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How to apply for an IPO through Zerodha, Groww or Angel One — a complete step-by-step guide with ASBA, UPI mandate and the allotment process.
Published by The Retail Trader · AUG 08, 2026 · Features
How to apply for an IPO through Zerodha, Groww or Angel One — a complete step-by-step guide with ASBA, UPI mandate and the allotment process.
To apply for an IPO (Initial Public Offering) you need the following:
Keep these five points in mind:
• Demat Account — Zerodha, Groww, Angel One, Upstox, or any SEBI-registered broker
• Trading Account — Linked with the Demat account
• UPI ID — For payment (Google Pay, PhonePe, or the broker's own UPI)
• Bank Account — With sufficient balance (for the ASBA process)
• PAN Card — Linked for KYC verification
If any of these is missing, read the Demat Account Guide first to open an account.
Find the "IPO" section in your broker app. Here you will see the currently open IPOs, upcoming IPOs and their dates:
• Open Date — From when you can apply
• Close Date — The last date to apply (usually a 3-day window)
• Price Band — Minimum and maximum price per share
• Lot Size — The minimum number of shares you have to apply for in one lot
Don't apply blindly. Check these:
• Company financials — Revenue, profit, debt (available in the RHP document)
• Grey Market Premium (GMP) — An unofficial indicator of listing gains
• Subscription status — How much it is being oversubscribed
• Peer comparison — How competitors in the industry are performing
• Objective of the issue — What the company is raising money for
For detailed research, read the IPO GMP Guide.
In Zerodha (Kite/Console):
• Open the Console app → IPO section
• Select the desired IPO
• Choose the lot size (1x, 2x, 3x lots)
• Enter the price (cut-off price is recommended)
• Enter your UPI ID
• Click Apply
In Groww:
• Groww app → IPO section
• Select the IPO and click "Apply"
• Select lots
• Confirm your UPI ID
• Submit
In Angel One: A similar process — IPO section → select → lots → UPI → apply.
After you apply, a mandate request will arrive on your UPI app (Google Pay, PhonePe, or whichever you used). You must approve it within 2-3 days — otherwise the application will be rejected.
Important: Approving the UPI mandate does not mean the money is deducted immediately. It is only a "block" — the actual debit happens only if you get an allotment.
The ASBA (Application Supported by Blocked Amount) system means that the money is blocked in your bank account until the allotment is decided:
Keep these two points in mind:
• Allotment received: The money will be debited, the shares will arrive in your demat
• Allotment not received: The money will be unblocked automatically, no charge
That is why you must have sufficient balance in your bank account at the time of application — the full amount is held during the application period.
After the IPO closes, the allotment is typically finalized within T+3 days (T = closing date). To check:
You can check on the website of the IPO's registrar (Link Intime, KFin Technologies, etc.) by entering your PAN number or application number.
On the BSE website, check in the "IPO Allotment Status" section by entering your PAN and the company name.
Brokers like Zerodha and Groww show the allotment status within the app itself, inside the "IPO" section.
If you get an allotment: The shares will be credited to your demat account on the listing date. If you don't get an allotment: The blocked amount is unblocked within 2-3 working days.
Reservation Categories:
• Retail Individual Investors (RII): Up to ₹2 lakh investment, 35% shares reserved
• Non-Institutional Investors (NII/HNI): More than ₹2 lakh, 15% reserved
• Qualified Institutional Buyers (QIB): Institutions, 50% reserved
In the retail investor (RII) category you can apply for a maximum of ₹2 lakh per PAN.
Only one application is allowed per PAN. You can make multiple applications under family members' names using separate PANs — but every application must be legitimate (benami applications are illegal).
Many retail investors apply but forget to approve the UPI mandate. If the deadline is missed, the application is rejected automatically.
For retail investors, selecting the "Cut-off Price" option is best — it guarantees your application stays valid at the final price, even if it closes at the top of the price band.
Grey Market Premium can be unofficial and unreliable. Applying only because the GMP is high is risky — check the company fundamentals as well.
Applying for more lots does not raise your allotment chance if the issue is heavily oversubscribed — the retail category runs on a lottery system. Choose a reasonable lot size.
On the last day of IPO closing there is a lot of traffic on broker apps — there is a risk of technical issues. It is better to apply within the first 2 days.
Keep these points in mind:
• 📌 IPO APPLY QUICK REFERENCE
• What You Need:
• ✅ Demat + Trading Account
• ✅ UPI ID linked
• ✅ Sufficient bank balance (for the ASBA block)
• ✅ Verified PAN + KYC
• Process:
• 1. Broker app → IPO section
• 2. Do your research (financials, GMP, subscription)
• 3. Select lot size + Cut-off price
• 4. Apply → approve the UPI mandate (within 2-3 days)
• 5. Check the allotment after T+3 days
• Retail Limit: ₹2 lakh per PAN
• Allotment: Lottery system if oversubscribed
• AVOID:
• ⚠️ Forgetting to approve the UPI mandate
• ⚠️ Applying blindly based on GMP alone
• ⚠️ Postponing the application until the last day
Keep these three points in mind:
• Go to /calendar — IPO Calendar section
• See the full list of upcoming and open IPOs, dates and price bands
• On /stock-analysis-landing, check the company's fundamental analysis after listing
Pro tip: Before applying for an IPO, do the company's peer comparison and sector analysis with TRT's stock analysis tools.
Keep these three points in mind:
• IPO GMP Guide: Grey Market Premium Explained
• IPO Guide: Complete Beginner's Overview
• Demat Account Guide: How to Open One
This article is educational analysis — not investment advice. Do your own research, manage your own risk.
The Retail Trader — educational market analysis. Not investment advice.
This article is for educational purposes only — it contains no buy or sell recommendation, no claim of guaranteed returns, and no advisory. Rules, rates and mechanics change from time to time at the exchanges, SEBI and RBI, so verify every number yourself with your broker or an official source.