How to Apply for an IPO Without Internet Banking: Offline ASBA Process
Blog by Aliceblue News Desk
25 August 2026
12 minutes
Yes, you can apply for an IPO without internet banking. The offline ASBA process allows you to submit a physical IPO application form through a designated branch of an eligible bank. You don’t need internet banking or UPI for this route. Your bank blocks the application amount in your account until the allotment process is completed.
Table of Contents
- Can You Apply for an IPO Without Internet Banking?
- What Is Offline ASBA?
- What Do You Need to Apply for an IPO Offline?
- What Information Goes Into the ASBA Form?
- How to Apply for an IPO Without Internet Banking
- How Much Money Is Blocked in ASBA?
- What Happens After IPO Allotment?
- Offline ASBA vs UPI
- Advantages and Limitations of Offline ASBA
- Common Mistakes to Avoid
- Tips for First-Time IPO Investors
- Frequently Asked Questions
- Conclusion
Can You Apply for an IPO Without Internet Banking?
Yes. You can apply for an IPO without internet banking by using physical ASBA, if that application method is available for the issue.
ASBA is useful for investors who prefer to apply through their bank rather than via an online banking platform. You fill out the application form, provide your bank and Demat details, enter your IPO bid, and authorise the bank to block the required amount.
The money does not leave your account when you submit the form. It is placed on hold until the allotment process is completed.
If you’re new to IPOs, it also helps to understand what an IPO subscription means, including the bid period, lot size and oversubscription. You can read Alice Blue’s guide to IPO subscription before applying.
What Is Offline ASBA?
ASBA stands for Application Supported by Blocked Amount.
The name sounds technical, but the idea is simple: your bank blocks the IPO application money in your account instead of taking it immediately.
Suppose you have ₹50,000 in your bank account and apply for an IPO worth ₹12,000. The ₹12,000 is put on hold. You still have ₹50,000 in the account, but only ₹38,000 is freely available for other spending while the block remains.
If you receive the shares, the amount required for your allotment is debited. If you receive no shares, the blocked amount is released.
SEBI explains that under ASBA, the application amount remains in the investor’s bank account until allotment, and the required amount is debited only after allotment. The blocked amount also continues to earn interest during this period. For the official regulatory explanation and current ASBA guidance, see SEBI’s ASBA investor guidance.
An SCSB, or Self-Certified Syndicate Bank, is a bank authorised to accept ASBA applications. For an offline application, you need to use the designated branch or channel specified for the IPO.
What Do You Need to Apply for an IPO Offline?
Before going to the bank, keep these details ready:
Requirement | Why it is needed |
PAN | Identifies you as the IPO applicant |
Demat account details | Shares are credited here if you receive an allotment |
Bank account | Used to block the IPO application amount |
ASBA application form | Contains your IPO bid and account details |
IPO details | Needed to enter the quantity and bid price |
Sufficient bank balance | The application amount must be available for blocking |
You don’t need internet banking for this process.
You do, however, need a Demat account because IPO shares are credited electronically to it. If you don’t have one, you can read Alice Blue’s guide to opening a Demat and trading account.
What Do You Need to Apply for an IPO Offline?
To apply for an IPO through physical ASBA, you’ll need the following information and documents:
- Applicant’s name
- PAN
- Bank account details of the account from which the application amount will be blocked
- Demat account details, including the DP ID and Client ID
- IPO name
- Number of shares or lots you want to apply for
- Bid price, or the cut-off option where applicable
- Signature or required authorisation
Before submitting the form, carefully check your PAN, bank account details, Demat account number and bid information. Even a small error can lead to issues with your IPO application or its processing.
How to Apply for an IPO Without Internet Banking
If you don’t have internet banking, you can still apply for an IPO through physical ASBA (Application Supported by Blocked Amount).
To apply, you need to:
- Obtain the physical ASBA application form from an eligible Self-Certified Syndicate Bank (SCSB) or through the applicable designated channel.
- Fill in your IPO and Demat details, including your PAN, bank account number, number of shares/lots, and bid price.
