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How do I apply for an IPO in the HNI (NII) category?

Modified on: Mon, 26 Oct, 2026 at 10:50 PM Print

You apply in the HNI (High Net-worth Individual) category—also called Non-Institutional Investor (NII)—by bidding for more than ₹2,00,000 and selecting the HNI/NII category when you place the bid. On Rupeezy an HNI bid can go up to ₹5,00,000 — the UPI limit for IPO applications. Everything else works like a retail application: you approve a UPI mandate that blocks the amount, and allotment happens after the issue closes.

How to apply in the HNI category

  1. On the IPO's Apply form, tap HNI under Investor Type instead of Individual.
  2. Bid for a quantity worth more than ₹2,00,000 and up to ₹5,00,000. If your bid works out to ₹2 lakh or less, apply under Individual instead. The app won't accept an HNI bid above ₹5 lakh. HNI bids can't use the cut-off price, so enter a specific price within the price band.
  3. Approve the UPI mandate for the full bid amount.

Selecting HNI as the investor type on Rupeezy's IPO Apply form, with cut-off price and lot count fields above it

The steps are otherwise the same as a retail application—see How do I apply for an IPO?. To change your bid while the IPO is open, modify it from the applied IPO and approve the new mandate. An HNI bid can only be increased — it can't be lowered or cancelled. See Can I modify my IPO application under the HNI category?.

How is HNI allotment different?

  • HNI bids are not part of the retail lottery. If the category is oversubscribed, each applicant is allotted the minimum HNI application size, by a draw of lots if there aren't enough shares for everyone, and any shares left over are allotted proportionately. See How does the allotment process work if the IPO is oversubscribed?.
  • HNI is split into two sub-categories: ₹2 lakh–₹10 lakh and above ₹10 lakh. Since an HNI bid on Rupeezy tops out at ₹5 lakh, yours always falls in the ₹2 lakh–₹10 lakh sub-category.

Why can't I bid more than ₹5 lakh as HNI?

IPO applications on Rupeezy are paid through a UPI mandate, and a UPI IPO mandate is capped at ₹5,00,000 per application — so the app won't let you place a bid above that. To bid more, apply through your bank's net banking instead and have the shares credited to your Rupeezy demat — see Can I apply for an IPO without UPI?

Why do HNI applications fail?

All the usual reasons apply — see Why was my IPO application rejected?. A few points matter specifically for HNI bids:

  • Your bank's own limit. Some banks and UPI apps set their own limit for IPO mandates below ₹5 lakh, so a large HNI bid can still fail if it exceeds what your bank or UPI app will block.
  • No cut-off price. An HNI bid needs a specific price within the band; it can't be placed at cut-off.
  • No lowering or cancelling. Once placed, an HNI bid can only be increased, so check the amount and your UPI ID before you submit.