How to Apply for an IPO Online — Step by Step Guide 2026

What You Need Before Applying

• Demat account — with any SEBI-registered broker
• UPI ID — linked to a bank account with sufficient balance, OR ASBA facility from your bank
• PAN card — mandatory for IPO applications

Step 1: Find Open IPOs

My first IPO application took me almost 20 minutes because I didn't know what I needed ready beforehand. It should take you five. Start by checking TopFund's Open IPOs page to see which IPOs are currently accepting applications, along with price bands, lot sizes, closing dates, and live GMP.

Step 2: Understand the IPO Details

Before applying, check:

• Price band — e.g. ₹100–₹105 (you bid at the upper end)
• Lot size — minimum shares you must apply for (e.g. 1 lot = 135 shares)
• Minimum investment = Lot size × Upper price band
• Open & close dates — usually 3 working days
• Listing date — when shares start trading

Step 3: Apply via Broker App (UPI Method — Recommended)

1. Open your broker app
2. Go to IPO section → Find the IPO → Click Apply
3. Select number of lots (start with 1 lot for better allotment odds)
4. Enter your UPI ID → Submit application
5. Open your UPI app → Approve the mandate (block amount)

The money is only deducted from your account after allotment — it's blocked (not debited) until then.

Step 4: Apply via Bank ASBA (Alternative)

Log in to your bank's internet banking → Go to IPO/ASBA section → Fill application details → Submit. The amount is blocked in your savings account.

Step 5: Check Allotment Status

Allotment is announced 6 working days after the IPO closes. Check your status instantly on TopFund's Allotment Status page using your PAN number — add your family's PAN numbers once in Settings to check everyone together.

Tips to Improve Allotment Chances

• Apply in the retail category (under ₹2 lakh)
• Apply from multiple family members' accounts (each needs separate PAN + Demat)
• Apply on the last day — subscriptions are highest then, and retail gets fair allotment
• Never apply for more than 1 lot in highly oversubscribed IPOs (allotment is by lottery in retail)

What Happens After Allotment?

If you're allotted: shares land in your Demat account on listing day, and the unblocked money simply stays in your bank account. On listing day, you can sell at the listing price or hold — that decision is entirely yours, and I'd make it based on the company, not the GMP alone.

If you're not allotted: the blocked amount releases back to your account automatically within 1-2 days. No action needed, and no reason to worry — it happens to most applicants in a hot IPO, allotment odds and all.