Dear Investors,
Over the last few years, how often our customers apply for IPOs has changed far more than the tools they use to do it. What used to be an occasional thing has become routine mainboard issues, SME issues, REITs, sometimes several in the same week during a busy season.
What hasn't changed is how much running around a single application takes. You find the issue in one place, read about it somewhere else, work out the lot maths yourself, place the bid, switch to a different app to approve a mandate, and eventually end up on a registrar's website to find out whether you got an allotment. We've heard a version of this from customers repeatedly, and the sharpest one stuck with us: "I applied. I think. I'm not really sure what happened after that."
That gap between applying and knowing is what we set out to close. So we rebuilt the IPO section end to end rather than adding to what was already there. Here's what's now live.
How to find it
Open Arihant Plus and tap the IPO icon on your Dashboard. When an IPO is open, the icon carries a badge with the number of open issues, and a Live tag appears on My Accounts. Inside you'll find three tabs Explore for issues you can apply to, Orders for applications you've placed, and My IPOs for issues you've been allotted plus a toggle at the top between IPOs and NCDs.
1. Explore every IPO, by state
The Explore tab groups issues into Open, Upcoming and Listed, each with a count on the chip, with Recently Closed listed below. No hunting to work out which issues are still live.
Each card shows the company name and logo, the closing date, price range, minimum investment, the subscription multiple, and a board tag so you know whether you're looking at a Mainboard, SME, Mid-Cap or REIT issue. On the final day of bidding, the card reads Last Day rather than showing a countdown. Open issues carry an Apply button, upcoming ones carry Pre-Apply.
Where our research team has a view on an issue, the card carries an IPO Recommended by ArihantPlus strip with a View Report link that opens the full report.
At the bottom of Explore sits a Need Help? row with short videos on how to apply for an IPO and how to approve a mandate written mostly for anyone applying for the first time.
2. Key Details, and the Retail/HNI toggle
Tap any IPO and the page opens on Key Details: bidding dates, price range, lot size, issue size, the DRHP, and both minimum and maximum investment. Each investment figure carries the lot and share count behind it, so ₹20,000 shows as 1 lot / 20 shares and ₹2,00,000 as 10 lots / 200 shares. You don't have to do that arithmetic yourself any more.
There's a Retail / HNI toggle on the Key Details card. Switch it and the minimum and maximum investment change to that category's limits, so you can see what applying as an HNI actually requires before you get anywhere near the bid screen.
The status pill at the top tells you where the issue stands Open to Bid with the closing date and time, Last Day, or Closed alongside the current subscription figure.
3. One page, four jump tabs
Below Key Details sit four tabs Overview, Strengths & Risks, Financials and Peers. They're not separate screens. It's one continuous page, and the tabs jump you to the section you want while staying visible as you scroll, so you can read the whole thing top to bottom or go straight to the part you care about.
What's on it, in order:
Important Dates: the four dates that matter most, shown as a progress timeline: IPO opening, IPO closing, allotment finalisation and listing date, with the completed ones marked. View Full Timeline opens the complete sequence, including refund initiation and demat transfer.
Application Categories: Retail and High Net Worth Individual, with the investment band for each.
About Company: the business description, plus the managing director's name and the year the company was founded.
IPO Objectives: what the company says it intends to do with the money raised.
This IPO is flagged for a short list of value-based flags on the issue. More on this below.
IPO Review Videos a carousel of short-form reviews on the issue, dated.
Blogs our written pieces on the issue, with read times, for anyone who'd rather read than watch.
Strengths and Risks the case for and against, in two clearly separated blocks.
Financials revenue, total assets and profit charted year on year, switchable between the three.
Recommendations our research team's written view on the issue, where we have one.
Peers a comparison table against listed peers on P/B, P/E, RoNW and revenue, with View All for the full set.
FAQs an expandable list of the questions we get asked most about the issue.
The Apply button stays pinned at the bottom the whole way down, so you never have to scroll back up to act on what you've just read.
4. "This IPO is flagged for"
This one's new and worth calling out on its own.
Some investors screen issues on grounds that have nothing to do with financials ESG standing, or whether a business is involved in activities they'd rather not fund. That information is usually buried somewhere in a 400-page prospectus, if it's findable at all.
So we surface it as a short set of flags on the issue itself. These are descriptive, not a rating and not a recommendation: they tell you what a company does, and what you do with that is entirely your call.
5. Subscription, in detail
The subscription multiple on its own doesn't tell you much. A 4x issue where retail is undersubscribed and institutions are heavy is a different picture from the reverse.
So tapping the subscription figure opens a Subscription Rate breakdown showing each category separately Retail Individual Investors, Qualified Institutional Buyers, Non Institutional Investors alongside the total. Until subscription data comes through, the field shows --- rather than a zero, so there's no confusion between "not subscribed" and "not yet reported.”
6. Ari AI on the IPO page
Ari AI, our in-app assistant, is available directly from the IPO detail page both from the button at the top of the screen and from a Try now card partway down. You can ask questions about the issue in front of you and get a quick read back, without leaving the page or piecing it together from four sections yourself.
Ari AI is something you choose to open. It doesn't run on its own, it doesn't act on your account, and it can't place or modify a bid. Anything it tells you about an issue is analysis, not advice — the decision, and the Apply button, stay yours.
7. Bidding, with up to three bids per application
This is the part we spent the longest on.
Pick your category from the chips at the top Retail, HNI, Employee or Shareholder then set quantity in lots and either enter a bid price or tick At cutoff price. If you enter a price outside the band, the field tells you the valid range instead of failing at submission.
You can add up to three bids on the same application, each with its own price and quantity. The Total Amount at the bottom updates as you add them, and there's an explainer on the calculation: for a single bid it's your bid price multiplied by shares, and where you've placed multiple bids the amount is based on the highest.
