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Zerodha (Flat Rs 20 Per Trade)

Invest brokerage-free Equity Delivery and Direct Mutual Funds (truly no brokerage). Pay flat Rs 20 per trade for Intra-day and F&O. Open Instant Account and start trading today.

Can retail investors apply for an SME IPO?

Yes. In SME IPOs (effective 1 July 2025), SEBI has redefined the retail category as Individual Investors.

  • An individual investor applies with a minimum of 2 lots.
  • Applications of 3 lots or more are classified under the Non-Institutional Investor (NII) category.

Thus, retail investors continue to participate in SME IPOs, but under the renamed Individual Investor category with revised limits.