Applying for an IPO on Zerodha and Groww

Both brokers apply through the same UPI-based ASBA system the exchanges run, so the mechanics are identical — what differs is where the IPO section sits in each app, and the broker-specific mistakes that get an application stuck.

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Published 19 September 2026 · IPO Sahayak

Zerodha and Groww are two of the largest brokers Indian retail investors apply for IPOs through, and the question of how to do it on each comes up constantly — more often than the answer warrants, because underneath the app, both run through the exact same exchange-mandated process. What differs is where the feature sits in each app and the small things that trip people up on each one specifically.

The mechanics are identical under both

Every IPO application in India — regardless of broker — goes through UPI-based ASBA: you submit a bid, your bank blocks the bid amount against a UPI mandate you approve in your UPI app, and the amount is only debited if you're allotted shares. Neither Zerodha nor Groww holds your money or decides your allotment — both simply submit your bid into the same exchange book the registrar draws from. The full mechanics, categories and cut-off price rules are covered in how to apply for an IPO in India; this guide is only about the app-specific part.

Applying through Zerodha

Zerodha has historically run IPO applications through Console, its account-management web platform, alongside an IPO section inside the Kite app itself — check both if you can't find it in one. The application flow itself is standard: pick the IPO, choose your category, bid at cut-off or within the band, enter the UPI ID linked to your bank account, and approve the resulting mandate notification in your UPI app.

• UPI ID must match the bank account you want debited. Zerodha does not restrict which UPI ID you enter, but a mismatch between the UPI ID and your linked bank account is a common cause of a mandate never arriving.
• Mandate approval has a time limit — if it isn't approved within the window your UPI app shows, the application is not counted even though it appeared to submit successfully.
• Modifications and cancellations are available up to the bidding deadline, which the app states — apply this against the closing-day cut-off rather than assuming it matches the exchange's own closing time.

Applying through Groww

Groww surfaces IPO applications inside its main app, under its own IPO section, rather than through a separate web console. The underlying steps are the same — select the issue, choose a category, set your bid, confirm the UPI mandate — with the application and mandate approval both happening inside the single app rather than split across two.

• Application status is generally visible in-app without needing to check the registrar separately, which is useful for a quick check but is not a substitute for the registrar's own allotment page once results are out — see how to check IPO allotment status.
• The shareholder and employee reservation categories — see shareholder and employee quota in IPOs — are not always exposed in every broker app the same way; if you qualify for one and can't find it, a bank's own ASBA facility lists the reserved categories explicitly as a fallback.

Mistakes common to both apps

1. Applying close to the mandate deadline on the final day. Both apps allow applying right up to their own cut-off, but a UPI mandate approved at the last minute has less room for a bank-side delay before the actual exchange deadline passes.
2. Two applications from the same PAN, treated as duplicates. Applying through both Zerodha and Groww with the same PAN in the same category is a multiple application and gets both rejected — see why applications get rejected for the full list of category rules this affects.
3. Assuming the broker's app status is the final word. Both apps reflect what was submitted to the registrar, not always in real time — the registrar's own site is the source of truth once allotment is announced.

Does the broker affect your allotment odds?

No. Every application, from every broker, lands in the same exchange book and is drawn from the same registrar-run lottery for oversubscribed retail categories — see how IPO allotment actually works. Neither app has any influence on whose application gets picked. The only thing that changes between brokers is how easy you find the application flow itself, which is worth choosing on its own terms rather than any expectation of better odds.

Common questions