10 Best Brokers to Invest in IPOs in India

Investing in an IPO allows retail investors to subscribe to promising companies before listing. Choosing the right broker is essential whether you are applying for Mainboard IPOs or monitoring upcoming IPOs. A robust platform provides hassle-free ASBA integration, high UPI conversion rates, real-time notifications, and minimal brokerage fees.

Top Stockbrokers for IPO Investments: Overview

1. Kotak Neo

Kotak Neo leads the primary investment segment, supported by the strong Kotak Mahindra Bank ecosystem.

• Key Advantage: 3-click application via UPI or blocking of bank accounts through ASBA.
• Unique Feature: Pre-IPO application facility to place bids even before official opening dates.
• Pricing: No charges for delivery brokerage or account opening.

2. Zerodha

India’s leading discount broker by number of active clients, with a seamless app experience through Kite.

• Key advantage: High infrastructure reliability facilitating UPI 2.0 mandate approvals.
• Features: Easy allotment checks from the official RTA portal.
• Pricing: The delivery brokerage is zero, while intraday is ₹20 or 0.03%.

3. Angel One

This is a full-service advisory that pairs digital efficiency with its Super App.

• Key Advantage: ARQ Prime automatic subscription ratings and analysis.
• Applications: Supports both Mainboard and SME segment applications.
• Pricing: Free account opening, no delivery brokerage, flat ₹ 20 for intraday.

4. Groww

The user-friendly interface and easy enrollment make it popular among beginners.

• Key Advantage: Simplifies and elaborates complex RHP information into business summaries.
• Features: Live subscription tracking, company financials, and instant UPI execution.
• Pricing: Zero AMC; flat ₹20 or 0.05% per trade.

5. ICICI Direct

Has a 3-in-1 account (Bank+Demat+Trading) for maximum flexibility.

• Main benefit: No UPI gateway delay because it is directly linked to ICICI Bank.
• Features: Bidding over Retail, HNI, Shareholder, and Employee quotas.
• Pricing: Flexible pricing options like percentage pricing and flat rates.

6. Upstox

Ensures speed and availability in public offerings aren’t compromised at peak times.

• Main advantage: Server stability when the market is busy.
• Features: Automated UPI reminders, live bidding stats, and multi-account family bidding.
• Pricing: Delivery brokerage fee of 0, while other segments have a flat fee of ₹20 per order.

7. HDFC Securities

Uses a 3-in-1 approach to provide high-level security and advisory services.

• Key Advantage: Direct ASBA allows bids on HNI products (above ₹5 lakh) without a UPI limit.
• Features: Institutional-grade research reports, valuations, and analyst reviews.
• Pricing: Full-service brokerage combined with banking integration.

8. Motilal Oswal

A top-tier full-service broker with extensive fundamental research.

• Key Advantage: Detailed analyst reports with clear “Subscribe” or “Avoid” ratings.
• Features: Bidding through apps/mobile & relationship managers.
• Pricing: Percentage-based pricing based on the amount invested.

9. Paytm Money

Designed for mobile-first retail investors, offering a digital-native experience.

• Key advantage: Instant mandate approval with Paytm UPI integration.
• Features: Pre-open bidding, past IPO tracking, and subscription charts.
• Pricing: The price is flat ₹15 or 0.05% per order (whichever is lower).

10. Prostocks

The most affordable discount broker for financially challenged investors.

• Key Advantage: Flat ₹7 per order or monthly unlimited plans.
• Comparison: Unlike platforms such as Kotak Neo and Zerodha (which offer sophisticated analytics and pre-IPO bidding), Prostocks is platform-driven and focused purely on low-cost execution.
• Pricing: Flat ₹7 per Trade or ₹899/month unlimited; Zero delivery fee.

What to Remember Before Applying

Before you apply, keep a few things in mind.

• ASBA vs UPI: In ASBA, funds are blocked in bank accounts, and you still earn interest. You can place retail bids of up to ₹5 lakh using UPI.
• System Uptime: Choose brokers that can handle high volume during peak bid times (between 10:00 AM and 5:00 PM).
• Research: Use basic research and financial summaries to assess risk.

Conclusion

Depending on your objectives, you can choose a broker that meets your needs for 3-in-1 banking integration, low-cost execution, or research support. Kotak Neo leads here with zero-delivery brokerage, pre-IPO bidding, direct ASBA/UPI options, and budget options from brokers like Prostocks. Always check fundamentals and subscription status before bidding.