What you need
To apply for an IPO you need a demat account and a UPI ID. There is no fee to apply. Applications use ASBA (Application Supported by Blocked Amount), so your money stays in your bank and is only blocked — not debited — until shares are allotted.
Step-by-step application
The whole process takes a couple of minutes.
- Open the IPO section and pick the open issue.
- Choose the number of lots and your bid price (retail investors can bid at the cut-off price).
- Enter your UPI ID and submit the application.
- Approve the mandate request in your UPI app before the cut-off time — this blocks the amount.
- Track your application and allotment status in-app.
How allotment works
If an IPO is oversubscribed, retail allotment for the minimum lot is decided by a lottery, so applying for more lots does not guarantee more shares. If shares are allotted, they are credited to your demat before listing; if not, the blocked amount is released back automatically — no manual refund needed.
Mainboard vs SME IPOs
Mainboard IPOs are larger companies listing on the main exchange platform; SME IPOs are smaller companies with larger lot sizes and higher risk. Always read the Red Herring Prospectus (RHP) and understand the business — an IPO is an investment decision, not a guaranteed listing gain.
Frequently asked questions
Do I need a demat account to apply for an IPO?
Yes — shares are credited in demat form, so you need a demat account and a UPI ID. On ROAR, IPO applications are free.
What is the cut-off price?
For book-built IPOs, retail investors can bid at the cut-off price, agreeing to pay the final price the company sets within the band — this keeps your application valid even if priced at the top.
What happens if I don’t get an allotment?
The amount blocked via your UPI mandate is released back to your bank account automatically — no manual refund is required.
How much can a retail investor apply for?
Retail individual investors can apply for up to ₹2 lakh in an IPO. To bid above that, you apply under the HNI/NII category.