Apply for IPOs

Start applying for initial public offerings (IPOs) of companies that are entering the public market for the first time. Get real-time updates on an upcoming and current IPO, including details such as listing dates, lot sizes, and price ranges.

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One Dashboard to Track all IPO investments

One Dashboard to Track all IPO investments

Latest Subscription and Allotment Status Updates

Latest Subscription and Allotment Status Updates

Real-time Updates on IPO details

Real-time Updates on IPO details

Apply up to Rs 5 Lakhs

Apply up to Rs 5 Lakhs


About IPO

IPO stands for Initial Public Offering. This is a process through which a private company offers its shares to the public to be able to raise capital for its company. This funding helps the company expand, invest in new projects, or pay off existing debts.

The share subscription can be primary or secondary. Once the public subscribes to the IPO, it gets listed on stock exchanges like the NSE and BSE for the first time.

Benefits of applying in an IPO via INDmoney

An IPO offers a unique opportunity to participate in a company's early growth stages. Here are the advantages of using INDmoney to apply for IPOs:

  • Zero Commission Fees

    INDmoney doesn't charge any commission fees when you apply in IPOs.

  • Track All Investments on One Dashboard

    With INDmoney, you can monitor and manage all your IPO investments through a single dashboard. This makes your investment tracking less time-consuming and more simplified.

  • Apply up to 5 Lakhs through UPI

    You can easily apply for up to Rs 5 lakhs in IPOs using UPI, making the process quick and convenient without the need for complex banking transactions. 

How to apply for an IPO via INDmoney?

Start applying for IPOs via INDmoney using these 6 easy steps:

  • Step 1

    Download the INDmoney app and create a free* INDmoney account by completing your KYC (Know Your Customer).

  • Step 2

    Go to the INDstocks section from the Dashboard or type 'IPO' into the search bar. 

  • Step 3

    Under the 'Explore IPOs' section, find the 'Live IPOs' tab.

  • Step 4

    Browse the list and click on your preferred choice to read the key IPO details, such as the minimum investment amount, opening and closing date, and lot size.

  • Step 5

    Select the number of lots (the minimum quantity you can apply for) and apply.

  • Step 6

    Place your order through UPI. The funds for your IPO application will be blocked in your bank account until you're allotted the shares.

Who can apply for an IPO?

IPOs are available to three different groups of investors:

  • 1. Retail Individual Investors (RII)

    Any investor with a demat account and investing less than Rs 2 lakhs in a particular IPO comes under this category. 

    This group includes Indian residents, NRIs, and Hindu Undivided Families (HUFs).

  • 2. Non-Institutional Investors (NII)

    Any investor with a demat account and investing above Rs 2 Lakhs in a particular IPO comes under this category.

    This category is also known as the high net-worth individual (HNI) category. This group generally includes Indian citizens, NRIs, HUFs, and various organisations bidding over Rs 2 lakhs. 

  • 3. Qualified Institutional Buyer (QIB)

    QIBs are major institutional entities like mutual funds, banks, and foreign investors that are registered with SEBI for investing in IPOs.

Why does a company launch an IPO?

A company launches its IPO mainly for 3 reasons

  • To raise funds from public investors

    This is the primary reason why a private company goes public with an IPO. The funds raised from public investors through an IPO helps the company pay off debts, expand, or invest in new projects.

  • To increase their visibility

    Going public increases the company's credibility in the market. Since public markets are more strict with their regulations, investors can feel more confident about the company's stability.

  • To provide liquidity to shareholders

    An IPO allows existing shareholders who hold private shares an opportunity to cash out their investments. Once the company goes public, these shareholders can sell their shares on the stock market.

How does a private company go public?

Here's a breakdown of how a private company becomes public with an IPO:

  • Beginning as a Private Company

    The company starts as a private entity. Its ownership is divided amongst insiders, such as founders and employees, who hold shares that are not publicly traded.

  • Deciding to Go Public

    The company announces to go public and decides to sell its shares to raise capital.

  • Planning the Share Sale

    The company hires an investment bank to decide the IPO details like how many shares to sell and at what price. 

