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
More for Less
5.0
⭐ Rating
Free
IPO Fee
₹13.50
DP Charge
Free
Annual
Highlights
- ✓ Highest rated on IPO Master
- ✓ Hybrid discount + advisory model
- ✓ Multi-segment trading (equity, F&O, commodity)
- ✓ Apps + web terminals + algo (EZ Algo)
- ✗ Some charges vary by product
India's largest stock broker
4.9
⭐ Rating
Free
IPO Fee
₹13 + GST
DP Charge
₹300/year + GST
Annual
Highlights
- ✓ ₹0 delivery brokerage
- ✓ Excellent platforms (Kite)
- ✓ Strong API & ecosystem
- ✗ No relationship manager
- ✗ Call & trade is charged
Investing made simple
4.8
⭐ Rating
Free
IPO Fee
₹13.5 + GST
DP Charge
Free / plan based
Annual
Highlights
- ✓ Beginner-friendly UI
- ✓ Strong mutual fund + IPO flow
- ✓ ₹0 delivery
- ✗ Fewer advanced trading tools
- ✗ Limited desktop features
Trade smarter
4.7
⭐ Rating
Free
IPO Fee
₹18.5 + GST
DP Charge
₹150–₹300/year (plan)
Annual
Highlights
- ✓ Good mobile experience
- ✓ UPI IPO support
- ✓ Competitive F&O pricing
- ✗ Delivery not always free
- ✗ Charges vary by plan
Quick Comparison Table
| Feature | EZ Wealth | Zerodha | Groww | Upstox |
|---|---|---|---|---|
| Account Type | Discount | Discount | Discount | Discount |
| Founded Year | 2011 | 2010 | 2016 | 2009 |
| Exchange Memberships | NSE, BSE, MCX, CDSL | NSE, BSE, MCX, CDSL | NSE, BSE, MCX, CDSL | NSE, BSE, MCX, CDSL |
| Rating | 5.0 ★ | 4.9 ★ | 4.8 ★ | 4.7 ★ |
| IPO / Account Opening Fee | Free | Free | Free | Free |
| Demat Opening Charge | Free | Free | Free | Free |
| Trading Account Opening | Free | Free | Free | Free |
| Annual Maintenance (AMC) | Free | ₹300/year + GST | Free / plan based | ₹150–₹300/year (plan) |
| Equity Delivery Brokerage | ₹11 or 0.01% | ₹0 | ₹0 | ₹20 or 2.5% |
| Equity Intraday Brokerage | ₹11 or 0.01% | ₹20 or 0.03% | ₹20 or 0.05% | ₹20 or 0.05% |
| Equity Futures Brokerage | ₹11 or 0.01% | ₹20 or 0.03% | ₹20 or 0.05% | ₹20 or 0.05% |
| Equity Options Brokerage | ₹11 or 0.01% | ₹20 per lot | ₹20 per lot | ₹20 per lot |
| Commodity Futures Brokerage | ₹11 or 0.01% | ₹20 or 0.03% | ₹20 or 0.05% | ₹20 or 0.05% |
| Commodity Options Brokerage | ₹11 or 0.01% | ₹20 per lot | ₹20 per lot | ₹20 per lot |
| DP / Transaction Charges | ₹13.50 | ₹13 + GST | ₹13.5 + GST | ₹18.5 + GST |
| Call & Trade Charge | Free | ₹50 per order | — | ₹20–₹100 |
| Pledge Charge | ₹20 + GST | ₹30 + GST | — | — |
| Unpledge Charge | Free | Free | — | — |
| Margin Interest | 12% | ~0.04%/day | — | — |
| Physical Contract Note | Free | — | — | — |
| SMS Charges | Free | — | — | — |
| Account Closure Charges | Free | — | — | — |
| Off-Market Transfer | ₹20 + GST | — | — | — |
| UPI IPO Application | ✓ | ✓ | ✓ | ✓ |
| ASBA Support | ✓ | ✓ | ✓ | ✓ |
| Products | Equity, F&O, Commodity, Mutual Funds, IPO, ETF, Bonds, MTF, Algo Trading | Equity, F&O, Commodity, Mutual Funds, IPO, ETF, Bonds, MTF, Algo Trading | Equity, F&O, Commodity, Mutual Funds, IPO, ETF, Bonds, MTF | Equity, F&O, Commodity, Mutual Funds, IPO, ETF, MTF, Algo Trading |
| Trading Platforms | Web Trading, Windows Desktop, Android App, iPhone App, TradingView, Trading API, GTT Orders, Basket Orders, Bracket Orders, Option Chain | Web Trading, Windows Desktop, Android App, iPhone App, TradingView, Trading API, GTT Orders, Basket Orders, Bracket Orders, Option Chain | Web Trading, Android App, iPhone App, GTT Orders, Basket Orders, Option Chain | Web Trading, Windows Desktop, Android App, iPhone App, TradingView, Trading API, GTT Orders, Basket Orders, Bracket Orders, Option Chain |
| Trading Features | UPI IPO, Research Calls, Smart Alerts, Dedicated RM, Call & Trade, Tax Reports | UPI IPO, Smart Alerts, Call & Trade, Tax Reports | UPI IPO, Smart Alerts, Tax Reports | UPI IPO, Research Calls, Smart Alerts, Call & Trade, Tax Reports |
| Web Trading | Yes | Yes | Yes | Yes |
| Android App | Available | Available | Available | Available |
| iOS App | Available | Available | Available | Available |
| Windows Desktop | Yes | Yes | No | Yes |
| TradingView | Yes | Yes | No | Yes |
| Trading API | Yes | Yes | No | Yes |
| MTF Details | Interest Rate: 12 · Leverage: Up to 4x · Available · Online Pledge · Auto Square Off | Interest Rate: 0.04%/day · Leverage: Up to 5x · Available · Online Pledge · Auto Square Off | Interest Rate: As per Groww policy · Leverage: Available · Available · Online Pledge · Auto Square Off | Interest Rate: As per Upstox policy · Leverage: Available · Available · Online Pledge · Auto Square Off |
| Customer Support | Phone · Email · Ticket System · Call & Trade · Support Timing: 9 AM - 6 PM · Working Days: Mon-Sat · Languages Supported: English + Hindi · Average Response Time: Under 1 minute | Phone · Email · Ticket System · Call & Trade · Support Timing: 8 AM - 5 PM · Working Days: Mon-Fri · Languages Supported: English + Hindi · Average Response Time: Under 5 minutes | Phone · Email · Ticket System · Support Timing: 9 AM - 6 PM · Working Days: Mon-Fri · Languages Supported: English + Hindi · Average Response Time: Under 10 minutes | Phone · Email · Ticket System · Call & Trade · Support Timing: 9 AM - 5:30 PM · Working Days: Mon-Fri · Languages Supported: English + Hindi · Average Response Time: Under 10 minutes |
| Website | https://ezwealth.in/ | https://zerodha.com/ | https://groww.in/ | https://upstox.com/ |
| Support Email | help@ezwealth.in | support@zerodha.com | support@groww.in | support@upstox.com |
| Customer Care | 9289944900 | 08047181888 | 9108800604 | 02262407070 |
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 IPO Master.