Can we cancel IPO application?

Yes, retail investors can cancel the IPO. Apart from retail investors, employees or shareholders of the company investing up to Rs. 2 lakhs can also cancel their IPO applications.

For individual investors, employees and shareholders in SME IPOs, the minimum application size is 2 lots, and cancellation/modification is generally permitted. However, some SME IPOs may restrict cancellation. Thus, investors should therefore always refer to the respective offer document (RHP) for clarity.

IPO applications can be cancelled only during the offer period from 10:00 a.m. to 5:00 p.m. This may vary slightly depending on the broker or bank. The IPO application cancellation request submitted after the bidding window (5:00 p.m. to 10:00 a.m.) will be processed by the Exchange at 10:00 a.m. the next day.

Some brokers have a separate window for cancellation requests. On the last day, not all banks/brokers allow cancellation until 5:00 p.m., so it is advisable to check with them for specific deadlines.