How can I increase my chances of IPO allotment?

In a mainboard IPO, a retail individual investor can bid for up to ₹2,00,000. When the retail portion is not fully subscribed, everyone gets what they bid for. When it is oversubscribed, SEBI’s rules require the registrar to allot the minimum bid lot to as many retail applicants as possible, chosen by a computerised lottery. Any shares left after that are shared among the remaining applicants in proportion.

The practical result is that in a heavily subscribed IPO, each valid application is one lottery ticket. Bidding for ten lots instead of one does not give you ten tickets; at best you receive one lot. The size of your bid matters only if the issue is barely oversubscribed.

The registrar treats each PAN as one applicant. If two or more applications are made with the same PAN, they are rejected as multiple applications.

The table gives a rough guide to the chance of getting one lot when every applicant bids for the minimum. Because some people bid for more lots, the real odds are usually a little better than shown. The last columns show the chance that at least one application succeeds when separate family members each apply with their own PAN.

• Once retail is oversubscribed, extra lots in your bid do not improve your odds. Only more valid applications, from different PANs, do.
• At 25 times subscription, 4 family applications raise the chance of at least one allotment from 4% to about 15%.
• No method guarantees allotment in a popular issue. Treat any application as a lottery ticket, not a plan.

1. Apply with the minimum lot, or a little more. In an oversubscribed issue the minimum lot carries the same lottery chance as a larger bid, and blocks less money.
2. Bid at the cut-off price. If the final price is set at the top of the band, any bid below it is invalid for allotment. Ticking cut-off means you accept the final price.
3. Apply from each eligible family member’s own PAN and demat account. Each adult with a separate PAN, demat account and bank or UPI account is a separate applicant. Use money that is genuinely theirs.
4. Use the shareholder or employee quota if one is offered. Some issues reserve shares for shareholders of a listed parent company or for employees. Eligible investors can usually apply in that quota as well as in the retail category; check the offer document for the eligibility date.
5. Approve the UPI mandate in time. A bid only counts once the money is blocked. Approve the mandate in your UPI app as soon as it arrives, and in any case by 5 pm on the closing day. Applying on the first or second day avoids last-minute delays.

• Applying twice with the same PAN, for example once through a broker app and once through net banking.
• Bidding above ₹2,00,000 in the retail category. A larger bid is treated as a non-institutional (HNI) bid, which is allotted differently.
• Using a UPI ID or bank account that belongs to someone else. The bank account should be in the applicant’s name.
• A PAN, name or demat account that does not match across the application, the depository and the bank.
• Letting the UPI mandate expire, or not having enough balance in the account when the mandate is approved.

A bid above ₹2,00,000 by an individual moves into the non-institutional category, often called HNI. This category is itself split into a smaller band and a larger band by application size. When either band is oversubscribed, the minimum non-institutional application is also allotted by draw of lots, so a larger bid within the band does not raise your chance much.

The non-institutional route needs far more money blocked for the same lottery ticket, and the cut-off option is not available, so you must bid at a specific price. For most individual investors, one retail application per PAN is the sensible approach.

Since the T+3 timeline, allotment is usually finalised the working day after the issue closes, shares are credited and blocks released the day after, and the shares list on the third working day. You can check the result with the registrar or exchange as soon as allotment is final. Our IPO allotment status page links to the official status page for each issue, and the IPO tracker lists issues that are open, upcoming and recently listed.