Applying for IPOs via Mobile Trading Apps: A Complete Step-by-Step Guide for Indian Retail Investors

1. Prerequisites – Opening a Demat & Trading Account, Linking a Bank Account, and Meeting SEBI Eligibility Criteria

Before you can hit “Apply” on any IPO, you must satisfy three regulatory and operational prerequisites:

• Demat account: Every share you receive, whether from an IPO or the secondary market, lives in an electronic depository (NSDL or CDSL). The Demat account holds the securities in your name.
• Trading (or brokerage) account: This is the gateway that lets you place orders (including IPO applications) through a broker’s platform.
• Bank account linkage: The IPO application amount is blocked (or debited) from the bank account you link to your trading account. The same account receives refunds if the IPO is rejected or partially allotted.

SEBI eligibility checklist (as of 2024):

Criteria	Requirement	How to Verify
Age	18 years or older	PAN card & Aadhar verification during KYC
Residency	Indian resident (NRIs can apply via specific channels)	Address proof (Aadhar, utility bill)
Bank Account	Active savings/current account in your name	Link via IFSC and account number in the broker’s portal
Demat Account	Valid & active	Check “Holding” section in the app
KYC Completion	Full KYC (PAN, Aadhar, video verification if required)	Broker’s “Profile” → “KYC Status”

Once these are in place, you are legally and technically ready to apply for any IPO listed on the BSE/NSE.

2. Overview of the Most Popular Indian Mobile Trading Platforms and Their IPO Modules

The Indian retail market is dominated by a handful of mobile‑first brokers. Below is a quick comparison of their IPO-specific features.

Broker	IPO Module Name	Live Price‑Band Display	Lot‑Size Auto‑Calculator	Bulk‑Apply (multiple IPOs)	Refund Tracking
Zerodha (Kite)	IPO	Yes	Yes (lot‑size field auto‑populates)	No (one IPO per order)	Yes (Refunds → History)
Upstox	IPO	Yes	Yes	Yes (select multiple IPOs from “All IPOs” screen)	Yes (Bank → Refunds)
Angel One	IPO	Yes	Yes	No	Yes (Allotment → Refunds)
Groww	IPO	Yes	Yes	No	Yes (Refunds tab)
5paisa	IPO	Yes	Yes	No	Yes (Refunds → History)

All five apps follow the same regulatory flow (application → allotment → settlement), but the UI nuances differ. The next sections walk you through each app step‑by‑step.

3. Step‑by‑Step Walkthrough for Each App

3.1 Zerodha Kite

1. Log in: Open the Kite app → Enter your 4‑digit PIN → Tap “Login”.
2. Navigate to IPO: Tap the ‘More’ menu (three horizontal lines) → Select ‘IPO’. The screen shows a list of currently open IPOs.
3. Select an IPO: Tap the desired company (e.g., “XYZ Ltd.”). You’ll see the price band, lot size, issue size, and rating.
4. Review price band & lot size: The UI highlights the Minimum (₹X) – Maximum (₹Y) price band and the Lot size (e.g., 500 shares). The amount field auto‑calculates once you enter the number of lots.
5. Enter application amount: Choose ‘Retail Category (RC)’ or ‘Non‑Retail Category (NRC)’. Input the number of lots (e.g., 2). The app instantly shows the total amount (e.g., 2 × 500 × ₹100 = ₹1,00,000).
6. Confirm order: Click ‘Apply’. A pop‑up asks for your bank account confirmation and displays the blocked amount. Tap ‘Confirm’ to submit.

Screenshot placeholder: [Screenshot: Kite IPO screen showing XYZ Ltd. details, lot‑size entry, and “Apply” button].

3.2 Upstox

1. Log in: Launch Upstox → Enter mobile number & OTP → Set your 4‑digit passcode.
2. Navigate to IPO: Bottom navigation bar → Tap ‘IPO’ icon.
3. Select an IPO: Scroll or search “XYZ Ltd.” → Tap the card.
4. Price band & lot size: The app shows a horizontal slider for price selection (you can pick any price within the band). Below, the lot size is displayed with a +/- button.
5. Enter amount: Choose category (RC/NRC). Use the +/- to select number of lots. The total amount updates in real time.
6. Bulk‑apply option: If you want to apply for multiple IPOs, tap the ‘Add another IPO’ button and repeat steps 3‑5. Upstox aggregates the total blocked amount.
7. Confirm: Tap ‘Submit Application’. A confirmation screen shows the bank account and blocked amount. Tap ‘Confirm & Pay’.

