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any good discount broker offering IPO services as well otherwise how to apply for IPO if we opt for a discount broker can anyody plz explain
thank you

Hi Ram,

Sorry to say but none of the discount brokers offer IPO''s.

But please note:



Under ASBA facility for applying IPO''s, investors can apply in any public/ rights issues by using their bank account. Investor submits the ASBA form (available to downat BSE and NSE website or at the designated branches of the banks acting as SCSB) after filling the details like name of the applicant, PAN number, demat account number, bid quantity, bid price and other relevant details, to their banking branch by giving an instruction to block the amount in their account. In turn, the bank will upthe details of the application in the bidding platform. Investors shall ensure that the details that are filled in the ASBA form are correct otherwise the form is liable to be rejected.

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I understand that it so easy to applying in IPO''s though your broker online (i.e. many of us used ICICIDirect for years to do so).

It requires for a broker to be the distributors of the IPO''s. Broker get a small amount commission based on the applications submitted through them which have been considered eligible for the purpose of allotment. The commission is so low that the discount brokers do not see any financial benefits in becoming the distributor of IPO shares.

But I expect few top discount brokers will eventually do that to make the customers happy.

Many stock market investors who have account with the discount broker are still holding the account with the full-service brokers for services like this.

Hope this help.

Mukesh Kothari