Step-by-step beginner guide on how to apply for an IPO in India using UPI or ASBA

July 6, 2026

An IPO (Initial Public Offering) is a term you may have heard from family, friends, or across the internet. And that’s led you to wonder, what is an IPO? How do you apply for an IPO? Many people hesitate to invest in an IPO because they feel the application process might be too complicated or too tricky for them. Actually, the IPO process is quite simple and easy, and you just require a little bit of practice.

If you are a beginner planning to invest in an IPO but don’t know how to do it, then this article is for you. In this blog, we will show you a step-by-step beginner’s guide on how to apply for IPO in India. But before we get into the steps, let’s quickly understand what an IPO is.

❖ What is an IPO?

When a private company wants to raise funds for growth, it launches an IPO by going public for the first time. It offers its shares to the public and makes investors shareholders in the company.

PhonePe, Hero FinCorp, boAt, Yatayat Corporation India, and Shiprocket are some of the upcoming IPO in 2026 you can invest in.

❖ What documents are required to apply for an IPO

If you are applying for the IPO for the first time, then you are required to have the following documents and details ready. You can either apply for an IPO through a UPI ID or through ASBA using net banking.

An active demat account (Zerodha, Groww, Upstox, Angel One, etc.)
Personal PAN Card & Aadhar Card
Complete KYC (PAN, Aadhaar, bank linked)
Bank Account with an adequate balance
Activate UPI linked to your bank

❖ How to Apply for an IPO in India through UPI ID

Investing in an IPO through a UPI ID is the easiest process. Here is how you can do it:

Step 1: Open your demat account

Step 2: Go to the IPO section

Step 3: Select the IPO you want to apply to

Step 4: Choose the investor type (Retail (RII), NII / HNI, QIB, Employee)

Step 5: Enter the number of Lots you want to apply to

Step 6: Enter the bid price

Step 7: Enter your UPI ID linked to your bank account

Step 8: Click on the Submit button to apply for IPO

Step 9: Approve the mandate in your UPI ID to block funds

Step 10: Funds will be blocked, and your IPO application will be submitted successfully

❖ How to apply for an IPO through ASBA

If you don’t have a UPI ID or do not prefer to apply for IPO using a UPI ID, then you can apply for an IPO through ASBA (Application Supported by Blocked Amounts).

With ASBA, the IPO is made directly through your bank account. You simply have to select the ASBA/IPO option in your bank’s net banking app. Here is how you can apply for IPO through ASBA.

Step 1: Log in to your bank’s net banking or mobile app

Step 2: Click on the Invest/ IPO/ ASBA-IPO option

Step 3: Select the IPO you want to apply for

Step 4: Add the active demat account to your mobile banking app

Step 5: Enter your details:

Bid price (choose cut-off)
Number of lots
Investor Category

Step 6: Agree to Terms & Conditions & Submit the Application

❖ How can I buy IPO Shares?

Now that you understand how to apply for IPO, what if you forgot to apply for the IPO you really wanted to, or what if you did not receive the allotment? If that happens, you do not need to worry, as you can buy shares in two ways: through an IPO or from the secondary market.

Buy Shares through an IPO

When a company announces its IPO, it usually offers its shares at the lowest price during the IPO. There is a chance that the shares get listed at a premium price over the actual price, giving investors a chance to earn a listing gain. Investing in an IPO offers investors a great opportunity to earn attractive returns through listing gains.

Buy Shares through the Secondary market

By chance, you missed out on allotment or forgot to apply for the IPO, you can also buy the shares of the IPO after it gets listed. Buying the shares of the company after it gets listed on the stock exchange is called buying shares from the secondary market.

IPO shares get listed on the stock exchange at 10 am. Once listed, you can easily place an order to buy the shares at the market price. The listed shares can be higher or lower than the actual IPO price.

Frequently Asked Questions

1. What do I require to apply for an IPO in India?

To apply for an IPO, you must have a demat account, a PAN card, internet access, and a bank account linked to the UPI ID.

2. Is a demat account compulsory for IPO application?

Yes, to apply for an IPO, you must compulsorily have a demat account.

3. Can I apply for an IPO through a bank?

Yes, you can apply for an IPO through the ASBA facility using your bank’s mobile app.

4. How many IPO applications can I submit?

You can do only one IPO application per PAN for a particular IPO.

5. Can I sell IPO shares on the listing day?

Yes, once the IPO shares get listed on the stock exchange, you can immediately buy or sell your IPO shares.

6. What are the Upcoming IPO in 2026?

Reliance Jio, PhonePe, Flipkart, Hero Fincorp, are some of the major upcoming IPO you can expect to see in 2026.