Question 1

Where can I get an IPO application form?

Accepted Answer

If you're applying for an IPO offline, you can get the application form from several sources:
• **Brokers:** They often provide physical forms.

• **Self-certified underwriters:** You can also get physical forms from them.

• **Stock Exchange Websites (NSE/BSE):** You can download PDF forms directly from the National Stock Exchange (NSE) or Bombay Stock Exchange (BSE) websites.

• **Lead Manager Websites:** PDF forms are also available on the website of the IPO's lead manager.

Question 2

How can I find my IPO application number?

Accepted Answer

Your IPO application number is generated once your bid is successfully submitted.

• **Online Applications:** If you applied online through a brokerage platform or net banking, you'll usually find the application number in your bid history or under the "Status" tab within the "IPO" section for the specific IPO you applied to.

• **Offline Applications:** For offline submissions, the application number is pre-printed on the physical IPO application form itself, often labeled as the "Bid cum Application Form Number."

Question 3

How do I download an IPO application form?

Accepted Answer

You can download a PDF application form for offline IPO applications directly from the National Stock Exchange (NSE) or Bombay Stock Exchange (BSE) websites.

### Steps to download an IPO application form from NSE:

• Go to the NSE ASBA e-forms section.

• Click on the IPO you're interested in; its details will appear below the IPO list.

• Choose to download either the "Blank Application Form" or the "Bid-cum Application Form."

• Select your Investor Status, Bid Form Type, and the number of forms you need.

• Enter the captcha characters displayed on the screen.

• Tick the box to agree to the terms and conditions.

• Click "Download."

**Important Notes for NSE:**

• If you select the application form, you'll need to enter user information like your username, PAN, DP details, bank details, UPI ID, address, mobile number, email, and offer details.

• A blank application form requires you to fill in all information manually. A bid-cum application form, however, comes pre-filled with some of your data.

• You can also register once with NSE using your personal information. Registered users can then log in and download forms using their PAN without re-entering all details each time, except for bidding data.

### Steps to download an IPO application form from BSE:

• Visit the ASBA IPO Application section on the BSE website.

• From the drop-down menus, select the following:

• IPO Symbol

• Repatriation Type

• Category Type

• Number of forms (you can download a maximum of 10 applications)

• Type the displayed characters.

• Click "Download Application Forms."

Question 4

How do I fill out an IPO application form?

Accepted Answer

Filling out an online IPO application through your bank or broker is usually quick, often taking less than a minute. Here are the key steps:

### Steps to fill an IPO application form:

1. **Personal Information:**
 • Your name and contact details

• Telephone number

• Address

• PAN details

• Depository Account Details (DP ID, DP Account No.)

2. **Bidding Details:**

• Investor Category (Retail Individual Investor (RII), Non-Institutional Investor (NII), or Qualified Institutional Buyer (QIB))

• Quantity of Shares (as per the lot size)

• Price per Equity Share or Cut-off price (the cut-off option is typically for retail investors)

• Investor Status (e.g., Individual, NRI, Mutual Fund, Body Corporate)

3. **Payment Details:**

• Amount to be blocked

• ASBA Bank Account Number

• Bank Name & Branch

• UPI ID (if applying via UPI)

Question 5

Can I apply for an IPO as a High Net Worth Individual (HNI)?

Accepted Answer

Yes, absolutely. You can apply for an IPO under the High Net Worth Individual (HNI) category, which is part of the Non-Institutional Investor (NII) portion. To do this, simply select 'NII' as your investor category on the IPO application form.

Here's how HNI/NII categories are typically defined:

### 1. Mainboard IPOs:
• An HNI is an investor who bids for shares worth more than ₹2 lakhs.

• NIIs are further classified:

• **Small NII (s NII):** Applications valued between ₹2 lakhs and ₹10 lakhs.

• **Big NII (b NII):** Applications valued at more than ₹10 lakhs.

### 2. SME IPOs (effective July 1, 2025):

• An investor applying for 3 lots or more is considered an NII.

• NIIs are further classified:

• **Small NII (s NII):** Applications for 3 lots up to a total value of ₹10 lakhs.

