We are pleased to announce that you can now invest in IPOs of your choice on Groww! Currently, you can invest through the web only. The following steps will help you through the process.
Step 1: Login via desktop, and go to https://groww.in/ipo to apply for the latest IPOs. Here, you would be able to see the upcoming IPOs and the IPOs open currently. IPO is also live on Groww app as well. To access IPOs you can go the to stocks tab and see the list of upcoming IPOs under the top losers card. Please update your app to the latest version to view the IPO option.
Step 2: From the list of open IPOs. select the one you want to place an order for. You can see all the details related to the IPO such as issue size, lot size, issue price etc under the IPO banner. For more details, you can also read the RHP ( Red Herring Prospectus ) attached. You can place upto 3 Bids. Now please remember, the number of shares placed should be in multiples of the lot size ( minimum shares).
in this case,1 lot size has 90 shares, and that is the minimum number of shares you can place an order for. So in order to bid more, you need to do so in the multiples of the minimum quantity that is 90. So you can bid for 180, 270, shares and so on. For every issue, there is a price range mentioned. You can select a price within this range. To ensure your chances of allotment are the highest, you can just tick the ‘cut off-price ‘ box, meaning, you will buy all shares at the maximum price per share.
Step 3: Once you have placed the bids, click on ‘Continue’ to proceed. Remember, the amount from your highest bid will be blocked in your account. The amount blocked in the bank account cannot be used for other purposes which means you can’t withdraw. The money is safe in your account. If you are not allotted with the share, the amount for which you have applied for the IPO will be unblocked and can be withdrawn by you. Once you click on continue, you would be required to enter your UPI ID to make the payment.
Step 4: After verifying your bid details, click on ‘Submit Bid’.
A request will be sent to your BHIM UPI app to approve payment request. You will receive an SMS from the NPCI confirming your bid and requesting you to accept the mandate on your UPI app. This may take a while so please remain patient. Please ignore this message if you’ve accepted the mandate.
And that’s it! You have successfully completed your IPO application. You click on ‘Status’ to see the progress of your order on the side. You can either modify your order or cancel your order if you so wish. Please remember, any modifications to the order can only be done till the time the IPO is open.