Can HNIs invest in IPOs through UPI?

Yes, given the maximum UPI limit of Rs 5 lakh, HNI investors with a bidding amount up to Rs 5 lakh can use UPI to invest in an IPO. Thus, HNI can now purchase IPO stocks with discount brokers like Zerodha, Upstox, Groww, etc.

Any HNI IPO application above Rs 5 lakh can be made through the ASBA process only where you need to either access net banking account or submit physically signed forms.