- Submit the completed form through an applicable designated branch/channel of the SCSB.
- Before visiting the bank, confirm that the specific branch or channel accepts physical ASBA applications, as not every branch of an eligible SCSB handles them.
- The bank will block the required application amount in your account. The money remains in your account but cannot be used until the IPO allotment process is completed.
- If shares are allotted, the required amount is debited. If you don’t receive an allotment, the blocked amount is released.
How Much Money Is Blocked in ASBA?
The word “blocked” can be confusing at first.
Think of it as money put on hold in your bank account.
When you apply for an IPO through ASBA, the amount required for your application is blocked in your bank account. The money remains in your account, but you cannot use the blocked portion while the block is active.
Suppose you apply for 25 shares and the application results in ₹12,500 being blocked in your bank account.
Particular | Amount |
Bank balance before application | ₹50,000 |
Amount blocked for IPO application | ₹12,500 |
Amount freely available | ₹37,500 |
The ₹12,500 remains in your bank account, but that portion is not available for other transactions while the block is active.
What if you get the full allotment?
The amount finally debited depends on the final issue price and the number of shares actually allotted. It may be different from the amount initially blocked based on your bid.
For example, suppose:
- Amount initially blocked: ₹12,500
- Shares allotted: 25
- Final issue price: ₹480 per share
The final amount debited would be:
25 × ₹480 = ₹12,000
So, ₹12,000 is debited from your account, and the remaining ₹500 is released from the blocked amount.
What if you get a partial allotment?
Suppose you applied for 25 shares and initially had ₹12,500 blocked, but only 10 shares are allotted.
If the final issue price is ₹480 per share:
10 × ₹480 = ₹4,800
Only ₹4,800 is debited for the shares allotted.
The remaining ₹7,700 of the blocked amount is released.
₹12,500 − ₹4,800 = ₹7,700
What if you get no allotment?
If you don’t receive any shares, no amount is debited for the IPO.
The entire ₹12,500 blocked amount is released, subject to the applicable process.
The key difference
Remember:
Amount blocked at application ≠ Amount finally debited
The amount blocked is based on your IPO application, while the final amount debited is based on the final issue price and the number of shares allotted.
Any amount blocked in excess of the final amount payable is released.
What Happens After IPO Allotment?
Once the IPO closes, the applications are processed and the basis of allotment is finalised according to the issue rules. The number of shares you receive depends on factors such as your investor category, the number of valid applications, demand for the issue and the applicable allotment rules.
After the basis of allotment is finalised, there are generally three possible outcomes:
1. Full Allotment
You receive all the shares you applied for.
The amount ultimately debited from your bank account is based on:
Number of shares allotted × Final issue price
For example, if you receive 25 shares and the final issue price is ₹480:
25 × ₹480 = ₹12,000
₹12,000 is debited from the amount blocked in your bank account.
If the amount initially blocked was higher than ₹12,000, the excess amount is released.
The allotted shares are then credited to your Demat account.
2. Partial Allotment
You receive fewer shares than you applied for.
For example, suppose you applied for 25 shares, but the basis of allotment results in 10 shares being allotted. If the final issue price is ₹480:
10 × ₹480 = ₹4,800
Only ₹4,800 is ultimately debited for the shares allotted.
Any amount blocked in excess of ₹4,800 is released.
The 10 allotted shares are then credited to your Demat account.
3. No Allotment
If you do not receive any shares, no amount is debited for the IPO.
The amount that was blocked when you applied is released, subject to the applicable process.
No shares are credited to your Demat account.
What Is the Basis of Allotment?
The basis of allotment determines how many shares are allocated to applicants in each investor category when an IPO is oversubscribed.
The allotment process follows the rules applicable to the particular IPO and investor category. Therefore, applying through a particular application method does not by itself give you an advantage in allotment.
What Happens to Your Money and Shares?
