How to cancel IPO application?

Investing in IPOs (Initial Public Offerings) can feel like trying your luck at a high-stakes lottery. Sometimes you’re in it for the long haul, and other times, maybe you applied a little too quickly after watching a viral YouTube video hyping a company you barely know.

Whatever your reason may be, cancelling an IPO application isn’t as hard or intimidating as it sounds. In fact, if you’ve applied via UPI or ASBA, there are straightforward steps to reverse your decision—as long as you act in time.

I’ve been through this process myself, and in this guide, I’ll break it down in plain language, no technical fluff. Just actionable steps to help you cancel your IPO application smoothly.

How to Cancel an IPO Application?

Yes, absolutely. You can cancel or withdraw your IPO application—but only before the IPO window closes. Once the bidding period ends, your application gets locked in, and the only option left is to hope you don’t get allotted any shares.

That’s why timing is key. Don’t wait until the last hour of the last day.

How Did You Apply?

Your cancellation method will depend on how you applied for the IPO. In India, most investors apply in one of two ways:

1. Through UPI (via broker apps like Zerodha, Groww, Angel One, etc.)
2. Through ASBA (Application Supported by Blocked Amount) via Net Banking

✅ 1. Cancelling an IPO Application via UPI (Using Broker Apps)

If you applied using your UPI ID through apps like Zerodha, Groww, Upstox, or Paytm Money, here’s what you need to do:

🔹 Step 1: Open the App You Used to Apply

Let’s say you used Zerodha. Log into Kite or Console, depending on your broker.

🔹 Step 2: Go to the IPO Section

Usually, this is listed under the “Portfolio” or “Orders” tab. You’ll find a list of IPOs you’ve applied for.

🔹 Step 3: Locate Your Application

Tap on the IPO you want to cancel. You should see an option that says something like “Withdraw Application” or “Cancel”.

🔹 Step 4: Confirm the Cancellation

Once you hit withdraw, the app will ask for confirmation. Approve it—and that’s it.

Your UPI mandate will be automatically revoked or expire after a short while.

🔹 Step 5: Check UPI App

If the mandate was already approved on your UPI app (like Google Pay, PhonePe, or Paytm), you might still see the amount as “blocked.” Don’t worry—it will be automatically released once the IPO closes, or you can cancel the mandate manually through the UPI app.

✅ 2. Cancelling an IPO Application via ASBA (Net Banking)

If you applied through your bank’s net banking portal (a.k.a. ASBA), the steps are slightly different but still very manageable.

🔹 Step 1: Log in to Your Net Banking Account

This must be the same account you used for the IPO application.

🔹 Step 2: Go to the ASBA or IPO Section

Each bank calls it differently—ICICI says “Invest Online,” SBI has “eServices → ASBA,” HDFC calls it “IPO Application.” Browse around if needed.

🔹 Step 3: View Your Application

You’ll see a list of IPOs you’ve applied for. Click the one you want to cancel.

🔹 Step 4: Click “Withdraw” or “Cancel”

Banks provide an option to cancel your bid. Confirm your decision, and your application will be withdrawn.

🔹 Step 5: Funds Will Be Unblocked

Since ASBA just blocks your funds instead of debiting them, your money will become available again—either immediately or after the issue closes.

🔄 What Happens After You Cancel?

• No shares will be allotted to you from that IPO.
• Your blocked amount will be released.
• You can still apply again if the IPO window is still open.

If you canceled but don’t see the blocked funds released immediately, don’t panic—some banks and UPI apps release the amount only after the IPO ends.

🕐 How Much Time Do You Have to Cancel an IPO Application?

The IPO bidding window is usually open from 10:00 AM to 5:00 PM, over 3 days (excluding holidays). You must cancel your application before 5 PM on the last bidding day.

After that, the registrar finalizes bids, and cancellations are no longer allowed.

Why Would Someone Cancel an IPO Application Anyway?

Good question. A few common reasons:

• You changed your mind after reading the DRHP or financials.
• Market conditions turned volatile and you want to play it safe.
• You made a mistake in your application (wrong lot size, UPI ID error, etc.).
• A friend convinced you it’s a “bad bet” (hey, we’ve all been there).

Remember, IPOs are investments, not impulsive buys. It’s okay to reconsider.

❗ Common Mistakes to Avoid

• Waiting till the last minute – Servers slow down, apps crash. Don’t delay.
• Assuming cancellation means instant unblocking – It often takes time.
• Thinking cancellation isn’t possible – It absolutely is, as long as you’re within the window.

✨ Pro Tip: Don’t Just Cancel—Re-Evaluate

Cancelling is fine. But always ask why you’re canceling. If you’re unsure about IPO investing in general, maybe it’s time to learn more before applying again.

There’s no shame in backing out. In fact, it shows you’re thinking critically about your money.

✅ Quick Checklist to Cancel IPO Application

Step	UPI Method	ASBA Method
1.	Open broker app	Log in to Net Banking
2.	Go to IPO section	Go to ASBA/IPO tab
3.	Find your application	View existing application
4.	Click “Withdraw”	Click “Cancel” or “Withdraw”
5.	Confirm and wait	Confirm and wait

Final Thoughts

Cancelling an IPO application doesn’t make you indecisive—it makes you a mindful investor. Whether you’re acting on new information or just correcting a mistake, it’s a perfectly valid move.

Just make sure to act before the IPO bidding closes, double-check your method (UPI or ASBA), and don’t hesitate to contact your broker or bank’s support if something feels off.