Best Demat Account for IPO in India 2026 — Zerodha vs Upstox vs Angel One

What to Look for in a Broker for IPO Investing

Choosing the right demat account for IPO investing is not just about the lowest brokerage. Here are the six factors that matter most when your primary goal is applying for IPOs:

1. IPO Application Process. How easy is it to apply for an IPO through the broker's app? The best brokers have a dedicated IPO section with one-tap application, pre-filled details, and real-time subscription data. Avoid brokers where IPO application requires navigating through complex menus or calling customer support.

2. UPI Mandate Support. Since 2019, retail IPO applications use UPI mandates for fund blocking. Your broker must support seamless UPI mandate generation and processing. Some older brokers still have clunky UPI integration that leads to failed mandates and rejected applications.

3. Allotment Notification. Good brokers notify you immediately when allotment results are out and shares are credited to your demat. This matters because you might want to sell on listing day and need to know your allotment status quickly.

4. Account Opening Cost and Annual Charges. Most discount brokers offer free account opening, but annual maintenance charges (AMC) vary. For pure IPO investors who do not trade actively, a broker with zero or low AMC is ideal.

5. Customer Support. IPO applications can fail due to UPI issues, PAN mismatches, or technical glitches. When this happens, you need responsive customer support — preferably through in-app chat or phone — not just email tickets that take 3 days to resolve.

6. Research and Data. Brokers that provide company financials, peer comparisons, GMP data, and subscription status within the IPO application flow help you make better decisions without leaving the app.

With these criteria in mind, let us compare the four most popular brokers for IPO investing in India.

Zerodha Review for IPO Investing

Zerodha is India's largest stock broker by active accounts, with over 1.6 crore users on the Kite platform. Founded in 2010, Zerodha pioneered the discount broking model in India.

IPO Application Experience: Zerodha's IPO section in Kite is clean and functional. You can see all open IPOs, their price bands, subscription status, and apply directly. The process involves selecting lots, entering your UPI ID, submitting, and approving the mandate. The entire flow takes under 2 minutes.

Pros for IPO investing:

• Largest broker by active users — proven reliability and stability
• Clean IPO interface in Kite app with real-time subscription data
• Instant allotment notifications via app push notification
• Excellent execution infrastructure with minimal downtime
• Free equity delivery trading if you also want to sell on listing day
• Comprehensive market data and charting tools for post-IPO analysis

Cons:

• Account opening fee of Rs 200 (one-time, non-refundable)
• Annual maintenance charge of Rs 300 per year
• Customer support is primarily ticket-based — no phone support for general queries
• No research reports or IPO recommendations within the app
• Kite app can feel overwhelming for absolute beginners

Fees:

• Account opening: Rs 200
• Annual maintenance: Rs 300/year
• Equity delivery: Rs 0
• Intraday/F&O: Rs 20 per order or 0.03%, whichever is lower
• IPO application: Free

How to apply for IPO on Zerodha: Open Kite app → Menu → IPO → Select IPO → Bid → Enter lots and UPI ID → Submit → Approve mandate on UPI app.

If you want to open a Zerodha account, you can start the free account opening process here.

Upstox Review for IPO Investing

Upstox (formerly RKSV) is India's second-largest discount broker, backed by Tiger Global and Ratan Tata. The platform is known for its modern mobile app and competitive pricing.

IPO Application Experience: Upstox has one of the smoothest IPO application flows among all brokers. The dedicated IPO section shows open issues with key details, and the apply process is streamlined into 3-4 taps. UPI mandate generation is reliable and fast.

