How-to modify HNI IPO bid NII bid revision upward revision IPO UPI mandate re-approval Kite IPO IPO cut-off time

How to modify an HNI IPO application on Zerodha

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This guide explains how to modify an initial public offering application that you placed in the high-net-worth-individual (HNI) category, the non-institutional investor (NII) category, on Zerodha . The defining constraint is one rule: an HNI bid can be revised only upward. The Securities and Exchange Board of India does not let a non-institutional applicant reduce, cancel, or withdraw a bid once it is placed, so every modification described here is an increase.

If you have not yet placed the bid, the how to apply in the HNI category on Zerodha guide covers the application itself. This guide is for the case where the bid exists and you want to commit more, whether to raise your chance of selection in the draw of lots or to cross from the small-NII into the big-NII sub-bucket.

Conflict-of-interest disclosure. This guide is published by the WebNotes Editorial Team for informational purposes and is written independently. WebNotes operates a Zerodha account-opening referral programme, disclosed on the pages that carry the referral link; this guide does not carry it and earns no referral commission from the procedure described here.

Step-by-step procedure

The numbered infobox at the top sets out the sequence. The sections below expand the two points that catch HNI applicants out: the upward-only rule and the fresh mandate that funds the increase.

1. Confirm the bid is still open for revision

A modification is possible only while the issue is open for subscription and before the HNI cut-off. On Kite the HNI window currently closes at 4 PM on the last day, earlier than the retail close. Bids and revisions collected after 3 PM are submitted to the exchange on a best-effort basis, so a last-day increase should be done before 3 PM. After the issue closes, no change of any kind is allowed.

2. Decide the new, higher lots or amount

You can only increase. Pick the new lot count or amount above the current bid. There is no path to a reduction or a cancellation for a non-institutional application, so do not plan around trimming the bid later. If the increase pushes the total above Rs 10,00,000, the application moves from the small-NII into the big-NII sub-category, which draws from a different pool, explained in small-HNI versus big-HNI . If it pushes the total above Rs 5,00,000, the funding rail changes, covered in step 6.

3. Open the IPO order on Kite (UPI route, up to Rs 5 lakh)

On Kite web or the app, open the Bids tab, then IPO, find the open application, and select the option to modify it. Kite shows the original bid with the lots, amount, and price for editing. This in-place edit is available for a UPI-funded bid whose revised value stays within the Rs 5 lakh UPI ASBA cap.

4. Enter the higher quantity or amount and a manual price

Raise the lots or amount to the new figure. Keep a price within the issue’s price band , entered by hand; the cut-off price option stays unavailable above Rs 2,00,000, as it was for the original HNI bid. Bidding at the top of the band keeps the application eligible at the final price set by book building . You can raise the price as well as the quantity, but the value can only go up overall.

5. Approve the fresh UPI mandate for the extra amount

When you submit the upward revision, your bank sends a fresh collect mandate for the additional amount only; the original block stays in place. Approve the new mandate in your UPI app before it expires, usually the same day. The extra sum is then blocked, not debited. If the new mandate times out or is declined, the increase fails while the original bid stands, and how to fix a UPI mandate timeout for an IPO covers the recovery. A frequent point of confusion is that the blocked amount shown can appear unchanged briefly until the bank processes the new mandate.

6. For above Rs 5 lakh, revise through bank net-banking ASBA

If the revised value exceeds Rs 5,00,000, the UPI rail can no longer carry it, because SEBI caps UPI ASBA at Rs 5 lakh per application and Zerodha is not a bank. Revise through your bank’s net-banking ASBA section instead. Where the original bid was already a bank-ASBA application, you revise it inside the same bank IPO module, and the bank blocks the additional amount. Where the original was a UPI bid on Kite that you now want to take above Rs 5 lakh, you cannot edit it across rails, since the UPI bid cannot be cancelled; you would place a separate bank-ASBA bid within the issue’s three-bid limit.

