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Overview of Initial Public Offering (IPO) application procedures in India, covering digital platforms and traditional application routes under SEBI regulations.
Last updated on: Sep 28, 2026
Initial Public Offerings (IPOs) allow companies to offer shares to the public and seek listing on recognised stock exchanges. The IPO application process involves specific requirements and procedures that vary depending on the application method and investor category. Understanding these procedural aspects helps explain how IPO applications are submitted and processed through the available channels.
This article explains the IPO application process in India, outlines online and offline application methods, describes procedural requirements, and covers commonly used mechanisms such as ASBA and UPI. The focus remains on process clarity and regulatory alignment rather than investment outcomes.
IPO applications require certain prerequisites to be in place, depending on the application method:
| Requirement | Purpose |
|---|---|
PAN Card |
Identification and application processing |
Demat Account |
To receive shares in electronic form |
Bank Account |
To block application funds through ASBA or the applicable payment mechanism |
UPI ID |
Required when applying through the UPI mechanism |
ASBA Facility |
Used to block application funds through the bank |
IPO applications can be submitted online through various intermediary and banking channels, depending on the facilities available for the issue:
Registered intermediaries may provide IPO application facilities through mobile applications and websites.
Steps:
Log in to the relevant intermediary's platform.
Navigate to the IPO section.
Select the IPO for which the application is to be submitted.
Enter the required bid details, quantity and, where applicable, UPI ID.
Where the UPI mechanism is used, authorise the UPI mandate to block the application amount.
Self-Certified Syndicate Banks (SCSBs) provide ASBA facilities through eligible banking channels, including internet banking where available.
Steps:
Log in to the bank's internet banking portal.
Go to the IPO or ASBA section.
Enter the required PAN, Demat account, bid quantity and other application details.
Submit the application to block the required funds.
The application amount is blocked in the bank account rather than transferred to the issuer upfront. The applicable amount is debited after allotment, while the remaining blocked amount is released according to the applicable processing timelines.
UPI can be used as a mechanism for blocking the application amount, where permitted under the applicable IPO framework.
After the application is submitted through the relevant intermediary or application channel, the UPI mandate is sent to the applicant. The mandate must be authorised within the applicable timeline for the application to be processed.
The UPI ID should be linked to the bank account from which the application amount is to be blocked.
Physical IPO applications may also be submitted through designated intermediaries and banking channels specified for the issue.
The application form can be obtained through the channels specified in the offer document, such as designated SCSB branches or other authorised intermediaries.
Details generally required include:
Name, PAN and mobile number
Demat account details
Bank account details
Investor category
Number of lots and bid price, where applicable
The application should contain the required details in the prescribed format.
The completed application can be submitted through the designated intermediary or SCSB specified for the issue.
An acknowledgement or transaction slip may be provided as proof of submission, depending on the application channel.
IPO applications follow specified bidding and processing timelines. The applicable timings are disclosed in the offer document and relevant issue information.
Daily Bidding Window: IPO bidding is generally conducted during the prescribed exchange timings, with NSE issue information commonly showing a market timing of 10:00 AM to 5:00 PM. The closing-day timing can vary by investor category.
Issue Open and Close Dates: The opening and closing dates of each IPO are specified in the offer document.
Category-wise Closing Time: On the issue closing day, bids from QIBs and NIIs generally close at 4:00 PM, while bids from Individual Investors and other applicable reserved categories generally close at 5:00 PM, subject to the applicable issue and exchange timelines.
UPI Mandate Cut-off: UPI mandates generally need to be authorised by 5:00 PM on the issue closing date, subject to the applicable SEBI and stock exchange requirements.
Bank and Intermediary Cut-offs: Banks and intermediaries may specify internal processing cut-offs that are earlier than the exchange deadline. The applicable cut-off should be checked with the relevant intermediary.
Subject to the applicable investor category and issue-specific rules, IPO bids may be modified or cancelled during the bidding period.
Modifying an Application: Permitted bid details may be revised through the same application channel used to submit the original bid, subject to the applicable rules.
Cancelling an Application: Where cancellation is permitted, the bid can be withdrawn during the bidding period through the relevant intermediary or application channel.
Modification and cancellation requests must be submitted within the applicable bidding period. The specific fields that can be modified and the availability of cancellation may vary by investor category and issue.
The following concepts are commonly referenced in the IPO application process:
Bid Price: The price entered by an applicant within the disclosed price band.
Formula to calculate application value:
Application Value = Lot Size × Bid Price × Number of Lots
The lot size is the specified number of shares that forms the minimum bid quantity for an IPO. Applications are generally made in multiples of the specified lot size, subject to the terms of the issue.
ASBA allows the application amount to be blocked in the investor's bank account.
If shares are not allotted, the corresponding blocked amount is released in accordance with the applicable processing timelines.
Where shares are partially allotted, the applicable amount is debited and the remaining blocked amount is released.
In case of oversubscription, allotment is carried out according to the investor category and applicable SEBI ICDR provisions.
Allotment, unblocking of application funds and credit of shares follow the timelines specified in the offer document and applicable SEBI requirements.
Public issues follow the T+3 listing framework, with the detailed allotment, unblocking and listing schedule disclosed for the issue.
IPO applications may be submitted through online or offline channels, subject to the facilities available for the particular issue.
| Characteristic | Online Channel | Offline Channel |
|---|---|---|
Confirmation |
Digital confirmation or application status through the relevant intermediary |
Acknowledgement or transaction slip, where applicable |
Paperwork |
Usually no physical form |
Physical application form |
Accessibility |
Available through supported online facilities during the bidding period |
Subject to intermediary or branch operating hours |
Assistance |
Primarily self-service through the relevant platform |
Assistance may be available through the intermediary |
UPI Requirement |
Depends on the application mechanism used |
Not required for a direct ASBA application |
The following factors may result in rejection or non-processing of an IPO application, subject to the applicable issue rules:
Incorrect PAN, UPI, Demat account or other application details
Failure to authorise the UPI mandate within the applicable timeline
Multiple applications submitted in a manner that is not permitted under the applicable rules
Inconsistent or incorrect application information
IPO applications in India follow a structured process through digital and physical submission channels. The application method, fund-blocking mechanism, investor category and applicable timelines determine how an application is processed.
Understanding the differences between application methods and investor categories helps explain how IPO applications are processed in the primary market.
Reviewer
A Demat account is required to receive equity shares allotted in an IPO in electronic form.
ASBA (Application Supported by Blocked Amount) allows the IPO application amount to be blocked in the applicant's bank account. The applicable amount is debited if shares are allotted, while the remaining blocked amount is released according to the applicable processing timelines.
If the required UPI mandate is not authorised or the mandate is rejected within the applicable timeline, the UPI-based application may not be considered valid.
On the issue closing day, QIB and NII bidding generally closes at 4:00 PM, while Individual Investor and other applicable reserved-category bidding generally closes at 5:00 PM. UPI mandates generally need to be authorised by 5:00 PM on the issue closing date, subject to the applicable issue and exchange timelines.
Subject to the applicable category and issue rules, an IPO bid may be cancelled during the bidding period through the intermediary or application channel used to submit the bid.
IPO allotment status is generally made available through the registrar to the issue and may also be accessible through the relevant stock exchange or intermediary, depending on the issue.
An IPO application is submitted during the specified subscription period through an eligible application channel, such as an intermediary or bank, using the applicable ASBA or UPI mechanism. After the issue closes, allotment, fund unblocking, share credit and listing are completed according to the applicable issue schedule and SEBI requirements.
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