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To apply for an Indian IPO through a demat account, submit a bid using either an eligible intermediary’s UPI-based ASBA route or a participating bank’s ASBA facility. With UPI, you must also approve the block mandate in your UPI app. ASBA blocks the application amount while allotment is pending; it does not guarantee shares, and only the amount payable for shares allotted is debited.
What you need before applying
IPO and FPO shares allotted to investors are issued only in demat form, so an active demat account is mandatory, according to SEBI’s May 2025 investor FAQ. Have your PAN and demat details ready, including the DP and client identifiers requested by the application. The applicant name and account details should match the relevant records.
- An active demat account in the applicant’s name.
- The applicant’s PAN and accurate DP/client identifiers.
- Access to an eligible ASBA payment route: UPI-based ASBA through a participating intermediary, or a bank’s ASBA service.
- Issue-specific information: opening and closing dates, price band, lot size, category, and permitted application route.
Choose an ASBA route
ASBA means the bid amount is blocked in the applicant’s account while the application is pending rather than transferred immediately. SEBI describes the blocked money as remaining in the account until allotment; the amount due for allotted shares is debited, while funds for shares not allotted are released under the applicable process. Read SEBI’s ASBA guidance for the general mechanism.
| Route | What you do | Check before applying |
|---|---|---|
| UPI-based ASBA through an intermediary | Submit the application with an eligible UPI ID, then receive and approve the block mandate in your UPI app. | Confirm current eligibility and transaction limits, that the intermediary and UPI app/bank are supported, and that you can approve the mandate in time. SEBI’s investor guidance states a ₹5 lakh per-transaction limit for small individual investors; verify the current rule and eligibility at SEBI’s UPI-ASBA guidance. |
| Bank ASBA | Apply through a participating bank’s ASBA facility, such as its net-banking service or another designated channel. | Check that the bank supports the issue and your applicant category, and follow its application timing and payment instructions. See NSE’s IPO application process. |
The route available to you can depend on applicant category, application amount, participating institutions, and the current issue’s instructions. UPI eligibility, limits, and participating apps or banks can change, so check the current SEBI guidance and the issue documents rather than relying on an older limit or app list.
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How to apply, step by step
- Check the issue details. Read the current offer document or the exchange or registrar notice. Confirm the bid window, price band, lot size, investor category, and which application routes are permitted. This guide does not refer to a specific IPO, so its live dates and bid values must come from that issue’s documents.
- Open the IPO application in your chosen channel. Use a participating intermediary for UPI-based ASBA, or the participating bank’s ASBA facility. Exact menu names and screens vary by provider; follow the current instructions shown in that service.
- Enter the applicant and demat details. Use the applicant’s PAN, matching name, and correct DP/client information. Enter the category and bid quantity in valid lots, and choose a bid price within the issue’s range—or a cutoff option if the issue permits it. SEBI’s demat FAQ cautions applicants to use the appropriate lot and valid bid price and to ensure names align with DP records.
- Complete the payment authorization. For UPI-based ASBA, submit the UPI ID with the bid, then find the block request in the UPI app and approve it using the required authentication. Entering a UPI ID alone does not authorize the block. The NPCI IPO process describes the sequence as application, mandate receipt, PIN approval, and subsequent blocking. If using bank ASBA, complete the bank’s authorization steps instead.
- Save the reference and monitor the application. Keep the application or reference number and check status through the broker, bank, exchange, or registrar channels specified for that issue. If shares are allotted, the amount due is debited; if there is no allotment, the block ends or is released through the relevant ASBA or mandate process.
Details to verify before submitting
- Applicant and payment identity: Use the applicant’s own eligible payment account or UPI ID. SEBI warns that third-party payment details can invalidate an application. Check the SEBI UPI-ASBA guidance for current requirements.
- Demat and PAN accuracy: Confirm that the PAN, applicant name, and DP/client details are correct and consistent with the account records.
- Bid validity: Check category, lot size, quantity, and price against the issue’s rules. An incorrect lot or a price outside the permitted range can cause problems with the application.
- UPI mandate completion: Watch for the request in the correct app and approve it by the deadline. A submitted application without the required block authorization may not proceed.
- Issue-specific timing and eligibility: Dates, route availability, participating providers, and applicable UPI limits are not universal. Confirm them in the current issue documents and official guidance.
What applying does—and does not—mean
An IPO application is a bid, not a guaranteed purchase. Submitting valid details and authorizing ASBA does not ensure an allotment; shares are allotted under the issue’s allotment process. ASBA also does not mean the full application amount is immediately transferred: funds are blocked while the bid is pending, and the amount payable for any shares allotted is debited.
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