A note on why three: SEBI permits up to three bids per application, and we've exposed all three rather than defaulting you to one. Worth knowing before you use all of them — multiple bids block funds against the highest, not the average.
8. Multi-category application
If you're eligible under more than one category — Retail and Employee, or Retail and Shareholder you can now apply in each of them for the same issue.
After your first application, the IPO page names every category you've already applied in, and the Apply CTA stays active until you've used all the ones you're eligible for. No guesswork about what you've already done, and no accidental duplicate in the same category.
To be clear on one thing, because it does come up: applying in more categories does not improve your chances of allotment in any single category. It only means you're not leaving an eligibility unused.
9. UPI and the mandate
Choose a UPI ID from the ones already on your account, or add a new one inside the flow. The UPI ID needs to be linked to a bank account verified for IPO applications, and we've put that note on the screen rather than leaving you to discover it at the mandate stage.
Once your bid goes to the exchange, the mandate request follows, and the confirmation screen names the app it's landed in and the exact amount to be blocked — so you know to check PhonePe for a request of ₹26,000, rather than hunting through three apps for something unspecified.
There's a How to approve mandate explainer available at every stage, with the actual steps: open the UPI app linked to the ID you applied with, go to the pending requests or mandates section, find the collect request from NPCI for that amount, and approve it with your UPI PIN.
One thing we've put in writing on that screen, deliberately: an IPO mandate only ever blocks funds. It never debits and never credits money to you. If a request ever asks you to receive money in connection with an IPO, do not approve it. That's not how the process works, and it's a pattern worth recognising.
The mandate itself has to be approved on your UPI app that part isn't ours to move. What we can do is make sure the deadline, the amount and the app all reach you on screen at the moment you apply, instead of in a notification you might scroll past.
10. Orders: Status and Summary
Every application opens on two tabs.
Status is the timeline. It shows what's happened and what's still ahead, with future steps greyed until they're reached: applied on Arihant Plus with the bid count and timestamp, application sent to the exchange, mandate sent with its approval deadline, mandate approved, allotment result date, and listing date. You can see at a glance which step you're waiting on, and whether it's waiting on you or on someone else.
Summary is the paperwork. Current status, category, a copyable application number, each of your bids broken out individually with shares and price, application and allotment dates, and the UPI ID used. Once allotment is out, it also carries lots applied versus lots allotted, amount applied versus amount allotted, and the blocked amount.
While an issue is still open, Modify and Cancel sit at the bottom of both tabs, with a confirmation step before anything is cancelled.
The Orders tab itself filters by status, so during a busy week you can pull up just what's pending or just what's awaiting a mandate rather than scrolling the lot.
11. Every status, with the state written on it
Each stage of an application now looks distinct and says what it means, rather than showing a label you have to interpret:
Pre-Applied : bid placed ahead of the issue opening, with the date the mandate request will arrive.
Pending: bid received, going to the exchange, with the note that the mandate follows within 24 hours of that.
Bid Placed: application in, mandate request sent, with the app to check and the amount to be blocked.
Mandate Approved: allotment awaited, with the date the result is expected.
Rejected: with the reason stated, so you know whether it's something you can fix.
Allotment Out: with a Check Allotment button.
Allotted: confirmed, with lots and amounts on the Summary tab.
Not Allotted:: with the date your blocked funds are released, which is usually the thing people actually want to know at that point.
Cancelled with the date and what was cancelled.
12. Allotment
Once allotment is out, check it from the application itself. If exchange data is delayed at our end, we say so and give you the steps to check on the registrar's website instead of showing you a blank screen the exact sequence, including selecting the IPO symbol and entering your PAN.
Allotted issues then move into My IPOs, so you have a running record of what you've actually been given rather than everything you've ever applied for.
13. Listed what happened after
The Listed tab on Explore shows issues that have listed, with issue price alongside listing price and the change in both rupees and percentage. Toggle between Listing Price and LTP to see the day-one move or where the stock is now. There's a date filter too last month, last six months, last year, or a custom range.
What's coming soon
Wider coverage of value-based flags across issues
Continued expansion of research reports and written coverage
Deeper detail on the Explore cards themselves
How to get started
Open Arihant Plus and check the IPO icon on your Dashboard for the open-issue badge.
Go to Explore and filter by Open, Upcoming or Listed.
Open an issue and read Key Details switch the Retail/HNI toggle if you're applying as an HNI. Then scroll, or use the tabs to jump to Strengths & Risks, Financials or Peers. Tap the subscription figure for the category-wise split.
Ask Ari AI anything you're unsure about on the issue.
Tap Apply, pick your category chip, set quantity in lots, and enter a bid price or tick At cutoff price. Add a second or third bid if you want to.
Choose or add your UPI ID, then Confirm & Apply.
Watch for the mandate request in the UPI app named on your confirmation screen, and approve it before the deadline shown.
Eligible under another category? Go back to the same IPO and apply again.
Track it from Orders Status for where it stands, Summary for the detail, and Modify or Cancel while the issue is open.
Check the outcome once allotment is out. Allotted issues move into My IPOs.
This is the first phase. We'd like to hear how it holds up in a busy IPO week, and there are three things we're watching most closely: whether the multi-category flow is clear enough if you're eligible in more than one, whether three bids is the right amount of control or more than most people want, and which value-based flags you'd want us to cover that we currently don't. Tell us in the comments.
IPO investments are subject to market risk. Applying in one or more categories, or placing multiple bids, does not affect or assure allotment. Research reports, review content and AI-generated analysis are for information only and do not constitute investment advice. Read all offer documents carefully before investing.
