- IPO applications ranging from ₹2 lakhs to ₹5 lakhs are categorized as HNI (High Net-worth Individual). For amounts upto ₹5 lakhs UPI can be used and for amounts exceeding ₹5 lakhs ASBA has to be used.
- There’s no specific selection to apply for an IPO in the HNI category. Both retail and HNI category comes under the same category of Individual Investors under JPlus app/web. Instead, any bid greater than ₹2 lakhs is automatically considered HNI.
- HNIs are not allowed to bid at the cut-off price. However, he can manually enter any price from the price range including the maximum price.
- The window for HNI category IPO applications closes at 4:00 PM on the final day of bidding.
- The applications under the HNI category (> ₹ 2 lakhs) cannot be canceled later on.
- According to SEBI IPO regulations, applications under the HNI category cannot be deleted or modified to decrease the application size however, the application can be modified only to increase its size.
- For instance, an application of ₹4 lakhs can be modified to ₹4.5 lakhs but cannot be reduced to ₹3 lakhs.
To know more see, How to apply for an IPO using UPI through Jainam?
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