In simple terms, the post-allotment flow is:
IPO closes → Basis of allotment is finalised → Shares are allotted → Amount payable is calculated using the final issue price → Required amount is debited → Excess blocked amount is released → Allotted shares are credited to your Demat account
So, the amount initially blocked is not necessarily the amount finally debited. The final debit depends on the final issue price and the number of shares actually allotted.
For partial or no allotment, the amount not required for the shares allotted—or the entire blocked amount in case of no allotment—is released according to the applicable process.
Offline ASBA vs UPI
Feature | Offline ASBA | UPI |
Application | Physical form | Online |
UPI ID | Not required | Required |
Bank visit | Required | Not required |
Amount blocked through | Bank | UPI mandate |
Demat account | Required | Required |
Best for | Investors who prefer branch-based applications | Investors comfortable with digital payments |
Both methods require funds to be available for the IPO application, and neither guarantees allotment.
Advantages and Limitations of Offline ASBA
Advantages
- No UPI required: You can apply without a UPI ID or UPI mandate.
- Bank-assisted process: The bank can verify the application details before submission.
- Funds remain in your account: The application amount is blocked rather than immediately debited.
Limitations
- Branch visit required: You need to submit the physical form at a designated bank branch.
- More paperwork: You have to fill in and submit the application manually.
- Limited submission window: You need to complete the process within the bank’s working hours and before the IPO deadline.
Physical ASBA vs Online IPO Application
Feature | Physical ASBA | Online IPO Application |
Application method | Physical form at bank branch | Online |
UPI ID | Not required | Usually required for UPI-based applications |
Bank visit | Required | Not required |
Funds blocked through | Bank ASBA | UPI mandate |
Demat account | Required | Required |
Paperwork | More | Less |
Convenience | Suitable for branch-based applications | Suitable for digital applications |
Allotment guarantee | No | No |
Common Mistakes to Avoid
- Visiting the wrong branch
Don’t assume every branch of your bank accepts ASBA applications.
Better approach: Check the designated ASBA branch before visiting.
- Entering incorrect Demat details
Your shares need to reach the correct Demat account.
Better approach: Check the account details carefully before signing the form.
- Getting the lot size wrong
IPO applications generally have a specified lot size.
Better approach: Check the IPO details and calculate the application amount before filling in the form.
- Applying after the deadline
The bank needs to receive your application within the IPO’s application period.
Better approach: Submit the form early instead of waiting for the closing day.
- Treating IPO popularity as an investment reason
A heavily subscribed IPO isn’t automatically a good investment.
Better approach: Read the company’s offer documents and understand the business and risks before applying.
- Assuming ASBA improves allotment chances
ASBA only provides a way to apply and block funds. It does not give you priority in the allotment process.
Better approach: Focus on submitting a valid application and following the IPO’s rules.
Tips for First-Time Offline IPO Investors
If you are applying through physical ASBA for the first time, keep these practical points in mind:
- Double-check your bank and Demat details:
A mismatch in your PAN, Demat account, or bank details can cause problems with the application. Enter these details exactly as registered. - Confirm the blocked amount:
ASBA blocks the application amount in your bank account instead of debiting it immediately. Make sure the required amount remains available until the allotment process is completed. - Get the form verified before submission:
Check the application number, bid quantity, price, and investor category before handing the form to the bank. Ask for a stamped acknowledgement as proof of submission. - Keep your application reference:
Save the acknowledgement or application number until the allotment process is over. It can help you track the application if there is an issue.
If you’re comparing an IPO with other investment choices, understanding the company’s risks matters just as much as knowing how to submit the application. Alice Blue’s guide to IPO investment risks covers some of the factors investors should consider before applying.
Conclusion
You don’t need internet banking to apply for an IPO. Physical ASBA gives you an offline way to submit your application through a designated bank branch, without using UPI. You fill out the form, enter your bid and authorise the bank to block the required amount in your account. If shares are allotted, the amount needed for them is debited and the shares are credited to your Demat account. If there is no allotment, the blocked amount is released. Before applying, check the IPO instructions, confirm the designated ASBA branch and double-check every detail on your form.
Frequently Asked Questions
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