• **Big NII (b NII):** Applications valued above ₹10 lakhs.

Question 6

Can I use a different bank account to apply for an IPO?

Accepted Answer

Yes, you can apply for an IPO using any bank account that is in your name, as long as that bank supports the ASBA (Application Supported by Blocked Amount) facility.

• **Online Applications:** If you apply through a broker or bank's online platform, the bank account linked to your profile is usually selected automatically.

• **Offline Applications:** If you apply offline, you can manually specify any ASBA-supported bank account that is in your name.

**Important Notes:**

• Only one application per person (identified by a unique PAN number) is allowed for an IPO. There might be exceptions for applications in the employee or shareholder categories.

• The name on your IPO application must exactly match the name of the primary account holder for both your demat account and the bank account used.

• While duplicate applications might be accepted initially, they will be rejected during the allotment process.

Question 7

Can I apply for an IPO after market hours?

Accepted Answer

Stock exchanges typically accept IPO applications during the IPO subscription period from 10:00 AM to 5:00 PM.

However, many brokers and banks allow you to submit IPO applications even after 5:00 PM, though this option might not be available on the very last day of the subscription period. If your broker provides this service, you can place your orders after market close once the IPO is open for public subscription. Just remember that these applications will only be uploaded to the exchange system by 10:00 AM on the next business day.

For offline IPO orders, you can submit them to your broker at any time during the IPO window, but they must be received before 5:00 PM on the last day.

Question 8

Can I use a different Demat account for my IPO application?

Accepted Answer

You can only submit one IPO application per PAN, and the demat account used for the application must be in the same name as your PAN.

If you happen to have multiple demat accounts, you can use any of them for your IPO application, provided you are the primary account holder.
• **Online Applications (Broker):** If you apply online through a broker, the demat account linked to your profile is typically selected automatically.

• **Online Applications (Net Banking) or Offline:** If you apply through net banking or offline, you can manually enter the details of any demat account that is in your name.

**Important Notes:**

• Only one IPO application is permitted per person (identified by a unique PAN).

• The name of the primary account holder on your demat account and bank account must exactly match the name on your IPO application.

• Any duplicate applications will be rejected by the Registrar during the allocation process.

Question 9

Can I use a credit card to apply for an IPO?

Accepted Answer

No, you cannot use a credit card to apply for an IPO.

IPO applications can only be submitted online or offline using either UPI (Unified Payments Interface) or ASBA (Application Supported by Blocked Amount). For a UPI application, you'll need a valid UPI ID. For an ASBA application, you must have a bank account with a bank that supports ASBA services.

Question 10

Do I need a Demat account to apply for an IPO?

Accepted Answer

Yes, a demat account is absolutely mandatory to submit an IPO application. You must provide your demat account details whether you're applying online or offline. If you are allotted shares in an IPO, these details are essential for the shares to be credited directly to your account.

It's crucial that the name on your IPO application matches the name of the primary account holder of the demat account you use. If they don't match, your application will be rejected.

Question 11

Is it possible to apply for an IPO on a Saturday?

Accepted Answer

You can generally submit an online IPO application through Netbanking or a broker 24 hours a day during the subscription period. However, stock exchanges only process applications between 10:00 AM and 5:00 PM on weekdays (excluding holidays).

If you submit your application outside of these exchange hours or on a weekend, it will be held by your broker or bank and forwarded to the exchange at 10:00 AM on the next business day.

An IPO typically remains open for a minimum of three business days (and a maximum of ten). So, if a Saturday falls within the IPO subscription window, you *can* submit your application on that Saturday, provided your broker or bank allows submissions outside regular IPO opening hours and on weekends. Regardless of when you submit, the application will only be officially uploaded to the Exchange System during its market hours (10:00 AM to 5:00 PM).

Question 12

What exactly is an IPO application number?

Accepted Answer

An IPO application number is a unique identifier given to every IPO transaction. You can use this number to check the status of your IPO application. There isn't one specific format for these numbers.

