ICICI Bank is one of the members of the SCSBs (Self Certified Syndicate Banks). SCSBs are allowed by the SEBI to accept online IPO applications from investors.
Steps to online IPO application through ICICI bank.
The process to apply online for an IPO through ICICI internet banking involves following steps-
- Login to your ICICI Net Banking Account.
- Click on “Investments & Insurance” tab on the top menu. Then click on the Invest Online on the drop down menu.
- Go to IPO “online box” and click on “Invest in IPO”.
- Select your account number from the drop down and click “submit”.
- Enter and confirm your personal details and authorize your transaction.
- Select the IPO you wish to apply from the list and click “GO”.
- Enter IPO details and click on “Submit”.
- Verify and Confirm the details.
Details of ASBA application from ICICI bank
Login to your ICICI online account. Visit www.icicibank.com and click on login button on the right side.
Click on “CONTINUE TO LOGIN” button on the next screen.
In the next screen, login using your ICICI account user ID and password.
Click on “Investments & Insurance” tab on the top menu. Then click on “Invest Online” on the drop-down menu. On your account page, on the top menu, click on “Investments & Insurance” tab and then on “Invest Online on the drop-down menu.
Go to “IPO online” box and click on “Invest in IPO”. In the next screen, click on “Invest in IPO” button under Online IPO section.
Select your account number from the dropdown and click “submit”. In the next screen, select the account number from which you wish to apply and click “submit”.
Enter and confirm your personal details and authorize your transaction. In this screen, some of your details will be auto-filled while you need to enter some details. Check the “terms and conditions” box and authorize the transaction using the grid printed on the backside of your debit card.
Check and confirm your details by clicking “submit”.
Select the IPO: The next screen will provide you with a list of live IPOs at that time with important information like minimum quantity, price, start and closing date etc. Choose the IPO you wish to apply and click on “Go” next to it.
Enter IPO details and click on “Submit”.
Enter Investor name and other details. You need to select the “Investor Category”;. Select “retail”; if you are investing below ₹ 2 lakhs and “NII”; if above ₹ 2 lakhs.
You can make up to 3 bids. Enter quantity of shares you wish to apply for. Every IPO has a minimum quantity of shares, also called market lot, to bid for and to bid more you need to do it in multiples of the minimum quantity. So if the minimum quantity is 15 shares then you can bid for 15, 30, 45 etc.
There is a checkbox for Cut Off Price. The cut-off price is useful in Book Building issues. Book building IPO issue unlike Fixed Price issue don”;t have a fixed price. These issues have a price range determined by the company. Investors have to select a price within that price band. The company then decides on a price at the time of allotment and investors who have bidded for price equal to or above the decided price are allotted shares.
The cut-off price is an option given to retail investors. Opting for cut-off price means you are giving consent to buy the shares at the price decided by the company during allotment. It saves you from bidding race and ensures that you”;re eligible for allotment at the price decided by the company. After filling all the details, click on “Submit”.
Verify and Confirm the details. The next screen will showcase all the bid details of the IPO you have filled to verify and confirm. Check all the details and confirm. You will get a success message on confirmation.
Eligibility- Who can apply for an IPO online through ICICI Bank netbanking? To apply for an IPO through ICICI bank net banking, you should- Be above 18 years
- Hold a savings or a current account with the bank.
- Hold single or joint account.
- Have a demat account
- Have Permanent Account Number (PAN).
- Have sufficient funds for IPO.
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