Pros for IPO investing:

• Zero account opening charges — completely free to start
• Zero annual maintenance charges for the first year (Rs 150/year after)
• Very fast IPO application process — possibly the quickest among all brokers
• Modern, intuitive app design that works well for beginners
• IPO section shows GMP and subscription data alongside company details
• Good UPI mandate processing with high success rates

Cons:

• Customer support response times can be slow during peak IPO seasons
• Research and analysis tools are less comprehensive than Zerodha's
• The app has occasional stability issues during high-traffic periods (IPO open day)
• Limited advanced charting and screening tools
• Post-IPO portfolio analysis features are basic

Fees:

• Account opening: Free
• Annual maintenance: Free first year, Rs 150/year after
• Equity delivery: Rs 0
• Intraday/F&O: Rs 20 per order
• IPO application: Free

How to apply for IPO on Upstox: Open Upstox app → IPO section → Select IPO → Apply → Choose lots and price → Confirm UPI ID → Submit → Approve mandate.

You can open a free Upstox demat account here.

Angel One Review for IPO Investing

Angel One (formerly Angel Broking) is one of India's oldest full-service brokers, founded in 1996. With over 2 crore clients, it combines discount pricing with full-service research.

IPO Application Experience: Angel One's app has a prominent IPO section accessible from the bottom navigation bar. The application form is well-designed with clear labels and helpful tooltips. Unique to Angel One, the app shows a brief company overview and key financial ratios alongside the application form.

Pros for IPO investing:

• Free account opening — zero charges
• Free demat AMC for the first year
• Built-in research reports and IPO recommendations
• Company overview and financials visible within the IPO application flow
• Strong customer support with phone, chat, and email options
• Educational content and webinars for beginners
• Largest branch network among discount brokers — useful for offline support

Cons:

• Annual maintenance charges apply from year 2 (Rs 240/year)
• App can feel cluttered due to the large number of features
• Push notifications for allotment can sometimes be delayed
• The app is heavier (larger file size) than Zerodha or Upstox
• Some users report slower order execution during high-volatility periods

Fees:

• Account opening: Free
• Annual maintenance: Free first year, Rs 240/year after
• Equity delivery: Rs 0
• Intraday/F&O: Rs 20 per order
• IPO application: Free

How to apply for IPO on Angel One: Open Angel One app → IPO (bottom nav) → Select IPO → Apply Now → Enter lots and price → Verify UPI → Submit → Approve mandate.

Groww Review for IPO Investing

Groww started as a mutual fund investment platform and has since expanded into stocks, IPOs, and other financial products. It is known for having the cleanest user interface among Indian broker apps.

IPO Application Experience: Groww's IPO section is arguably the most beginner-friendly. The app presents each IPO as a card with clear, jargon-free information. The application process is simplified to just a few taps with smart defaults (cut-off price pre-selected, lots defaulting to 1).

Pros for IPO investing:

• Extremely clean, beginner-friendly user interface
• Simplified IPO application flow with smart defaults
• Free account opening
• Good educational content about IPOs within the app
• Strong UPI integration with high mandate success rates
• Built-in mutual fund platform for investors who want to diversify

Cons:

• Relatively newer entrant in the stock broking space
• Limited advanced tools for active traders
• Customer support can be slow during peak periods
• Research reports and analysis tools are basic compared to Angel One
• Some users report delays in allotment credit notifications

Fees:

• Account opening: Free
• Annual maintenance: Free
• Equity delivery: Rs 0
• Intraday/F&O: Rs 20 per order
• IPO application: Free

Comparison Table

Our Recommendation by Investor Type

Different investors have different needs. Here is our recommendation based on your profile:

Best for Beginners: Angel One

If you are new to IPO investing and want a broker that holds your hand through the process, Angel One is the best choice. The built-in research reports, company overviews within the IPO flow, educational content, and phone-based customer support make it the most beginner-friendly option. The free account opening and first-year AMC waiver mean you can start with zero cost.

Best for Active Traders: Zerodha

If you plan to not just apply for IPOs but also actively trade the listed shares, Zerodha is the clear winner. Kite's charting tools, screener, market depth, and execution speed are industry-leading. The Rs 200 account opening fee and Rs 300 AMC are worth it for anyone who trades regularly.

Best for Low Cost: Upstox

If you want the absolute lowest cost of ownership and a fast IPO application experience, Upstox is the answer. Free account opening, free first-year AMC, and a smooth IPO flow make it ideal for investors who want to apply for IPOs without paying any broker fees.

