Zerodha vs Groww vs Upstox for IPO Application — Which is Best?

A new IPO opens next Monday. You want to apply for two lots. Your broker app asks for UPI ID, bid price, category, and cut-off price within a three-minute session. If the app hangs, the application misses. Which broker gets you in reliably? The Zerodha vs Groww vs Upstox IPO comparison comes down to three things — UPI workflow reliability, speed during peak loads, and how much hand-holding you want for allotment results.

All three brokers support IPO applications through the ASBA-UPI mandate route mandated by SEBI. The product is identical at the exchange level. What differs is the app experience, mandate timing, and notification quality around allotment day.

How each broker handles IPO application

Zerodha (Kite / Console)

Zerodha applications are routed through the Kite IPO tab or the Console portal. The flow asks for bid category (retail, HNI, equity-as-asset-class">shareholder), number of lots, bid price (usually cut-off), and a UPI ID. A mandate request hits your UPI app within 1-2 minutes. Approve, and you are in.

• Clean interface with no upsells.
• Good mandate reliability during peak issue opening hours.
• Allotment status shows inside Console the same night as the registrar update.

Groww

Groww's IPO flow is mobile-first and the most beginner-friendly of the three. Each IPO has a "subscribe" card with a one-line summary, a lot-size slider, and a single tap to submit. The mandate appears within 1-3 minutes.

• Strong educational content around each IPO (subscription data, premium-gmp-ipo">grey market premium).
• Notifications on allotment day are the most reliable of the three.
• Occasional UPI mandate delays during the final 15 minutes of subscription.

Upstox

Upstox's IPO tab sits inside the main app, with a filter for "Current IPOs" and "Upcoming IPOs". The application flow is similar to Zerodha's but with slightly more manual confirmation steps.

• Good depth of IPO data — subscription details, financials, issue type.
• UPI mandate reliability matches Zerodha.
• Post-IPO experience (listing gains, status updates) is less polished than Groww.

Side-by-side comparison

Speed and allotment success

Allotment is decided by the registrar through a lottery — not by the broker. Zerodha, Groww, and Upstox all submit your bid to the exchange identically. Your odds of allotment depend on the subscription level and your category, not on which broker you used.

What the broker affects is successful submission. If the app crashes or the UPI mandate fails and you do not re-try, you are out of the IPO entirely. During very popular issues (LIC, Tata Tech, Mamaearth), all three brokers have shown occasional slowness in the last 30 minutes. Applying 24-48 hours before closing removes most of this risk.

Costs and fees — all three are genuinely free

None of the three brokers charge for IPO application, mandate, or allotment. The ASBA block on your bank balance is reversed if you do not get allotment. You pay regulatory charges only if you eventually sell the allotted shares — standard demat-and-trading-accounts/brokerage-charges-intraday-delivery-demat">brokerage, STT, exchange fees, and SEBI turnover charges.

What varies slightly is the brokerage on the listing-day sale. Zerodha charges 20 rupees or 0.03% per order (whichever is lower) on equity intraday. Groww charges 20 rupees or 0.05%. Upstox charges 20 rupees or 0.05%. For a typical IPO sell order, the difference is usually under 50 rupees per application.

Verdict — which is best for IPO application

Three recommendations depending on your profile.

1. Experienced investor who wants clean workflow: Zerodha. Rock-solid UPI mandate, quick allotment status, no clutter.
2. First-time IPO applicant: Groww. Best explanatory content, easiest navigation, clear notifications at allotment.
3. Someone already on the Upstox platform: stay put. The experience is broadly equivalent and switching brokers purely for IPO is not worth the hassle.

The honest truth is that the practical difference is small. All three hit the same exchange systems with the same mandate format. SEBI's investor education portal has detailed rules on IPO applications and ASBA for anyone who wants the regulatory depth.

FAQ

Which broker gives better IPO allotment chances?

None. Allotment is decided by the registrar through a lottery based on oversubscription levels. Your broker choice only affects successful application, not allotment odds.

Is it free to apply for IPOs on these brokers?

Yes. Zerodha, Groww, and Upstox all offer zero-fee IPO application. You only pay charges on the eventual sale of allotted shares.

Can I apply for an IPO on all three brokers at once?

No. A single PAN can submit only one application per IPO. Multiple applications across brokers are rejected by the registrar.

Is UPI mandate mandatory for IPO?

Yes, since 2019 for retail investors. The mandate blocks the amount in your bank account, which is released if you do not get allotment.