Best Brokers for IPO in India
Compare the top stock brokers for IPO applications in India — fees, features, platforms, and our recommendation for different investor types.
Top 4 Brokers for IPO
Zerodha
#1India's Largest Broker
4.8
⭐ Rating
₹0
IPO Fee
₹13.5 + GST
DP Charge
₹300/yr
Annual
Highlights
- ✓ No IPO application fee
- ✓ Excellent Kite platform
- ✓ Largest user base — very reliable
- ✓ Direct ASBA & UPI support
- ✗ Customer support can be slow
- ✗ No advisory or research calls
Groww
#2Best for Beginners
4.6
⭐ Rating
₹0
IPO Fee
₹15 + GST
DP Charge
₹0 for first year
Annual
Highlights
- ✓ Extremely simple, clean UI
- ✓ No annual maintenance in first year
- ✓ One-tap IPO application
- ✓ Great for first-time investors
- ✗ Fewer advanced tools vs Zerodha
- ✗ Limited charting features
Upstox
#3Feature-Rich & Affordable
4.5
⭐ Rating
₹20/order
IPO Fee
₹18.5 + GST
DP Charge
₹150/yr
Annual
Highlights
- ✓ Advanced charting tools
- ✓ Backed by Tiger Global & Ratan Tata
- ✓ Fast order execution
- ✓ Good research integration
- ✗ ₹20 IPO application fee
- ✗ UI can feel complex for beginners
Angel One
#4Full-Service at Discount Price
4.4
⭐ Rating
₹0
IPO Fee
₹20 + GST
DP Charge
₹240/yr
Annual
Highlights
- ✓ Free IPO applications
- ✓ SmartAPI for algorithmic trading
- ✓ Good research and advisory
- ✓ Margin trading facility
- ✗ Higher DP charges
- ✗ App can be slow during market open
Quick Comparison Table
| Feature | Zerodha | Groww | Upstox | Angel One |
|---|---|---|---|---|
| IPO Application Fee | ₹0 | ₹0 | ₹20 | ₹0 |
| Annual Maintenance | ₹300 | ₹0 (yr 1) | ₹150 | ₹240 |
| DP Charges / Trade | ₹13.5 | ₹15 | ₹18.5 | ₹20 |
| UPI Application | ✓ | ✓ | ✓ | ✓ |
| ASBA Support | ✓ | ✓ | ✓ | ✓ |
| Mobile App Rating | 4.3★ | 4.5★ | 4.2★ | 4.1★ |
Pro Tips for IPO Applications
Open Multiple Accounts Strategically
You can open Demat accounts with multiple brokers and apply for an IPO through a family member's account too. Each PAN gets one application per IPO.
Check for Hidden Charges
Beyond the IPO application fee, check DP charges (charged when you sell shares), annual maintenance fees, and transaction charges on your trades.
Apply via UPI on the Last Day
Most successful applicants apply on the last day of the IPO to gauge final subscription levels and GMP before committing. This strategy is widely used.
Explore the Broker's IPO Section
All top brokers have a dedicated IPO section in their app. Explore it before the next IPO opens so you're not doing it under time pressure.
Frequently Asked Questions
Can I use any broker to apply for any IPO?
Most major IPOs are accessible through all leading brokers. However, SME IPOs and some niche offerings may only be available through select brokers.
Which broker has the fastest IPO allotment credit?
Allotment timing is determined by SEBI and the registrar, not the broker. Shares are credited to all Demat accounts on the same day regardless of broker.
Is it safe to apply for IPOs via broker apps?
Yes. All SEBI-registered brokers use the ASBA/UPI mechanism, which means your funds never leave your bank account until you receive allotment. It is completely safe.
Can NRIs apply for IPOs in India?
Yes. NRIs can apply via the NRI quota using an NRE/NRO-linked Demat account. The process differs slightly — they must apply via a designated NRI broker and use the NRI ASBA form.
Start Investing in IPOs Today
Pick a broker, open your Demat account, and check the latest IPOs on IPOMaster.