How to apply for multiple IPOs in one day on Zerodha

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It is common for two or more mainboard or SME IPOs to have overlapping bid windows. Applying for multiple issues simultaneously is entirely permitted under SEBI ICDR Regulations 2018: the one-application-per-PAN rule applies per issue, not across all issues. You can therefore apply for Issue A and Issue B at the same time, as long as you do not submit more than one application for Issue A under the same PAN.

This guide covers the bank balance requirements, the UPI mandate sequence, and the practical workflow for managing multiple simultaneous IPO applications through Zerodha.

For the single-issue procedure see the Kite web guide. For UPI ASBA background see the wiki article.

The one-PAN-per-issue rule, not one-PAN-per-day

SEBI ICDR Regulations 2018 prohibit multiple applications for the same issue from the same PAN. The prohibition is issue-specific: one PAN may submit exactly one application for Issue A and one application for Issue B. The two applications are independent and do not interact with each other’s allotment.

This means:

  • Applying for Issue A and Issue B on the same day through Zerodha is fully permitted.
  • Applying for Issue A through Zerodha and also through another broker (or using a family member’s Zerodha account with the same PAN) is not permitted; it counts as a duplicate and both applications may be rejected.

Bank balance requirements for multiple bids

Each IPO application blocks funds at the upper end of the price band for the full bid quantity. When you apply for multiple issues simultaneously, the bank account must have sufficient available balance to cover all the blocks at the same time.

For example, if you apply for Issue A (block: Rs 14,850) and Issue B (block: Rs 12,600) on the same day, your bank account must have at least Rs 27,450 of available balance before submitting the second bid. The block from Issue A is placed immediately on mandate approval; it reduces the available balance, which then must still be sufficient to cover Issue B’s block.

The mandates are independent liens. The bank’s total lien against your account is the sum of all active mandate blocks.

UPI daily limit considerations

NPCI’s UPI per-transaction limit for capital market mandates was revised to Rs 5,00,000 per transaction in the September 2025 circular. Each IPO mandate is a separate transaction. There is no stated NPCI limit on the number of UPI mandate transactions per day; the effective limit is the bank account’s available balance after all prior mandates have been placed.

Step-by-step procedure

Check which issues are open simultaneously on Kite

Go to kite.zerodha.com and sign in. Navigate to Bids → IPO. The landing page lists all open issues with their price bands, lot sizes, bid opening dates, and bid closing dates. Note which issues have overlapping or nearby closing dates.

Pay attention to the closing date of each issue. If Issue A closes today and Issue B closes tomorrow, you may need to approve Issue A’s mandate before Issue B’s mandate (and before 5 PM IST for Issue A).

Confirm bank balance covers all bids

Before submitting any bids, calculate the combined mandate block:

  • Issue A: X lots at upper price band = Rs M.
  • Issue B: Y lots at upper price band = Rs N.
  • Total required available balance: Rs (M + N + buffer).

Check your bank’s mobile app or NetBanking to confirm the available balance exceeds the total. Do not count the balance already locked by other active mandates (from prior IPO applications that have not yet reached allotment).

Submit bid for the first issue

Click Apply on the first issue card. Enter the lot quantity, select Cut-off or a price within the price band, and enter your UPI ID. Tick the SEBI undertaking and click Submit. The bid status changes to Pending Mandate.

Approve the mandate for the first issue

Immediately after submitting, open your UPI app and approve the Block Funds for IPO mandate for the first issue. After approval, the available balance in your bank drops by the first mandate block. For per-app instructions, see:

Wait for the mandate to be confirmed (bid status reads Mandate Accepted on Kite) before submitting the next bid, to avoid confusion about which mandate request in the UPI app corresponds to which issue.

Submit bid for the second (and subsequent) issue(s)

Return to Bids → IPO on Kite. Click Apply on the second issue. Enter quantity, price, and UPI ID. Tick the SEBI undertaking and submit. The UPI app will receive a second mandate request.

Approve the mandate for each subsequent issue

Open the UPI app and approve the mandate for the second issue. If both mandates arrive in the UPI app’s Pending requests simultaneously, verify the issuer name and amount on each before approving, to ensure you are approving the correct mandate.

Repeat for each additional issue.

Verify all bid statuses read Mandate Accepted

Return to Bids → Order history on Kite and confirm that all bids show Mandate Accepted. Note the closing dates for each issue and ensure no mandate approval is left pending past 5 PM IST on each respective closing day.

Managing mandate approvals across different closing dates

If you apply for Issue A (closing today) and Issue B (closing tomorrow):

  • Approve Issue A’s mandate today before 5 PM IST.
  • Issue B’s mandate can be approved any time today or tomorrow before 5 PM IST on Issue B’s closing day.

If Issue A and Issue B close on the same day:

  • Both mandates must be approved before 5 PM IST on that day.
  • Do not leave mandate approvals to the last hour; approve both immediately after bid submission.

What can go wrong

  • Second mandate block cannot be placed due to insufficient available balance. After the first mandate is approved, the available balance drops. If it is now less than the second bid’s block amount, the second mandate will be rejected by the bank. Either reduce the second bid quantity or fund the bank account before applying.
  • Two mandate requests arrive in the UPI app simultaneously and are confused. Always check the issuer name before approving a mandate. Approving the wrong mandate for the wrong amount is not easily reversible.
  • Duplicate application for the same issue under a family member’s PAN. This is a separate issue from multiple-issue applications. Each PAN is an independent applicant; family members may each apply for the same issue under their own PANs (separate accounts, separate demat, separate UPI IDs).
  • One mandate approved past 5 PM IST on its closing day. The bid for that issue is rejected. The other issue’s bid is unaffected.

References

  1. SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018, Regulation 51 (Multiple applications), https://www.sebi.gov.in/legal/regulations/aug-2018/sebi-issue-of-capital-and-disclosure-requirements-regulations-2018_39971.html.
  2. NPCI Circular dated 8 September 2025, Enhancement of UPI Per-Transaction Limits for Capital Markets and Insurance Premium Categories.
  3. SEBI Circular SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated 9 August 2023, T+3 listing timeline.
  4. How to apply for IPOs, Zerodha Support Portal.

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