Applying for an IPO today is as simple as ordering a meal online. Gone are the days of filling out long paper forms and standing in bank queues. In 2026, the Indian stock market will move to a completely digital and lightning-fast T+3 cycle. This means from the moment you apply to the moment the shares are in your account, it only takes a few days.

Whether you are a college student starting with a few thousand rupees or a working professional planning for the future, the doors to becoming a shareholder are wide open. All you need is a smartphone, a bank account, and a sense of curiosity. There are two main highways to apply for an IPO: the UPI Route (favorite for mobile users) and the Net Banking Route (preferred for large investments). Let’s walk through the steps to get you started.

The Pre-Check: What do you need?

Before you hit the Apply button, ensure you have these three pillars ready:

Demat Account: A digital locker to hold your shares. You can open one with brokers like Motilal Oswal, Zerodha, or Upstox.
Bank Account: Linked with UPI (for apps like GPay, PhonePe, or BHIM) or Net Banking.
PAN Card: Mandatory for all financial transactions in India.

Option A: Applying via UPI (The Mobile Way)

This is the most popular method for retail investors (investing up to ₹2 Lakhs).

Login: Open your stock broker's app (e.g., Motilal Oswal RIISE).
Select IPO: Go to the 'IPO' section and choose the active IPO you want to join.
Enter Bid: Select the number of Lots. Always choose the Cut-off Price to increase your chances of allotment.
Enter UPI ID: Type in your UPI handle (e.g., yourname@okaxis).
Approve Mandate: You will receive a notification on your UPI app (GPay/PhonePe). Open it and enter your UPI PIN to block the money.
- Note: Money is not deducted yet; it is just frozen in your account.

Option B: Applying via Net Banking (The ASBA Way)

Recommended for applications above ₹2 Lakhs or if you don't use UPI.

Login: Log into your bank’s Net Banking portal (SBI, HDFC, ICICI, etc.).
Find ASBA: Look for Investment, Equity, or ASBA/IPO Services.
Fill Details: Select the IPO and enter your Demat DP ID and Client ID (find this in your broker profile).
Place Bid: Enter your bid quantity and price.
Confirm: Once you submit, the bank will block the amount in your account instantly.

The 2026 IPO Timeline (T+3 Cycle)

Day

Stage

What happens?

Day 1–3

Subscription

You place your bid and block your funds.

T + 1

Allotment

The company decides who gets the shares (Lottery).

T + 2

Refund/Credit

Unused money is unblocked; shares are sent to your Demat.

T + 3

Listing

The stock starts trading on NSE/BSE.

Frequently Asked Questions (FAQs)

Is my money safe while it is blocked?

No. You can only apply in one category per IPO using one PAN card. If you apply in both, your applications will be rejected.

What is the Cut-off Price?

It means you are willing to pay whatever final price the company decides. Choosing this is the best way to ensure your application isn't rejected for being too low.

Why did I not get any shares (Allotment)?

If an IPO is Over subscribed (too much demand), shares are given out via a computerized lottery. It’s purely a matter of luck in such cases.

Can I apply for an IPO using my father's UPI ID?

No. The PAN card on the Demat account and the name on the Bank/UPI account must be the same. Otherwise, SEBI will reject your application.

Can I apply for 10 lots to increase my luck?

In the Retail category, if an IPO is oversubscribed, everyone gets a maximum of 1 Lot only. Applying for more won't help your chances in a lottery.

What if I don't receive the UPI Mandate request?

Sometimes it takes a few hours. If it doesn't show up, you can delete your bid and re-apply or check the Mandates section in your UPI app manually.

Is there a charge for applying for an IPO?

No. Applying for an IPO through UPI or ASBA is a free service provided by brokers and banks.

Can I cancel my IPO application?

Yes, you can cancel or change your bid anytime before the IPO closing time (usually 5:00 PM on the last day).

What is ASBA?

It stands for Application Supported by Blocked Amount. It is the system that ensures your money is only taken if you get shares.

How do I know if I got the shares?

You will receive an SMS/Email from the exchange, and the blocked amount will be debited from your bank. You can also check the Allotment Status on the Registrar's website.

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