Answer
You can use the offline ASBA (Application Supported by Blocked Amount) method for an offline IPO application. This means you submit a physical form at a bank branch supporting an ASBA IPO application.
How the Offline IPO Application Works:
- You need the ASBA e-form. You can also download it from the NSE/BSE websites or get a physical copy from a bank that is a Self-Certified Syndicate Bank (SCSB) or from your stockbroker.
- Carefully write all the required information. This includes your Name, PAN Number, your Demat account details, the quantity of shares you want to bid for, and the price.
- Submit to the Bank: Take the filled form to any bank branch that supports ASBA. It doesn’t have to be your main bank branch.
- Funds will be blocked: The bank staff will check your form and then ‘block’ the amount of money needed for the application in your bank account. This money will only be taken out if you are allotted the shares.
- Get a Receipt: Make sure you collect the acknowledgement slip from the bank for your records.
Alternatively, get an IPO application form from the broker, fill/submit it with a cheque. Attach PAN card copy for applications over Rs. 50,000.
What You Must Have:
- Demat Account: A valid Demat account is necessary to receive the shares if they are allotted to you.
- PAN Number: This is a must-have for identification.
- Bank Account: You must have enough money in the bank account linked to the ASBA application.
- SCSB Branch: Remember, only specific, authorised branches of Self-Certified Syndicate Banks can handle these ASBA forms.
Important Things to Note:
- Single Application Rule: You should not use the same PAN number to submit multiple applications. If you do, all your applications might get rejected.
- Check the Last Date: Make sure you submit your form well before the IPO closing date. Usually, you need to submit it by the early afternoon of the last day.