Best Broker for IPO in India 2026 — Ranked & Reviewed
Picking the right broker for IPO applications affects UPI mandate reliability, SME IPO access, NRI eligibility, and your annual fee bill. This guide ranks India's 9 major brokers by IPO-specific criteria and helps you choose the one that fits your situation.
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Why Broker Choice Matters for IPO
The IPO application process looks similar across brokers — pick a lot size, enter a UPI ID, approve a mandate. But the underlying mechanics vary in ways that affect whether your application actually gets accepted by the exchange.
The 5-minute UPI mandate window is binding. If your broker submits the bid late or your UPI app is slow to deliver the mandate, your application is cancelled. Brokers with deep UPI integration — Zerodha (Kite), Groww, and Paytm Money — have the fastest end-to-end flow.
ASBA versus UPI matters for large applications. For HNI bids above ₹2 lakh, ASBA blocks funds directly at the bank and bypasses UPI transaction limits. Groww and Paytm Money do not offer ASBA at all — UPI-only.
SME IPOs require explicit broker support. Groww and Paytm Money do not support NSE Emerge / BSE SME issues. If SME IPOs are part of your plan, you need Zerodha, Upstox, Angel One, 5paisa, Kotak, HDFC or Motilal Oswal.
NRI investors have limited choices. Among discount brokers, only Angel One supports NRI IPO applications. Among full-service brokers, Kotak, HDFC and Motilal Oswal also support NRI flows.
Full IPO Broker Rankings 2026
Click column headers to sort. Highlighted row is current #1 by selected criterion.
| Rank | Broker | UPI | ASBA | SME | NRI | Apply | |||
|---|---|---|---|---|---|---|---|---|---|
| 🥇 1 |  Zerodha | ★ 4.8 | ✅ | ✅ | ✅ | ❌ | ₹300/year | 4.4 | Open |
| 🥈 2 |  Upstox | ★ 4.5 | ✅ | ✅ | ✅ | ❌ | Free (1st year) | 4.3 | Open |
| 🥉 3 |  Groww | ★ 4.5 | ✅ | ❌ | ❌ | ❌ | Free | 4.5 | Open |
| 4 |  Angel One | ★ 4.3 | ✅ | ✅ | ✅ | ✅ | ₹240/year | 4.2 | Open |
| 5 |  HDFC Securities | ★ 4.1 | ✅ | ✅ | ✅ | ✅ | ₹750/year | 3.9 | Open |
| 6 |  Motilal Oswal | ★ 4.1 | ✅ | ✅ | ✅ | ✅ | ₹450/year | 3.9 | Open |
| 7 |  Kotak Securities | ★ 4 | ✅ | ✅ | ✅ | ✅ | ₹600/year | 3.8 | Open |
| 8 |  5paisa | ★ 3.9 | ✅ | ✅ | ✅ | ❌ | ₹300/year | 3.9 | Open |
| 9 |  Paytm Money | ★ 3.8 | ✅ | ❌ | ❌ | ❌ | ₹300/year | 3.7 | Open |
IPO Application Process — Side by Side
Step-by-step comparison of the top 3 brokers' IPO application flows.
- 1Open Kite app or kite.zerodha.com
- 2Click Bids → IPO from top menu
- 3Select the IPO from list
- 4Enter lots, bid at Cut-Off price
- 5Enter your UPI ID
- 6Submit bid
- 7Approve mandate in UPI app ✓
- 1Open Upstox app
- 2Go to IPO under Invest tab
- 3Select the open IPO
- 4Choose lot quantity
- 5Enter UPI ID
- 6Submit application
- 7Approve UPI mandate ✓
- 1Open Groww app
- 2Tap Stocks → IPO at top
- 3Select IPO from list
- 4Enter lots, Cut-Off price
- 5Enter UPI ID
- 6Submit application
- 7Approve mandate in UPI app ✓
Which Broker is Right for You?
Answer 4 quick questions and we'll recommend the best broker for your IPO needs.
Question 1 of 4
Are you an NRI (Non-Resident Indian)?
ASBA vs UPI — Which is Right for You?
Both ASBA and UPI are SEBI-approved IPO application methods. Which to choose depends on your application size and bank.
| Feature | ASBA | UPI |
|---|---|---|
| How it works | Bank blocks funds directly | UPI mandate blocks funds |
| Best for | Large applications (HNI) | Retail (up to ₹2 lakh) |
| Safer? | Slightly — no app dependency | Good — instant approval |
| Faster? | No — bank portal needed | Yes — ~2 min in-app |
| SME IPOs | Yes | Yes |
| Cancel anytime | Until issue close | Until 5-min mandate window |
Frequently Asked Questions
Which broker is best for IPO in India 2026?
Zerodha is the best overall broker for IPO applications in India, with the fastest UPI flow (2 min), SME IPO support, and 1.6 crore+ active clients. For first-time investors, Groww is the simplest. For NRI investors, Angel One is the only major discount broker that supports NRI IPO applications.
Can I apply for IPO without a demat account?
No. A demat account is mandatory to apply for IPOs in India. You need: (1) Demat account, (2) Trading account, (3) Bank account linked via ASBA or UPI. Account opening is free with Zerodha, Groww, Upstox and Angel One.
What is UPI ASBA and how does it work?
UPI ASBA (Application Supported by Blocked Amount via UPI) is the mandatory IPO application method since 2019. You submit a bid through your broker, receive a UPI mandate, and approve it in your UPI app within 5 minutes. Funds are blocked (not debited) in your bank account until allotment.
Which broker supports NRI IPO applications?
Among discount brokers, Angel One is the only one with full NRI IPO support. Among full-service brokers, Kotak Securities, HDFC Securities and Motilal Oswal also support NRI IPOs. Zerodha, Upstox and Groww do NOT support NRI IPO applications.
Can I apply for multiple IPOs with one broker?
Yes. You can apply for as many IPOs as you want from a single broker account. However, you cannot make multiple applications for the same IPO from the same PAN — only one application per PAN per IPO is allowed by SEBI rules.
What happens if I don't approve the UPI mandate?
Your IPO application is automatically cancelled if you don't approve the UPI mandate within 5 minutes. Funds are not blocked and your application is not submitted to the exchange. You can re-apply if the IPO is still open.
Which broker is best for SME IPOs?
Zerodha and Upstox are the best for SME IPOs (NSE Emerge + BSE SME). Angel One and 5paisa also support SME IPOs. Groww and Paytm Money do NOT support SME IPO applications — if you plan to apply for SME IPOs, avoid these.
Does it matter which broker I use for IPO allotment?
No. Allotment is determined by SEBI's lottery system for over-subscribed IPOs. The broker has no influence on whether you get allotment. However, the broker affects how easy it is to apply, whether you can apply for SME/NRI IPOs, and how quickly you can track allotment.