Screenshot placeholder: [Screenshot: Upstox IPO screen with price slider, lot selector, and bulk‑apply checkbox].

3.3 Angel One

1. Open Angel One app → Enter MPIN.
2. Tap ‘Invest’ → Choose ‘IPO’ from the dropdown.
3. Select “XYZ Ltd.” → Review the Issue Price Band and Lot Size.
4. Pick RC or NRC, then type the number of lots. The app displays the required amount.
5. Tap ‘Apply Now’ → Confirm bank details → Hit ‘Confirm’.

Screenshot placeholder: [Screenshot: Angel One IPO application flow highlighting “Apply Now” button].

3.4 Groww

1. Log in with fingerprint/MPIN.
2. From the home screen, tap ‘IPO’ at the top.
3. Search “XYZ Ltd.” → Open the IPO card.
4. Scroll to see price band, lot size, and rating.
5. Select category, enter number of lots, and the app shows the total debit amount.
6. Press ‘Apply’ → Confirm the bank account → Tap ‘Confirm Application’.

Screenshot placeholder: [Screenshot: Groww IPO page with “Apply” button highlighted].

3.5 5paisa

1. Open 5paisa → Enter your 4‑digit PIN.
2. Tap the ‘Markets’ tab → Choose ‘IPO’.
3. Select the desired IPO, view price band & lot size.
4. Pick RC/NRC, enter the number of lots, and see the total amount.
5. Hit ‘Apply Now’ → Review bank details → Confirm.

Screenshot placeholder: [Screenshot: 5paisa IPO application screen with “Apply Now” highlighted].

4. How to Verify Your Application Status and View Allotment Details Within the App

All five platforms provide a dedicated “IPO Status” or “Allotment” tab. The general workflow is identical:

1. Navigate to the ‘IPO’ section.
2. Tap ‘My Applications’ or ‘Allotment History’.
3. Each entry shows:
   • IPO name & issue date
   • Application status – “Applied”, “Allotted”, “Rejected”, “Partial Allotment”
   • Allotted shares (if any) and the final issue price
   • Refund amount (if applicable)
4. For a detailed view, tap the specific IPO line – a pop‑up displays the exact lot count, amount debited, and settlement date.

Most apps also push a push‑notification once the allotment results are out (usually 7‑10 days after the issue closing date).

5. What to Do After Allotment – Converting IPO Shares to Listed Shares, Handling Partial Allotment, and Understanding the Lock‑In Period

• Conversion to listed shares: Allotment is automatically credited to your Demat account on the settlement date (generally 2‑3 business days after the allotment announcement). No manual action is required.
• Partial allotment: If you applied for 3 lots and received 1.5 lots, the broker will credit the exact number of shares (rounded down to the nearest whole share). The remaining amount is refunded.
• Lock‑in period: Certain IPOs (e.g., those with a “green‑shoe” option or specific sectoral caps) may impose a lock‑in of 30‑90 days on the allotted shares. The lock‑in details are mentioned in the prospectus and highlighted in the app’s allotment screen. During lock‑in, you cannot sell the shares on the exchange.
• Viewing the shares: Go to the “Holdings” or “Portfolio” section of the app. The newly listed shares appear under the company name with the market‑price column updated in real time.

6. Refund Process for Rejected or Partially Allotted Applications – Timelines and Bank Credit

Refunds follow a strict SEBI‑mandated timeline:

Event	Maximum Timeframe	Where to See It in the App
Allotment result publication	Within 7‑10 days of issue closure	IPO → Allotment History
Refund initiation (rejected or excess amount)	Within 2‑3 business days after result	Refunds tab
Credit to linked bank account	Up to 7 days from refund initiation (depends on bank processing)	Bank statement / app’s “Bank Transactions”

Steps to confirm the refund:

1. Open the app → ‘Refunds’ or ‘Transaction History’.
2. Locate the entry labeled “IPO Refund – XYZ Ltd.” – it shows the amount and expected credit date.
3. Check your bank’s net‑banking portal after the expected date to verify the receipt.

7. Common Pitfalls and Error‑Prevention Tips

• Insufficient funds: The broker blocks the full application amount. Ensure your linked bank account has at least 10‑15% more than the required amount to cover any rounding differences.
• Wrong lot size:
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