Best Demat Accounts for IPO Bidding (2026)
Applying for IPOs in India requires a Demat and Trading account. Choosing a broker with high platform stability, pre-apply capabilities, and multi-bidding support is crucial. Compare charges, ratings, and unique IPO features below to pick your broker.
Quick Comparison Table
| Broker Name | Rating | Opening Charges | Annual Maintenance (AMC) | Brokerage |
|---|---|---|---|---|
| Zerodha (Kite) | ★ 4.8 / 5.0 | ₹200 | ₹300 / year | Flat ₹20 or 0.03% (whichever is lower) per order |
| Upstox | ★ 4.7 / 5.0 | Free | Free | Flat ₹20 per executed order |
| Groww | ★ 4.6 / 5.0 | Free | Free | Flat ₹20 or 0.05% (whichever is lower) per order |
| Angel One | ★ 4.6 / 5.0 | Free | ₹240 / year (First year FREE) | Flat ₹20 per executed order |
| Dhan | ★ 4.5 / 5.0 | Free | Free | Flat ₹20 or 0.03% (whichever is lower) per order |
Detailed Reviews & Bidding Features
Zerodha (Kite)
The absolute gold standard for serious investors. The stability, clean interface, and advanced IPO console make it worth the ₹200 fee.
Pros
- ✓India's largest and most stable trading platform.
- ✓Supports pre-applying for IPOs (apply before the issue opens).
- ✓Seamless family account management and multi-bids.
- ✓Zero equity delivery brokerage.
Cons
- ✕No free account opening option (costs ₹200).
- ✕Customer support can occasionally experience high wait times.
IPO Bidding Features
- IPO pre-apply support
- Minor & joint accounts
- HNI bidding category
- Multi-application console
Upstox
A superb, high-tech alternative to Zerodha. Highly recommended if you want a premium trading experience with absolutely zero maintenance fees.
Pros
- ✓Zero account opening and zero annual maintenance (AMC) charges.
- ✓High-speed execution and stable charting widgets.
- ✓Pre-apply for IPOs and track live subscriptions inside the app.
- ✓Backing from top investors like Ratan Tata.
Cons
- ✕Standard call-and-trade charges are relatively high (₹50/order).
IPO Bidding Features
- 1-click UPI application
- IPO pre-apply support
- Detailed category subscription logs
- High-value HNI bidding
Groww
Perfect for beginners and retail investors who prioritize simplicity and ease-of-use. Great for mutual funds and quick IPO bidding.
Pros
- ✓The most user-friendly interface in India—perfect for beginners.
- ✓No account opening or AMC fees.
- ✓Direct mutual fund integration along with stock trading.
- ✓Extremely clean, modern design language.
Cons
- ✕Lacks advanced technical analysis charts compared to Kite or Upstox.
- ✕No pre-apply support for IPOs yet.
IPO Bidding Features
- Super simple UPI bidding
- Allotment check helper links
- Quick status tracker
Angel One
Best for investors who want full-service features like research recommendations, expert tips, and a free account for the first year.
Pros
- ✓Full-service broker offering advisory and research tips.
- ✓Supports pre-market orders and WhatsApp IPO notification alerts.
- ✓Zero account opening fees and free AMC for the first year.
- ✓Extremely deep market data and reporting tools.
Cons
- ✕App interface has a slight learning curve.
- ✕AMC charges apply starting from the second year.
IPO Bidding Features
- WhatsApp status updates
- HNI category bidding
- IPO pre-bidding support
- Expert review highlights
Dhan
A rising star in the Indian brokerage space. It offers premium charts and robust trading speed with zero annual maintenance fees.
Pros
- ✓Built specifically for active traders with deep TradingView charts.
- ✓100% free account opening and zero AMC for lifetime.
- ✓Dedicated IPO bidding console with extremely fast execution.
- ✓50% brokerage discount for female investors.
Cons
- ✕Relatively new brand compared to Zerodha or Angel One.
IPO Bidding Features
- Superfast bid placements
- IPO allotments tracking history
- Joint accounts support
SEBI Guidelines for Multiple IPO Applications
Note that applying for a single IPO multiple times using the same PAN is rejected. However, you can create separate demat accounts under different family members' PANs (e.g. spouse, parents, siblings) and apply for 1 lot from each of their accounts to maximize your allotment lottery probability. All brokers listed above support minor and joint accounts.