Yes, you do. In India, IPO shares are only issued in electronic form, so they have to be credited to a demat account. Your bank account or UPI ID can’t hold them.
If you’ve never invested before, all the account names and forms can be confusing at first. But once you know which account does what, the process is fairly simple. Here’s what to sort out before you apply.
What Is an IPO?
An IPO, or initial public offering, is when a company that isn’t listed yet sells its shares to the public for the first time. If you buy those shares, you own a small piece of the company.
Once the company is listed, its shares are traded on the stock exchange just like any other stock. Applying for the IPO and buying shares after listing are two separate things. And applying doesn’t mean you’ll get shares.
When Will the Jio IPO Open?
As of 7 October 2026, reports say the Jio Platforms IPO could open on 21 October and close on 23 October. The listing is expected on 28 October. These dates aren’t final until the official offer documents and announcements confirm them.
Back in June 2026, Reliance said the Jio Platforms board had approved the draft IPO prospectus for filing with SEBI.
Before you apply, check the final price band, lot size, deadlines and who’s eligible. The price band is the range you can bid within. The lot size is how many shares you get in one application unit, which is the minimum you can apply for.
Why Do You Need a Demat Account First?
A Demat account holds your shares in electronic form. Your money doesn’t go here. It’s simply where the record of what you own is kept.
SEBI requires IPO applicants to have one, as allotted shares are delivered only in dematerialised form.
When you apply, you give the details of the account your shares should go to. Do you already have an active account with KYC completed? Then you probably don’t need a new one for this IPO. Just make sure it can receive shares, and your details are correct.
Demat, Bank and Trading Accounts: What’s the Difference?
New investors mix these up all the time. Here’s a quick breakdown.
| Account | What It Does | When You Need It |
| Demat account | Holds your shares electronically and records what you own | To apply for IPO shares |
| Bank account | Holds your money and funds your application | When you authorise payment for the bid |
| Trading account | Let you place buy and sell orders on the exchange | When you trade through a stockbroker |
You don’t have to use a broker’s app to apply, though. Many banks offer ASBA (Application Supported by Blocked Amount), which lets you apply straight from your net banking. Check whether your bank supports it.
What Should You Keep Ready?
Have these sorted before applying for the Jio Platforms IPO:
- Your PAN, matching the details in your investment records
- Your depository participant (DP) ID and client ID, which you’ll find on your account statement
- Enough money in your own bank account to cover the bid
- A valid UPI ID, if you’re applying through UPI
- Access to your registered mobile number and email
Use your own bank account and UPI ID. SEBI has made it clear that applications using someone else’s payment details aren’t valid for allotment.
How to Open a Demat Account
Choose a Registered Provider
You open a demat account with a depository participant, usually a bank or a broker. The DP connects you to NSDL or CDSL, India’s two depositories.
Look at the charges before signing up: account opening fees, annual maintenance charges, and what they charge when shares are debited after you sell.
Complete Verification
Fill out the form and upload your identity proof, address proof and bank details. PAN and bank details are especially important here.
You may also need to do an e-sign, a signature upload or a video KYC, depending on the provider. Once the account is active, note down your account details somewhere safe. Don’t leave this to the last day. A missing document can delay approval by days.
How to Apply for the IPO
Once the offer opens:
- Read the official offer details, especially the price band and minimum lot size.
- Log in to your bank’s ASBA section or your broker’s IPO section.
- Select the IPO and check that your PAN and demat details are correct.
- Enter how many lots you want and your bid price. If your category allows it, you can tick “cut-off”, which means you’ll pay whatever the final issue price is.
- Approve the funds block. If you’re using UPI, accept the mandate in your UPI app before the deadline.
- Note your application number and check that the bid and the block both went through.
Didn’t get the UPI mandate? Double-check your UPI ID and contact your bank or broker. If you don’t approve the block, your bid may not count.
With ASBA, the money stays in your account but is blocked, so you can’t spend it until allotment is done. You’re only charged for the shares you actually get. Whatever’s left is unblocked after allotment.
What Happens After You Apply?
You can check your allotment status on the registrar’s website or the exchange’s website. If you get shares, they’ll show up in your demat account before listing day.
If the IPO is oversubscribed, meaning more people applied than there are shares, you might get fewer shares than you asked for, or none. Applying from multiple accounts won’t guarantee you anything either.
Also keep in mind that getting an allotment doesn’t mean you’ll make money. The stock can list below the issue price. Go through the risks and the company’s financials before deciding how much to put in.
Conclusion
You need a demat account to apply, and your bank account pays for the bid. Get your documents ready, finish your KYC and understand how the payment block works before the Jio IPO opens. After that, check the final issue details and decide whether it fits your budget and goals.
Having the account ready just gets you to the starting line. Whether the IPO is worth investing in is a call you’ll still have to make yourself.
