Is it possible to cancel IPO application?

Yes, it is possible to cancel the IPO application.

IPO applications submitted by retail investors and employees/shareholders with an investment amount of up to Rs 2 lakhs can be canceled at any time during the subscription period.

For investors planning an IPO application cancellation, here are some critical indicators to look out for :

• The IPO offering window of the stock exchange is open from 10 am to 5 pm on working days.
• All banks do not allow investors to cancel or amend the IPO application until the cut off time of 5 p.m. on the day the offering closes. They limit the time to 2 or 3 pm.
• It can take up to 24 hours after the cancellation request to release the funds.
• After the exchange successfully cancels the application, a retail investor can submit a new application for the IPO.
• QIBs and NIIs cannot cancel the IPO application.