Online investment platforms have made investing in an Initial Public Offering (IPO) more accessible to retail investors. Today, investors can discover upcoming IPOs, review issue details, place bids, approve UPI mandates, and track their applications through digital platforms.
However, the best IPO platform may differ from one investor to another. Some investors may prioritise a simple application process, while others may prefer platforms that offer IPO research, market information, allotment tracking, and access to other investment products.
This article covers some of the top IPO platforms in India for retail investors and explains what makes each platform suitable for different investor needs.
Top IPO Platforms in India for Retail Investors
1. Groww
Groww is a popular investment platform that allows investors to discover and apply for IPOs online.
Retail investors can browse open IPOs, review issue details, select the number of lots, enter their UPI ID, and submit their application through the platform. After submitting the application, investors receive a UPI mandate to approve in their UPI app.
Groww also provides an IPO section where investors can view upcoming and ongoing IPOs and access information about the issue and application process.
Key Features:
- Online IPO application
- IPO discovery and tracking
- UPI-based application process
- IPO details and issue information
- Application updates within the platform
- Access to stocks, mutual funds and other investment products
Best For: Retail investors looking for a simple and easy-to-use IPO platform alongside their broader market investments..
2. Zerodha
Zerodha allows investors to apply for IPOs through its Kite platform using UPI. Investors can also use ASBA through their bank’s net-banking facility.
To apply through UPI, investors need to enter their UPI ID, submit the IPO bid, and approve the mandate received in their UPI app.
Key Features:
- IPO applications through UPI
- ASBA application option
- IPO information through Kite
- Integration with the broader Zerodha investing ecosystem
- No platform or processing charges for IPO applications
Best For: Investors who already use Zerodha and want to invest in IPOs.
3. Upstox
Upstox is another online investment platform that enables investors to participate in IPOs digitally.
The platform provides investors with access to IPO information and an online application process. Investors can select an IPO, enter their bid details and complete the UPI mandate process.
Key Features:
- Online IPO application
- IPO discovery
- UPI-based application
- Digital investment experience
- Access to stocks and other market products
Best For: Retail investors who prefer managing their investments through a digital-first platform.
4. Angel One
Angel One provides IPO application facilities along with access to market information and research tools.
Investors can view IPO details, place their bids and complete the application using the UPI mandate mechanism. The platform can help investors who want to combine IPO participation with broader market research.
Key Features:
- Online IPO applications
- UPI-based IPO application
- IPO information
- Market research and investment tools
- Access to stocks and other investment products
Best For: Retail investors who want IPO applications along with additional market research tools.
5. ICICI Direct
ICICI Direct provides IPO investment facilities as part of its broader investment ecosystem.
For investors who already use ICICI Bank and ICICI Direct, having banking and investment services within the same ecosystem can make managing IPO applications more convenient.
Key Features:
- IPO applications
- Access to IPO information
- Bank-linked investing ecosystem
- Stocks, mutual funds and other investment products
- Multiple investment services through one platform
Best For: Investors who prefer an integrated banking and investment ecosystem.
6. HDFC Sky
HDFC Sky offers digital investing services, including access to IPOs.
Investors can use the platform to discover IPO opportunities and participate in public issues alongside their other investments.
Key Features:
- Online IPO investing
- IPO information
- Digital application experience
- Access to stocks and other investment products
- HDFC-linked investment ecosystem
Best For: Retail investors who prefer the HDFC investment ecosystem.
How to Choose the Best IPO Platform in India?
Before selecting an IPO platform, retail investors can consider the following factors:
1. Ease of IPO Application
The application process should be straightforward, with clear instructions for entering bids and approving UPI mandates.
2. IPO Information
Look for platforms that provide relevant IPO information, including issue dates, price band, lot size, and other important details.
3. UPI Support
Check whether your UPI app and bank account support IPO applications.
4. IPO Tracking
Tracking application and allotment updates can make the overall experience more convenient.
5. Other Investment Products
If you already invest in stocks, mutual funds, ETFs, or other securities, a platform that supports your broader investment needs may be more convenient.
6. Platform Charges
Check the platform’s current fee structure and terms before applying. IPO application charges, brokerage and other account-related costs may differ depending on the service.
7. Reliability and Regulation
Investors should verify that they are using an authorised intermediary and follow information available from official regulatory sources. SEBI maintains a database of registered stock brokers and other recognised intermediaries.
What Should You Check Before Applying for an IPO?
Choosing an IPO platform is only one part of the investment process. Before applying, investors should also evaluate the IPO itself.
Consider reviewing:
- Company’s business model
- Revenue and profitability
- Valuation
- Use of IPO proceeds
- Promoter and management background
- Industry outlook
- Competitive position
- Risks mentioned in the offer document
- Financial performance
- Price band and lot size
An easy-to-use IPO platform can simplify the application process, but it does not determine whether an IPO is a suitable investment.
Final Thoughts
The growing number of digital investment platforms has made IPO participation more convenient for retail investors in India. Platforms such as Groww, Zerodha, Upstox, Angel One, ICICI Direct, and HDFC Sky offer different combinations of IPO applications, market information, and broader investment services.
For beginners, Groww offers a great, simple IPO application experience, while Zerodha may appeal to existing users of its broader investment ecosystem. Angel One suits investors who want IPOs alongside research tools, while ICICI Direct and HDFC Sky may appeal to investors who prefer their respective banking ecosystems.
Ultimately, the best IPO platform offers a convenient application process, supports your preferred payment method, and fits your broader investing needs.
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