How-to How to IPO Zerodha Bid modification Bid withdrawal

How to modify or withdraw an IPO bid on Zerodha

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This guide covers two related operations: revising an in-progress IPO bid (changing the quantity or price) and withdrawing it entirely. Both operations are available on Zerodha Kite up to the issue closing time on the last day of subscription (5 PM IST), and both trigger a cancellation of the existing UPI mandate plus the issuance of a fresh mandate that must be re-authorised.

Step-by-step procedure

Open Bids → Order history on Kite

Sign in to Kite web or open the Kite mobile app . On Kite web, navigate to Bids → Order history. On the mobile app, tap Bids in the bottom navigation, then the Orders tab. The screen lists all your pending and past IPO bids.

Find the open bid

Locate the bid for the IPO you want to modify or withdraw. The bid status should read Mandate Pending (mandate not yet approved) or Mandate Accepted (mandate already authorised). You can modify or withdraw in both cases. Bids with status Rejected or Withdrawn cannot be modified, file a fresh application instead, subject to the once-or-twice-per-issue revision limit.

Click Modify or Withdraw

Two action buttons are exposed on the bid card:

  • Modify, opens the bid entry form pre-filled with your current values, allowing you to change quantity, price or cut-off election.
  • Withdraw, cancels the bid entirely. A confirmation prompt appears asking you to confirm.

Click the appropriate button. On the mobile app, tap the same buttons. Note that the investor type (Individual, HUF, Shareholder, Employee) and UPI ID cannot be changed through Modify, to change either, withdraw the existing bid and submit a fresh application.

Edit the bid details (modify only)

If you are modifying, the bid entry form opens with your current values. Change the quantity (must remain a multiple of the lot size), the price (must remain within the price band) or the cut-off election. If you have multiple bid rows (one to three), you can add a new bid row or remove an existing one. Tick the SEBI undertaking again to confirm.

Submit the modification or withdrawal

Click Submit. The Kite interface sends the modify or withdraw instruction to the exchange. The exchange routes a mandate cancellation request to the sponsor bank, which propagates to your issuer bank and releases the prior lien. The release is typically reflected in your bank account’s available balance within one working day; the holds and earmarks section of your bank statement shows the released entry shortly thereafter.

For a modification, the exchange simultaneously generates a fresh mandate request for the new amount. For a withdrawal, no new mandate is generated and the bid is marked Withdrawn.

Approve the new UPI mandate (modify only)

If you modified rather than withdrew, your UPI app receives a fresh Block Funds for IPO notification within thirty seconds. Open the UPI app, authorise the new mandate by entering your UPI PIN. The bank places a fresh lien on the savings account against the new block amount.

The new mandate is subject to the same 5 PM IST cutoff on the bid closing day. If you modify a bid late in the day, ensure you have time to approve the new mandate before the cutoff, leaving a small margin of safety is prudent.

Verify the new bid status

Return to Bids → Order history on Kite web or Bids → Orders on the mobile app. Confirm the bid status:

  • Modified, then Mandate Pending, modification submitted; new mandate awaiting your approval.
  • Modified, then Mandate Accepted, modification submitted and new mandate authorised. The bid will proceed to the registrar at issue close.
  • Withdrawn, withdrawal submitted. The prior block is released within one working day. The bid will not participate in the allotment.

What can go wrong

  • Modify fails with “revision limit exceeded”. You have hit the exchange’s revision cap. Either accept the current bid or withdraw it entirely and skip this issue.
  • New UPI mandate not received after modification. Identical diagnostics to the original mandate flow, see How to apply for an IPO on Kite web for the failure-mode catalogue.
  • Bank block not released after withdrawal. Propagation lag at the sponsor bank or issuer bank. Allow up to one working day. If still blocked after T+1, raise a ticket with Zerodha support and quote the bid reference number.
  • Modify rejected at exchange after 5 PM IST. The bid window has closed for that issue and no further modifications are accepted. The original bid stands.

References

  1. How to modify the bids in the IPO application, Zerodha Support Portal, https://support.zerodha.com/category/trading-and-markets/ipo/ .
  2. SEBI Circular SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated 28 June 2019, Bid revision and withdrawal rules under the UPI ASBA regime.

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