• **Online Applications:** For online submissions, the IPO application number is generated immediately after your application is successfully sent to the exchange (typically between 10:00 AM and 5:00 PM on business days).

• **Offline Applications:** For offline IPOs, the application number is pre-printed on the physical IPO application form, usually referred to as the "Bid-cum-Application-Form No."

Question 13

What do Bid1, Bid2, and Bid3 mean in an IPO application?

Accepted Answer

In a book-building IPO, where the issuing company sets a price range for its shares, investors have the flexibility to place up to three separate bids.

This means you can submit bids with three different combinations of price and quantity, often labeled as Bid1, Bid2, and Bid3. Each chosen price must fall within the specified price range, and the quantity must be a multiple of the minimum lot size.

It's important to note that the application amount corresponding to the *highest* of your three bids will be blocked from your bank account.

Question 14

What is the beneficiary account number in an IPO application?

Accepted Answer

The beneficiary account number in an IPO application refers to the DP ID and the account number of your demat account. This is the account where the IPO shares will be credited if you receive an allotment.

This beneficiary account must be in the name of the applicant and can be maintained with either the NSDL (National Securities Depository Limited) or CDSL (Central Depository Services Limited) depository.

Question 15

What does 'cut-off price' mean in an IPO application?

Accepted Answer

When you choose the 'cut-off price' option in an IPO, it means you are willing to pay the final share price that the company determines at the end of its book-building process.

In book-building IPOs, where a price band is provided, the IPO cut-off price is the ultimate share price fixed by the company, primarily influenced by the overall demand for the IPO shares.

**Important Notes:**
• The IPO cut-off price option is typically offered only to retail investors.

• Many retail investors prefer to use the IPO cut-off price option.

**Example:**
Imagine a company's IPO has a price band of Rs 95 to Rs 100. Investors can apply at any price within this range. If you select the cut-off price, you, as a retail investor, will receive shares at the final price decided by the company. This final price considers the demand from Qualified Institutional Buyers (QIBs), High Net Worth Individuals (HNIs), and other retail investors who applied at that specific price. For instance, if QIBs and NIIs heavily subscribe at Rs 100, the cut-off price will likely be set at Rs 100.

Question 16

How can I check the status of my IPO application?

Accepted Answer

To check your IPO application status, you'll typically need your IPO application number or your PAN number. The final allotment status becomes available on the Registrar's website once the allotment is officially declared.

You can also check the status of your IPO application through:
• The trading platform of your broker.

• The websites of the stock exchanges (NSE/BSE).

• The specific broker or bank through which you submitted your IPO application.

Question 17

Where can I locate my IPO application number?

Accepted Answer

You can find your IPO application number using these methods:

• **For Online Applications:** When you submit your IPO application online, the number is generated once it's successfully sent to the exchange (typically between 10:00 AM and 5:00 PM on weekdays, excluding holidays). You can usually find this number on the IPO order status page within your net banking portal or broker's IPO application section. You might also receive an email confirmation from the stock exchange containing your application number.

• **For Offline Applications:** If you submitted a physical IPO application form, you'll find your IPO application number printed at the top of the form, often labeled as "Bid cum Application Form No."

Question 18

What does 'DP name' mean in an IPO application?

Accepted Answer

The "DP name" refers to the name of the Depository Participant (DP) where your demat account is held. This is typically the name of the broker with whom you have your trading and demat account.

Along with the DP name, you'll also need to select the specific depository (either NSDL or CDSL) whose services you are using. In some cases, you might only need to select the depository and then enter your DP ID and client ID details.

Question 19

What is a DP ID in an IPO application?

Accepted Answer

A DP ID is an 8-digit number that identifies the Depository Participant (DP) with whom you hold your demat account.

Every Depository Participant is assigned a unique number by its respective depository (either NSDL or CDSL).
• If your DP is a member of NSDL, their DP ID will start with "IN" followed by the client ID.

• If your DP is a member of CDSL, their DP ID will consist of 16 numeric digits.

Question 20

How do I apply for an IPO offline?

