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Best Brokers for IPO Investment

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Best Brokers for IPO Investment in India

IPO (Initial Public Offering) provides a great investment opportunity to risk-savvy investors to make IPO listing gains or get long-term benefits. It is the reason why some investors only invest in IPOs. To apply for an IPO, you must have a Demat account with any broker, so the first question that raises your eyebrows is who are the best brokers for IPO investment? The report provides you with a list of the top 10 Best IPO brokers to open a Demat account to invest in IPO.

Best Brokers for IPO Investment

  1. Direct IPO Apply process through UPI: UPI is the most preferred route to purchase IPO online. Thus, before selecting the best brokers for IPO, you must ensure that your broker provides such a facility. Some top discount brokerage firms such as Zerodha, Upstox, etc. allows IPO investment through the UPI payment gateway. Some prominent brokers also provide Pre-IPO application facility to allow users to apply for an IPO 3 to 4 days before the IPO opening date.
  2. Free or Zero Brokerage charges: Many top brokerage firms charge nil brokerage fees on IPO investment. Thus, users must look for free IPO investment brokers. You should also check the brokerage plan whether your broker charges flat brokerage or % based brokerage on trading in other segments like equity, F&O, commodity, and currency. So that, in the future, you can start online trading across segments at the lowest brokerage fee.
  3. Mobile App: Your broker must provide an IPO application window on their mobile app, so that, users can simply log in to the mobile platform and apply for IPO instantly using their phone.

Based on the above parameters, we have ranked the top 10 or the best brokers for IPO investment in India. You can consider the below brokerage houses to open a Demat & Trading account and apply for IPO online.

Best Brokers for IPO Investment in India

Broker Delivery IPO Application Account Opening Demat AMC Review Request Callback
ZerodhaFreeFreeOnline Rs 200 (Eq+Curr), Rs 300 (Eq+Curr+Com)Rs 300 PAZerodha ReviewOpen Account
Upstox2.5% or Rs 20 whichever is lower FreePromotion offer: FreeFreeUpstox ReviewOpen Account
5paisaFlat Fee Rs 20FreeFreeRs 300 PA5paisa ReviewOpen Account
Groww0.05% or Rs 20 whichever is lowerFreeFreeFreeGroww ReviewOpen Account
ProStocksFreeFreeFreeRs 0 (Rs 1000 Refundable Deposit)ProStocks ReviewOpen Account
Paytm Money2.5% or Rs 20 whichever is lowerFreeFreeFreePaytm Money ReviewOpen Account

Zerodha Trade@20

Want to start your investment journey, join India’s Pioneer Discount Broker – ZERODHA – Free Delivery Trade, Maximum Rs 20 for F&O and Intraday, Free Direct Mutual Fund investment.Open Zerodha Account

FyersFreeFreeFreeFreeFyers ReviewOpen Account
Nuvama WealthFlat Rs. 10 per executed orderFreeFreeLite:Rs.300, Elite:Rs.500p.a. [Free 1st Year]Nuvama Wealth ReviewOpen Account
Alice BlueFreeFreeFreeRs 400 PAAlice Blue ReviewOpen Account
Angel OneFreeFreeFreeRs 240 PA (Waived for 1st year)Angel One ReviewOpen Account

Best Brokers for IPO Investment – Final Verdict

Discount brokers are the best for IPO investment that offers free IPO apply facility at zero brokerage charges. Zerodha is the best broker for IPO investment that allow its customers to apply for IPO online using UPI on the console reporting dashboard on Kite web and app. Upstox, 5paisa, Groww, Paytm Money are the other top brokerage houses offering online IPO investment facility to users.


To Invest in IPO, you need to open a Trading and Demat account with your choice of broker. Once your account is activated, you can apply in IPO through UPI following the below steps;

  1. Login to your trading account.
  2. Go to "IPO" section.
  3. Among the list of open IPOs, click on the "Apply for IPO" respective to the IPO of your choice.
  4. Enter IPO bid details like price, quantity, etc.
  5. Provide your virtual BHIM UPI ID address.
  6. Recheck and submit the IPO Bid.
  7. Now, you will receieve a payment request on your UPI app, accept the request to authorize the payment.
  8. Once done, you have successfully applied for an IPO and the amounts get freeze in your bank account. 


Zerodha is India’s number one broker for IPO investment that offers online trading & investment in equity, F&O, commodity, and currency. It is ranked on the top as the best broker for IPO due to the following reasons;

  • Free IPO Application at 0 brokerage.
  • Online Apply IPO through UPI.
  • Apply in IPO online using console reporting platform on Kite web or mobile app.
  • 20 flat brokerage on intraday and F&O trades.
  • Zerodha Varsity, a free stock market learning platform.


If you are only an IPO investor, then you can consider top discount brokerage firms to open a Demat and trading account and invest in IPOs online using UPI payment gateway mechanism. Below are some of the best IPO brokers in India;

  1. Zerodha Broking Ltd.
  2. Upstox Stock Broker.
  3. 5paisa Stock Brokerage firm.
  4. Groww Stock Broker.
  5. Paytm Money.

All of the recommended brokers allow zero brokerage IPO investment through their mobile app and web based trading platform.


5paisa App is the best mobile app to apply in IPO. The smart user interface enabled mobile trading app is an highly advanced and easy to use platform for beginners to invest in IPO in a seamless manner. The 5paisa app provides comprehensive IPO details including company overview, financials, IPO objective, important documents like DRHP and RHP, live IPO subscription status, and all IPO related news coverage and blogs. 5paisa customers can place multiple IPO bids, get IPO offering alerts, and timely IPO notifications on the app to stay notified about upcoming IPOs. Zerodha Console IPO application platform on the Kite app, and Upstox Pro app are the other two best mobile apps to invest in IPO.


Looking to the growing demand of IPO among retail investors, many brokers have now started offering pre-IPO apply facility to allow users to place an early IPO application before its actual opening date. Once the IPO opens for subscription, the broker sends the bid details to the respective exchange. Here is a list of best pre-IPO brokers in India;

  1. Upstox: Upstox not just offers Pre-IPO Apply feature but also facilitates customers to apply or pre-apply in an IPO using Whatsapp.
  2. Paytm Money: Paytm Money app platform has a Pre-open IPO Applications window feature to allow users to apply in an IPO 24*7 before its opening date. The platform provides comprehensive IPO application features such as IPO apply on a single click, track live IPO subscription, and apply under the shareholder category.
  3. Groww: Groww, an online discount broker allows users to make pre-IPO apply order on the Groww app.
  4. Fyers: In Feb 2022, Fyers has introduced pre-apply for IPO feature to facilitate customers to apply for an IPO 24*7 once the Pre Apply option is enabled.


Yes, if you do not use UPI then you can apply in IPO through ASBA or Net-banking (without UPI) process that was the only route to purchase IPO till 2019. In this process, you can invest in IPO through your bank's net banking portal. This is an indirect method wherein you provide your bank account details to your bank to apply for IPO. Noted that Demat account will be still required to hold shares in the dematerialized form.


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