Can anyone invest in an IPO?

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Anyone can invest in IPOs in India as long as they have a PAN number, demat and bank account. However, there are a few exceptions:

List of people who cannot apply in an IPO:

Investors who do not have a PAN number, demat account and bank account.
Foreign nations (individuals).
QIBs who are not registered with SEBI.
Individuals who are prohibited by law from investing, buying or trading shares in India.

The IPO prospectus contains more detailed information on who cannot apply for the respective IPO.

Topic: IPO Investors Feedback

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