Is it possible to cancel IPO application?

Yes, it is possible to cancel the IPO application.

IPO applications submitted by retail investors in mainboard IPOs (up to ₹2 lakhs) or Individual Investors in SME IPOs (minimum 2 lots, subject to the specific RHP, as some SME IPOs may not allow cancellation), as well as employees/shareholders within the applicable limits, can be cancelled at any time during the subscription period.

For investors planning an IPO application cancellation, here are some critical indicators to look out for :

• The IPO offering window of the stock exchange is open from 10 am to 5 pm on working days.
• All banks do not allow investors to cancel or amend the IPO application until the cut off time of 5 p.m. on the day the offering closes. They limit the time to 2 or 3 pm.
• It can take up to 24 hours after the cancellation request to release the funds.
• After the exchange successfully cancels the application, a retail investor can submit a new application for the IPO.
• QIBs and NIIs cannot cancel the IPO application.