7. Verify the revised bid and the new blocked amount

Check the updated lots, amount, and price in the IPO section on Kite (UPI route) or in your bank’s IPO order book (ASBA route). Confirm the additional amount is blocked, not debited. The combined blocked sum is released on or shortly after allotment if you receive no shares, per how to release blocked IPO funds .

Why an HNI bid is upward-only

The restriction is not a Zerodha policy; it is in SEBI’s ICDR . A retail applicant may modify a bid up or down and may cancel it. A non-institutional applicant may modify only upward and may not cancel or withdraw. So a Rs 3 lakh HNI bid can become Rs 4 lakh, but it cannot be cut to Rs 2.5 lakh, and it cannot be deleted once placed. The rule exists because allowing HNIs to place and then pull large bids would distort the live subscription data that other investors and QIBs read during the window. Plan the lots and price at application time, because the only adjustment available afterwards is to commit more money.

What a revision does to your blocked funds

An upward revision blocks only the incremental amount. The original block is untouched and the new mandate or ASBA lien holds the difference. Nothing is debited at any point during the window; the entire blocked sum sits in your bank account until allotment. If you are not allotted, the full block is released. If you are allotted, only the value of the shares allotted is debited and the rest is released, the mechanics of which are in what happens after an IPO bid is placed . A revision never reduces the block, because a reduction of the bid itself is not allowed.

Charges

Revising an IPO bid carries no charge at Zerodha ; the Zerodha IPO charges for the application and any revision are nil. Costs arise only when you sell the allotted shares, the securities transaction tax , exchange and SEBI charges, GST , stamp duty, and sell-side brokerage per the Zerodha brokerage structure . For an HNI who funds the increase with borrowed money, the interest on the additional blocked amount runs for the whole subscription period regardless of allotment, so weigh that cost against the marginal chance the larger bid buys in the draw of lots .

See also

External references

References

  1. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, provisions on bid revision, restricting non-institutional applicants to upward revision and barring cancellation.
  2. SEBI Circular SEBI/HO/CFD/DIL2/CIR/P/2022/45 dated 30 March 2022, UPI ASBA limit of Rs 5 lakh in public issues (effective 1 May 2022).
  3. SEBI Circular SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated 16 December 2021, NII sub-categorisation and allotment (effective 1 April 2022).
  4. Zerodha support, modifying an IPO application under the HNI category, and applying for an IPO in the HNI category (as accessed June 2026).

Related articles

Frequently asked questions

Can I modify my HNI IPO application on Zerodha?
Yes, but only to increase it. SEBI’s ICDR permits a non-institutional applicant to revise a bid upward, never to reduce it. On Kite, open the IPO bid, raise the lots or amount, and approve a fresh mandate for the additional blocked sum.
Can I reduce or cancel an HNI IPO bid?
No. A non-institutional or HNI bid is upward-only. You cannot cut a Rs 4 lakh bid to Rs 3 lakh, and you cannot cancel or withdraw it once placed. Only retail applicants can reduce or cancel an IPO bid.
What happens to the blocked amount when I increase an HNI bid?
Only the additional amount is blocked when you revise upward. The original block stays in place, and a fresh UPI mandate or bank-ASBA lien holds the incremental sum. Nothing is debited until allotment.
Do I need to approve a new mandate when I revise my IPO bid?
Yes, on the UPI route. An upward revision triggers a fresh collect mandate for the extra amount, which you must approve in your UPI app before it expires. On the bank-ASBA route the additional amount is blocked through net banking instead.
Until when can I modify an HNI IPO application?
Only while the issue is open and before the HNI cut-off, currently 4 PM on the last bidding day on Kite. Bids and revisions after 3 PM go to the exchange on a best-effort basis, so revise well before 3 PM on the last day.
Can I change my HNI bid from UPI to bank ASBA?
Not as an edit. If a revision pushes the value above Rs 5 lakh, the UPI route can no longer carry it. You would place a separate bank-ASBA application within the issue’s three-bid limit, since the existing UPI bid cannot be cancelled to switch rails.

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