Accepted Answer

You can apply for an IPO offline by submitting a physical IPO application form to the nearest authorized intermediary. This could be a broker, Self-Certified Syndicate Bank (SCSB), Syndicate Member, Registrar and Transfer Agent (RTA), or Depository Participant (DP).

### Steps to apply for an IPO offline:

1. Download the IPO application form from the exchange website, or get a physical form from your nearest broker or syndicate member office.
2. Fill in your applicant details, including your Name, Address, PAN, contact details, Email ID, and DP Details.
3. Select your investor category.
4. Enter your bid details, such as the quantity of shares and the price.
5. Write the application amount both in words and figures.
6. Provide your ASBA bank account number or UPI ID.
7. Sign the form.
8. Submit the completed form to the nearest intermediary.

### Points to Note:

• If you choose UPI as your payment mode, you can submit the form to any of the intermediaries mentioned above, *except* an SCSB.

• You have the option to register your details once with NSE. This way, you won't have to re-enter all your personal information every time you download a form.

Question 21

What are the steps to apply for an IPO online?

Accepted Answer

You can apply for an IPO online either through your broker's platform or via Net banking. If you choose to apply through your broker, you'll typically need a UPI ID.

### Steps to apply for an IPO online through a broker:

1. Log in to your broker's account.
2. Navigate to the IPO section.
3. Select the specific IPO you wish to apply for.
4. Enter your bidding details, including the quantity of shares and the price.
5. Provide your UPI ID.
6. Submit your application request.
7. Approve the UPI Mandate request when you receive it on your UPI app to finalize the application process.

### Steps to apply for an IPO online through Net banking (ASBA):

1. Log in to your Net banking account.
2. Go to the IPO section (often labeled "ASBA" or "e-IPO").
3. Select the IPO you want to apply for.
4. Provide your Demat account details (DP details).
5. Enter your bidding details.
6. Submit your application.

Question 22

Can I apply for an SME IPO as a High Net Worth Individual (HNI)?

Accepted Answer

Yes, you can certainly apply for an SME IPO under the High Net Worth Individual (HNI) category, which is part of the Non-Institutional Investor (NII) portion.

• In SME IPOs, if your application is for 3 lots or more, it will be classified under the NII category.

• NIIs are further divided into:

• **Small NII (s NII):** Applies to applications ranging from 3 lots up to a total value of ₹10 lakhs.

• **Big NII (b NII):** Applies to applications valued above ₹10 lakhs.

Question 23

Are retail investors allowed to apply for an SME IPO?

Accepted Answer

Yes, retail investors can definitely apply for an SME IPO. Effective July 1, 2025, SEBI has redefined the retail category for SME IPOs as "Individual Investors."

• An individual investor applies with a minimum of 2 lots.

• Applications for 3 lots or more are classified under the Non-Institutional Investor (NII) category.

Therefore, retail investors continue to participate in SME IPOs, but now under the "Individual Investor" category with these updated limits.

Question 24

Can Non-Resident Indians (NRIs) apply for an SME IPO?

Accepted Answer

Yes, Non-Resident Indians (NRIs) are eligible to apply for shares in an SME IPO, provided they adhere to the guidelines set by the RBI, SEBI, and the respective exchanges.

• NRIs can apply as "Individual Investors" (with a minimum of 2 lots) or as "Non-Institutional Investors (NIIs)" if they apply for 3 lots or more.

• Applications must be made using ASBA (Application Supported by Blocked Amount) through either NRE (Non-Resident External) or NRO (Non-Resident Ordinary) accounts, depending on the repatriation status of the funds.

It's always advisable for investors to carefully review the Red Herring Prospectus (RHP) or the offer document for specific eligibility conditions, as some SME IPOs might have restrictions on NRI participation.

Applying for an IPO

Understanding the IPO Application Process

Different Categories for IPO Applications

Investor Categories

Rules for Multiple Applications

Timing for IPO Applications

Key Times

Costs Involved in IPO Applications

The IPO Application Form Explained

Tracking Your IPO Application Number

Important Rules for IPO Applications

Application Validity

Checking Your IPO Application Status

Possible Statuses

NSE Application Status

BSE Application Status

Frequently Asked Questions