Best Brokers for IPO Applications in India
Zerodha, Upstox, Angel One and Groww compared on what actually matters for IPO investors: what the account costs to open and keep, how smooth the IPO application flow is, and what you pay when you sell the shares you are allotted.
Broker pricing last verified: 12 Jun 2026 · IPO data as of: —
The short version
All four brokers apply to IPOs the same way — a UPI mandate that blocks (not debits) your money under ASBA, capped at Rs 5 lakh per application — and none of them changes your allotment odds, because allotment is a registrar-run lottery. So the real differences are cost and convenience:
Cheapest to keep open
Groww / Upstox — zero opening fee, zero AMC. Good if the account will mostly sit idle between IPOs.
Cheapest to sell from
Zerodha — Rs 0 brokerage on equity delivery, so selling allotted shares on listing day costs only statutory charges and DP fee.
Most hand-holding
Angel One — research, advisory prompts and a large offline network, at the cost of more cross-sell in the app.
Side-by-side comparison for IPO investors
| Criteria | Zerodha | Upstox | Angel One | Groww |
|---|---|---|---|---|
| Account opening cost | Rs 200 (online; +Rs 100 if you add commodity) | Rs 0 | Rs 0 | Rs 0 |
| Demat AMC | Rs 300/yr + GST (Rs 0 under BSDA if holdings stay within SEBI's small-account limits) | Rs 0 currently | Rs 0 in year 1, then approx Rs 240/yr + GST (non-BSDA) | Rs 0 |
| IPO application charge | Free | Free | Free | Free |
| Equity delivery brokerage (selling allotted shares) | Rs 0 | Rs 20 or 2.5% per order, whichever lower | Rs 20 or 0.1% per order, whichever lower (min Rs 2) | Rs 20 or 0.1% per order, whichever lower (min Rs 5) |
| Intraday brokerage (if flipping on listing day) | Rs 20 or 0.03%/order | Rs 20 or 0.05%/order | Rs 20 or 0.03%/order | Rs 20 or 0.1%/order (min Rs 5) |
| IPO application UX | Clean IPO tab in Kite/Console; mainboard, SME and HNI bids; no pre-open queueing of bids | In-app IPO section with pre-apply before the issue opens; quick UPI flow | One-click IPO flow with research notes attached; UPI; some cross-sell prompts en route | Simplest flow of the four; pre-apply supported; status tracking inside the app |
| UPI IPO application cap | Rs 5 lakh | Rs 5 lakh | Rs 5 lakh | Rs 5 lakh |
| SME IPO applications | Yes | Yes | Yes | Yes |
Broker pricing last verified 12 Jun 2026 from each broker's published pricing page. Brokers revise tariffs with notice — always confirm the current schedule on the broker's own website before opening an account. GST, exchange transaction charges, STT, stamp duty and DP sell charges apply on top of brokerage at every broker.
Broker-by-broker: pros, cons and who it suits
Zerodha Best for selling allotted shares
Pros
- Rs 0 brokerage on equity delivery — selling listing-day allotments costs only statutory charges + DP fee
- Stable, fast IPO flow inside Kite and Console; supports retail, HNI and SME bids
- AMC waived under SEBI BSDA rules while your holdings stay small — common for IPO-only accounts
- Best-in-class education (Varsity) and transparent pricing page
Cons
- Rs 200 account-opening fee while all three rivals open accounts free
- No pre-apply: you can bid only after the issue actually opens
- Support is ticket-first; no branch or relationship-manager network
Upstox Best zero-cost account with pre-apply
Pros
- Free account opening and zero AMC — nothing to pay while you wait between IPOs
- Pre-apply lets you queue your bid before the issue opens, useful for in-demand SME issues
- Dedicated IPO hub with subscription figures and timelines in-app
Cons
- Rs 20 per order on delivery sells — costs more than Zerodha when you exit allotments
- App layout changes frequently; the IPO section occasionally moves around
- Customer-support quality is inconsistent at peak times
Angel One Best if you want research attached
Pros
- IPO pages carry research notes and ratings, helpful context before you bid
- Free account opening; one-click IPO application flow over UPI
- Large branch and sub-broker network if you prefer humans over tickets
Cons
- Delivery brokerage (Rs 20 or 0.1%, min Rs 2) applies when selling allotted shares
- AMC of roughly Rs 240/yr + GST kicks in from the second year
- App actively cross-sells loans, insurance and margin products
Groww Best for first-time IPO applicants
Pros
- Cleanest, simplest IPO application flow of the four — hard to get a bid wrong
- Zero opening fee and zero AMC; pre-apply supported
- Mutual funds, stocks and IPOs in one app for consolidated tracking
Cons
- Delivery brokerage with a Rs 5 minimum per order — proportionally costly on small SME exits
- Fewer advanced tools (no full-depth market data, basic charting)
- Has had brief outages on heavy market days; check status before listing-day trades
What it actually costs: a worked example
Say you are allotted one retail lot of a mainboard IPO worth about Rs 15,000 and you sell it on listing day as a delivery trade. The brokerage difference per trade is small in rupees — Rs 0 at Zerodha, Rs 15 at Angel One (0.1%), Rs 15 at Groww (0.1%), Rs 20 at Upstox — but the fixed costs differ more: Zerodha's Rs 200 opening fee plus Rs 300/yr AMC (if you exceed BSDA limits) versus Rs 0 at Groww or Upstox. Apply to a dozen IPOs a year and sell each allotment once, and the totals stay within a few hundred rupees of each other. Pick on UX and reliability, not on a Rs 20 brokerage delta.
