Can I modify IPO application?

Yes, you can modify an IPO application anytime during the IPO subscription period.

Modification rules for IPO application:

• Mainboard IPOs
  • Retail Investors (up to ₹2 lakhs) can increase or decrease the bid size.
  • QIBs and NIIs can only increase the bid size but cannot lower it.
  • Employees and Shareholders (up to ₹2 lakhs) can increase or decrease the bid size.
• SME IPOs
  • Individual Investors (minimum 2 lots) may be allowed to revise bids, but in some SME IPOs they are treated like QIBs/NIIs — only upward revision is permitted.
  • Employees and Shareholders (minimum 2 lots or as defined in RHP) can revise the bid size subject to their upper limits, but revision rules depend on the specific offer document.
  • QIBs and NIIs: same as mainboard — only upward revision allowed.

The IPO modification window on the last day generally closes between 2:00 p.m. and 3:00 p.m., depending on the broker/bank. Always check with your broker/bank and refer to the RHP for SME IPO-specific rules.