Short answer

You can modify your submitted IPO applications between 10:00 AM and 4:45 PM on trading days. However, you can only cancel pending applications, you cannot modify them. Modification is only available during market hours on trading days. You can modify IPO orders only 3 times, as mandated by the exchange

Modify IPO bids on Arrow app

Tap on Bids.

Tap on IPO.

Tap on Applied.

Select the IPO you want to modify and tap on Modify.

Modify IPO bids on Arrow web

Log in to Arrow.arrow.trade/bids/ipo.

Select the IPO and click on Options.

Click on Modify.

Make your required changes.

Click on Modify.

What happens when you increase your bid amount

When you modify your bid and the new amount exceeds your earlier blocked amount, you will receive a new mandate for the increased sum. Once you accept this mandate, your bank will adjust the blocked funds to match the new amount, and your previous mandate becomes void.