enter the number of lots, tick “cut-off price”, enter your UPI ID and submit. Then approve the payment mandate in your UPI app, which blocks (not debits) the money. You can also apply through your bank’s net banking (ASBA). UPI bids are allowed up to ₹5 lakh.
Key points
- You need a PAN, a demat account and a bank account (with UPI for the UPI route).
- The money is only blocked; it is debited only if you get shares.
- UPI applications are allowed up to ₹5 lakh per application.
- Accept the UPI mandate before 5 pm on the closing day; many brokers stop taking bids earlier.
- Retail investors can modify or cancel a bid until bidding closes.
What do you need to apply for an IPO?
- A PAN
- A demat and trading account with a broker
- A bank account, linked to a UPI ID if you apply through UPI
Check what is open right now on our live IPOs page, or plan ahead with the IPO calendar.
How do I apply for an IPO through UPI?
- Open your broker’s app or website and go to the IPO section.
- Select the IPO and your category (individual/retail, or shareholder or employee if you are eligible).
- Enter the quantity in lots and tick cut-off price.
- Enter your UPI ID and submit the bid.
- Open your UPI app (BHIM, your bank’s app or another live UPI app) and approve the mandate. The amount is blocked in your account.
How do I apply through net banking (ASBA)?
ASBA stands for Application Supported by Blocked Amount. Log in to net banking, open the IPO or “e-IPO” section, link your demat account details, choose the IPO, enter lots and price, and submit. The bank blocks the money directly. Banks often close their ASBA window earlier than 5 pm on the last day.
What is the cut-off price?
An IPO has a price band, say ₹190–200. Ticking cut-off means you agree to pay whatever final price is fixed within that band; the upper price is blocked to be safe. Retail investors should almost always bid at cut-off, because a bid below the final price is not considered.
Why do IPO applications get rejected?
Most rejections come from a handful of avoidable mistakes:
- Mandate not accepted before the deadline, or accepted after the money left the account.
- Someone else’s UPI ID. The UPI ID must belong to a bank account in the applicant’s own name (or a joint account where the applicant is the first holder).
- Two bids with the same PAN in the same category, for example through two different brokers.
- Details that don’t match: the PAN on the bid must match the PAN linked to the demat account.
- A bid below the final price, when you entered a price instead of ticking cut-off.
- Not enough balance in the account when the amount is blocked.
A rejected bid costs you nothing, since no money is debited, but it can’t be fixed once bidding has closed. Check the bid status in your broker app on the same day.
IPO timings and limits
Key limits and timings| Item | Rule |
|---|
| Bidding days | Usually 3 working days, 10 am to 5 pm |
| UPI mandate on the closing day | Must be accepted by 5 pm |
| UPI limit per application | ₹5 lakh |
| Retail category | Bids up to ₹2 lakh |
| Modify or cancel | Retail can, until bidding closes |
After you apply, read how to check your allotment status and what happens between closing and listing.
Frequently asked questions
What is the last time to apply for an IPO?
Bids are accepted until 5 pm on the closing day and the UPI mandate must be accepted by then, but many brokers and banks close their own windows earlier, so apply a day early if you can.
What happens if I don’t accept the UPI mandate?
Your bid is not valid without an accepted mandate, so it is not considered for allotment.
What is the maximum IPO amount through UPI?
UPI can be used for IPO applications of up to ₹5 lakh.
Can I apply for an IPO without a demat account?
No. Allotted shares are credited only to a demat account, so you need one in your name.
Can I modify or cancel an IPO bid?
Retail investors can modify or cancel their bid until bidding closes. QIBs and NIIs cannot withdraw or lower their bids.
Sources
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