Best App Experience: Groww

If you value a clean, intuitive user experience above all else, Groww offers the most polished app among Indian brokers. The simplified IPO application flow with smart defaults makes it almost impossible to make a mistake. Perfect for investors who want simplicity and also invest in mutual funds alongside IPOs.

How to Open a Demat Account Online — 5 Steps

Regardless of which broker you choose, the account opening process is similar and fully online:

Step 1 — Visit the broker's website or download the app. Go to the broker's official website or download their app from the Play Store or App Store.

Step 2 — Start the registration process. Enter your mobile number and email. You will receive OTPs for verification on both.

Step 3 — Complete KYC. Enter your PAN card number, Aadhaar number, and bank account details. You will need to verify your identity through Aadhaar-based e-KYC (DigiLocker) or video KYC.

Step 4 — Upload documents. Upload a photo of your PAN card, a cancelled cheque or bank statement, and your signature. Some brokers accept digital verification through DigiLocker, eliminating the need for physical document uploads.

Step 5 — E-sign and activate. Sign the account opening form electronically using Aadhaar OTP. Your account is typically activated within 24-48 hours, and you will receive your client ID and login credentials via email.

Once your account is active, you can immediately start applying for IPOs.

Affiliate disclosure: ipomarket.in may earn a commission when you open an account through our links. This does not affect our editorial independence or the recommendations in this article. We recommend brokers based on their merit for IPO investing, regardless of affiliate partnerships.

You can compare all brokers in detail on our brokers page, which includes full reviews, fee structures, pros and cons, and step-by-step guides for each platform.

Frequently Asked Questions

Can I have demat accounts with multiple brokers?

Yes. There is no restriction on the number of demat accounts you can hold. Many investors maintain accounts with 2-3 brokers. However, remember that you can only apply for an IPO from one account per PAN — using multiple accounts with the same PAN for the same IPO will get all your applications rejected.

How long does it take to open a demat account?

With most discount brokers, the online account opening process takes 15-20 minutes to complete. Account activation happens within 24-48 hours for Aadhaar-based e-KYC. Video KYC can take slightly longer (2-3 business days) depending on the broker's verification queue.

Is my money safe with discount brokers?

Yes. All SEBI-registered brokers — whether discount or full-service — are required to follow the same regulations. Client funds are held in separate accounts, shares are held with depositories (CDSL or NSDL), and all brokers are members of investor protection funds. Zerodha, Upstox, Angel One, and Groww are all SEBI-registered and members of NSE and BSE.

Do I need a separate demat account for SME IPOs?

No. The same demat account works for both mainboard and SME IPO applications. The only difference is that SME IPOs require a higher minimum application amount (typically Rs 1,00,000 or more) compared to mainboard IPOs (Rs 14,000-15,000).

Can NRIs apply for IPOs?

Yes, NRIs can apply for IPOs in India through an NRE or NRO demat account. Not all brokers offer NRI demat accounts — Angel One and HDFC Securities are among those that do. The application process is similar but requires additional documentation and may involve higher charges.

What happens to my demat account if the broker shuts down?

Your shares are safe. Shares are held with CDSL or NSDL (central depositories), not with the broker. If a broker shuts down, you can transfer your holdings to another broker by initiating an inter-depository transfer. Your shares, mutual fund holdings, and IPO allotments remain intact regardless of the broker's financial condition.

Disclaimer: This article is published by ipomarket.in for educational and informational purposes only. It does not constitute investment advice, a recommendation to buy or sell any security, or an offer to invest. IPO investments are subject to market risks. Grey Market Premium (GMP) data is sourced from unofficial market participants and is not endorsed by SEBI, NSE, or BSE. Past performance is not indicative of future results. Please read all scheme-related documents carefully and consult a SEBI-registered financial advisor before investing. ipomarket.in is not a SEBI-registered investment advisor or research analyst.