  • Filing the DRHP

    The company prepares a DRHP document (Draft Red Herring Prospectus). It reveals the company's financial health and explains how much money it aims to raise through the IPO. This DRHP is then submitted to SEBI for review and approval.

  • Releasing the RHP

    Once SEBI approves the DRHP, the company can set a date to launch the IPO on the secondary market by announcing the RHP to the public.

  • IPO Goes Live

    The IPO officially goes live and investors can apply to it on investment apps like INDmoney. Once the application period closes, the company's shares are listed on stock exchanges like the NSE and BSE for the first time. This is when regular trading of the shares begins.

Next steps after receiving IPO shares

Once you're successfully allotted shares in an IPO, it's important to be aware of the following aspects:

  • Shares will be Credited

    After the shares are allotted, they will be credited to your Demat account. This happens within 7 days after the finalisation of the share allotment process.

  • Monitoring Share Performance

    Once the shares are listed on the stock exchange and trading begins, it's crucial to monitor their market performance. The initial trading days can often see significant price volatility.

  • Exploring Further Investments

    Use this experience to look for other IPOs or investment opportunities to diversify and potentially enhance your portfolio.

Next steps if you're not allotted IPO shares

In case IPO shares are not allotted to you, here are the key points you must know:

  • Funds Unblocking Process

    If you don't receive an allotment on your IPO application, the mandate will be revoked after the allotment process and your funds will be unblocked in your bank account within 4 working days after the IPO closes.

  • Market Purchase Option

    You can still buy the company's shares after they start trading on the stock market. The price might be different from the IPO price, based on how the shares are performing.

  • Look for Other Opportunities

    Missing out on one IPO can be a chance to explore other investments. Keep an eye on upcoming IPOs or other investment options.

Frequently Asked Questions

Initial Public Offering or IPO is a process where a private company sells its shares to the public for the first time.

IPOs are held to raise equity capital from the public to fuel the company's growth and expansion. This also gives investors an opportunity to invest in a company's shares at the ground level. It's a significant milestone for a company, transitioning from being a private entity to getting public ownership.

However, it's not without risks - not every IPO is a guaranteed success story. You must understand that, majorly, this is like a lottery game. Your money will be blocked until you actually get the shares. So, instead of just following the trend, you must learn how to set your financial goals and make smart money moves.

A company is considered private before an IPO. Its shareholders are usually a small group, including the people who started the company, their friends, and early investors like venture capitalists.

These early participants provide the necessary support during the company's budding phase.

But growth requires capital. Hence, an IPO helps the company get a platform to raise substantial funds from a broader audience. It's not just about the money, though. Going public increases a company's visibility and credibility, potentially leading to new business opportunities and partnerships. Plus, there's a level of prestige associated with being listed on a stock exchange.

You can go to the INDstocks platform, select the Orders tab, and click on the particular IPO to which you applied. A status page will open up which will provide the latest update of your IPO. If you have been allotted, the same will be updated on the status screen.

You can find it by following the above steps. If the allotment is successful, the same information will also be present in the "My IPOs" section inside IPO tab.

One can sell the IPO shares once they have successfully received the allocation and the shares get listed on the stock exchanges like NSE and BSE.

Here's the breakdown of the key differences between retail quota and HNI quota in IPO applications:

Investment amount

  1. Retail Quota: This is for regular investors applying for an amount less than Rs. 2 lakhs.
  2. HNI Quota (Non-Institutional Investors): This is for investors applying for an amount of Rs. 2 lakhs or more. HNIs further have subcategories: 
  • Small HNI (SHNI): Applies for Rs. 2 lakhs to Rs. 10 lakhs.
  • Big HNI (BHNI): Applies for more than Rs. 10 lakhs.

Allocation Probability

  1. Retail Quota: Generally has a higher number of applicants due to the lower investment barrier. This can lead to oversubscription of IPOs and a lower chance of getting share allotment.
  2. HNI Quota: Typically has fewer applicants compared to retail. This can lead to a higher chance of getting some share allotment, even in oversubscribed scenarios. However, it's not guaranteed.

