How to Apply for an IPO with UPI: Step by Step
IPO guide
By IPO GMP Status desk · Updated 31 October 2026 · How we compile these figures
Most individual investors apply for IPOs through a broker app and pay with a UPI mandate. The money stays in your bank account, only blocked, until the allotment is decided.
Before you apply
- A demat and trading account with a broker.
- A UPI ID linked to a bank account in your own name.
- Enough balance for the application — it is blocked, not debited, until allotment.
Steps to apply
- Open your broker app and go to the IPO section.
- Choose the IPO, the number of lots and the price. Retail investors can bid at the cut-off price so the bid is valid at whatever price is finally fixed.
- Enter your UPI ID and submit.
- A mandate request arrives in your UPI app. Open it and approve it with your UPI PIN.
- Your bank blocks the amount. The bid is complete only once the mandate is approved.
Cut-off times and limits
Approve the UPI mandate before the cut-off time on the IPO's last day, or the bid is not counted. The UPI limit for an IPO application is ₹5 lakh, enough for retail and small NII bids; larger bids go through net banking (ASBA).
After you apply
On allotment, the blocked amount for the shares allotted is debited and the rest is released; if nothing is allotted, the whole amount is released, usually by T+2. You can check the allotment for all your PANs at once and follow each IPO's dates on the IPO calendar.
Frequently asked questions
Can I apply for an IPO using UPI?
Yes. Place the bid in your broker app with your UPI ID, then approve the mandate request in your UPI app.
What is the UPI limit for IPO applications?
₹5 lakh per application.
Is the money debited when I apply?
No. It is only blocked in your account, and debited only for the shares allotted.
What if I do not approve the UPI mandate?
The bid is not counted. The mandate must be approved before the cut-off time on the last day.
More IPO guides
- What Is IPO GMP? Grey Market Premium ExplainedIPO GMP (grey market premium) explained in plain words: what it is, how it is quoted, how to read the expected listing price, and why it is only an estimate.
- Kostak and Subject to Sauda in IPO: Meaning ExplainedWhat Kostak and Subject to Sauda mean in the IPO grey market, how they differ from GMP, and the risks of selling an application before allotment.
- How to Check IPO Allotment Status for Multiple PAN CardsApplied for an IPO from several family members' PANs? Check the allotment status of every PAN together in one tap instead of one by one on the registrar's site.
- How IPO Allotment Works: The Retail Lottery ExplainedHow shares are allotted in an IPO: the retail lottery, small and big NII, QIBs, the T+3 timeline, and what decides your chance of getting an allotment.
- SME IPO vs Mainboard IPO: What Is the Difference?SME and mainboard IPOs compared: where they list, issue size, lot size and minimum investment, liquidity and risk — what to know before applying.
Nothing here is investment advice; see the disclaimer.