Best Broker for IPO in India 2026 — Compare Top 4
Compare Zerodha, Upstox, Angel One and Groww on IPO process, charges, NRI support and platform rating.
| Feature | Zerodha | Upstox | Angel One | Groww |
|---|---|---|---|---|
| IPO Application | ||||
| IPO Process | UPI + ASBA | UPI + ASBA | UPI + ASBA + Net Banking | UPI |
| Application Time | 2 min | 3 min | 3 min | 2 min |
| UPI Support | ✅ | ✅ | ✅ | ✅ |
| ASBA Support | ✅ | ✅ | ✅ | ❌ |
| NRI IPO Support | ❌ | ❌ | ✅ | ❌ |
| SME IPO Support | ✅ | ✅ | ✅ | ❌ |
| Charges | ||||
| Account Opening | ₹0 | ₹0 | ₹0 | ₹0 |
| Annual Maintenance (AMC) | ₹300/year | ₹0 (1st year free) | ₹0 | ₹0 |
| Equity Delivery | ₹0 | ₹0 | ₹0 | ₹0 |
| Intraday & F&O | ₹20/order | ₹20/order | ₹20/order | ₹20/order |
| Platform | ||||
| App Rating | 4.4 | 4.3 | 4.2 | 4.5 |
| Trading Platform | Kite | Upstox Pro | Angel One Super App | Groww App |
| Founded | 2010 | 2012 | 1987 | 2016 |
Zerodha
Pros
- ✓Largest broker by active clients
- ✓Zero brokerage on delivery
- ✓Excellent Kite platform
- ✓Coin for direct mutual funds
Cons
- ✗No NRI IPO support
- ✗No research reports
- ✗Limited customer support
Upstox
Pros
- ✓Backed by Tiger Global
- ✓Fast UPI IPO application
- ✓Free AMC first year
- ✓Good mobile app
Cons
- ✗Customer support average
- ✗No NRI support
- ✗Limited educational content
Angel One
Pros
- ✓Largest user base (2 Cr+)
- ✓NRI account support
- ✓In-house research reports
- ✓Free AMC
Cons
- ✗App can be slow
- ✗Pushy sales calls reported
- ✗Research quality mixed
Groww
Pros
- ✓Best-rated app (4.5 stars)
- ✓Simplest interface for beginners
- ✓Mutual funds + stocks in one app
- ✓Free AMC
Cons
- ✗UPI only for IPO (no ASBA)
- ✗No SME IPO support
- ✗No NRI support
- ✗Limited advanced features
Which broker is best for IPO investing in India?
For most retail investors applying for IPOs, Zerodha or Upstox offer the simplest process with 2-3 minute UPI applications. For NRI investors, Angel One is the only major discount broker with full NRI IPO support. For beginners who also want mutual funds, Groww's app experience is unmatched.
Frequently Asked Questions
Which broker is best for IPO in India?+
For most investors, Zerodha and Upstox offer the fastest IPO application process (2-3 minutes via UPI). Angel One is best for NRI investors as it supports NRI demat accounts for IPO applications.
Can I apply for IPO through Groww?+
Yes, Groww supports IPO applications via UPI. However, Groww does not support ASBA or SME IPOs. For SME IPOs, use Zerodha, Upstox, or Angel One.
Which broker has zero charges for IPO?+
All major brokers (Zerodha, Upstox, Angel One, Groww) charge zero brokerage on equity delivery and zero account opening fees. IPO applications are free on all platforms.
Can NRI apply for IPO through Zerodha?+
No, Zerodha does not support NRI demat accounts for IPO applications. NRI investors should use Angel One, ICICI Direct, or Kotak Securities for IPO applications.