When a company decides to enter the public market through an Initial Public Offering (IPO), it opts for one of two primary methods: the Fixed Price Offering or the Book Building Method.

1. Fixed Price Offering: Here, everything is transparent from the get-go. The company sets a definite share price (e.g., ₹75 per share) before the IPO subscription begins. It's a common route for SMEs, primarily due to smaller issue sizes.

Key Aspects of Fixed Price IPOs:

  • The IPO prospectus outlines the IPO share price and other details.
  • This prospectus is registered with the Registrar of Companies before the IPO opens.
  • At least half of the offering is allocated to retail investors.
  • Subscription windows are brief, typically between 3-10 business days.

So, if a company sets its IPO price at ₹150, that's what you will bid. There's no room for guesswork.

2. Book Building Method: This method offers more flexibility. The company provides a price range (like ₹60 to ₹75 per share), but the final IPO share price isn't decided until after the bidding process, based on the demand observed.

Key Aspects of Book Building IPOs:

  • The process begins without a set price.
  • A price range is announced before the IPO, offering a guide for potential investors.
  • The offering period is usually 3-7 business days but can be extended if the price range shifts.
  • BSE and NSE facilitate online bidding, simplifying participation.

For example, if a company's price range is ₹601 - ₹650 for its million shares, investors can bid within this range or at a cut-off price. The final share price is determined after assessing the demand.

A 'bid lot' is the minimum number of shares you can apply for in an IPO. The company sets these 'Lots,' and you can apply for more than one.

A company can set its IPO price in two ways: Fixed price and Book Building. With 'Fixed Price,' the cost is known upfront. 'Book Building' involves setting a price range and then finalising the price based on investor demand.

Under-subscription of an IPO happens when there are fewer investors interested in buying the shares than the number available. This means the shares offered in the IPO are not fully bought by investors.

The opposite of under subscription. Over-subscription of shares means that the demand from investors exceeds the number of shares available during an IPO. This means more people want to buy the shares than there are shares available.

A quick sell-off strategy where investors sell their new IPO shares within a short period, often within the first few days, aiming for fast profits.

For any IPO, the market hours are from 10 am to 5 pm. If you placed your order during this period, in most cases, you will receive a mandate request in your payments app within 15 minutes. 

IPO applications are not processed in real-time and can take several minutes to a few hours, as the exchange may not accept applications after market hours.

But if you place your order on a non-market hour or holiday, you will receive a mandate request on the next market opening date anywhere from 10 am to 10:30 am.

In most cases, Exchange sends the data of the Mandate approval instantly, but sometimes, due to the issue at Exchange, it may take up to 24 hrs. But don't worry, your order will be considered for allotment in such cases.

Post allotment date, it usually takes 2 to 3 days for Exchange to send the data of IPO allotment to INDmoney.

But during this time, if you need to verify your allotment status, you can follow the below steps:

(1) Complete one-time registration on this official Exchange website

(2) Once logged in, select the IPO Symbol for which you want to check the allotment.

(3) Enter your PAN number.

(4) Put in the application ID (You can get to know about the application ID from the status page).

(5) On Clicking "Get Data" you will be able to check the allotment details.

At the moment, INDmoney does not support investing in SME IPOs, but we are coming up with this feature really soon.

Generally, the amount will get unblocked within 2 days. In a few cases, it may take up to mandate expiry date which can be from 5 to 10 days post shares not allotted. If it is more than 10 days, please contact your bank to unblock the amount.

Users can apply for an IPO for up to 5 lakhs on the INDmoney platform.

1) Retail order: Up to Rs 2 lakhs

2) HNI order: From Rs 2 lakhs to Rs 5 lakhs

Look for an IPO or investments section on the INDmoney platform, where upcoming IPOs are usually listed.

An underwriter is usually a financial entity, like a bank or broker, tasked with helping the company in its IPO process.

An issuer is the company or firm that's offering its shares to the public, to gather funds for its operations.

The Floor price is the lowest price you can bid for when you apply for an IPO. It's the bottom number in the company's set price range.

Issue price is the final price set for the shares after the IPO application period ends. It can vary for different types of investors.