SME IPO lots are much larger — the minimum application for current SME issues runs from roughly Rs 2.5 lakh upwards (e.g. Susan Electricals India: 2,000 shares at Rs 120–127). At that size, percentage-based delivery brokerage still caps at Rs 20 per order at all four brokers.
Data as of: —
Open & upcoming IPOs to get your account ready for
Full calendar →Account opening with eKYC typically takes a few hours to 1–2 working days. If you want to apply to an issue closing this week, open the account today.
Data as of: —. Dates and price bands may change until officially confirmed.
How we compared (and how we make money)
Methodology. We compared the four largest retail brokers by active clients on four criteria relevant to IPO applicants: account opening cost, demat AMC, the IPO application experience (steps to bid, pre-apply support, UPI mandate handling, status tracking) and the brokerage payable when selling allotted shares. Pricing was taken from each broker's published tariff page, last verified on 12 Jun 2026. UX observations are based on the brokers' current Android apps. We did not test allotment outcomes because brokers play no role in allotment.
Disclosure. Account-opening buttons on this page may be affiliate links: if you open an account through them we may earn a commission at no extra cost to you. This does not change the order or content of the comparison — the table above is the same regardless of which broker pays us. We are not SEBI-registered investment advisors, and nothing here is a recommendation to buy any security.
Corrections. Broker tariffs change. If a number above is out of date, please tell us via the contact page and we will fix it.
Broker & IPO application FAQs
Does my choice of broker affect my IPO allotment chances?
No. Allotment is run by the IPO's registrar (such as Link Intime/MUFG Intime or KFin Technologies) under SEBI's rules. In an oversubscribed retail book it is a computerised lottery at the one-lot level. The broker only carries your bid to the exchange — a Zerodha application and a Groww application for the same IPO have identical odds. See our allotment guide for how the lottery works.
Do these brokers charge a fee for IPO applications?
No. Zerodha, Upstox, Angel One and Groww all accept IPO applications free of charge. Your money is only blocked via a UPI mandate (ASBA), not debited, until shares are actually allotted. Costs to compare instead are account opening, annual maintenance (AMC) and the brokerage you will pay when you eventually sell the allotted shares.
What is the maximum IPO application amount via UPI?
UPI-based IPO applications are capped at Rs 5 lakh per application. This covers the retail category (up to Rs 2 lakh) and the small HNI bucket. For bids above Rs 5 lakh you must use ASBA through your bank's net banking — the application goes through the bank rather than the broker app.
Can I apply for the same IPO through two brokers to double my chances?
No. Multiple applications under the same PAN are rejected during validation, and you can lose all of them. The legitimate way families improve their odds is one application per family member, each from that person's own demat account, own PAN and own bank/UPI handle. More in our allotment tips guide.
Which broker is cheapest if I only want to apply for IPOs?
For a pure IPO-and-hold account, Groww and Upstox are cheapest to keep open (zero opening fee and zero AMC at the time of writing). Zerodha charges an opening fee and AMC — though AMC is waived under SEBI's BSDA rules while holdings stay small — but charges nothing when you sell delivery shares. If you expect to sell allotted shares often, Zerodha's zero delivery brokerage can outweigh its fixed costs.
Can I apply for an IPO without any broker at all?
You still need a demat account to receive the shares, but you do not need to apply through a broker app. Most bank net-banking portals offer ASBA IPO applications — you enter your demat details (DP ID + client ID) and the bank blocks the funds. This is also the only retail route for applications above the Rs 5 lakh UPI cap.