Short answer

REIT IPO applications made through UPI are considered as Non-Individual Investor (NII) category bids. Once applied, the bids cannot be cancelled or decreased. However, they can be increased up to ₹5 lakhs.

REIT IPO applications made through UPI are considered as Non-Individual Investor (NII) category bids. Once applied, the bids cannot be cancelled or decreased. However, they can be increased up to ₹5 lakhs.

Real Estate Investment Trusts (REITs) work like mutual funds for real estate investment. You pool your money with other investors, and the REIT invests this money in commercial properties. You earn returns from rental income and property value appreciation.

For a video walkthrough on REIT, see How to invest in REIT? What are REITs? 5 Steps to analyse REITs

How to apply for REIT IPOs

REIT IPOs can be applied on Arrow app and web like any other IPO.You can apply for REIT IPOs on both Arrow app and web using supported UPI apps.

On Arrow app

Tap on Orders.

Tap on IPO.

Select the REIT IPO from the ongoing list of IPOs and tap on Apply.

Tap on Apply again and enter the UPI ID.

Enter or edit the Quantity and the Price.

Tap on the undertaking tick box and swipe the Submit button.

Accept the mandate on the UPI app.

On Arrow web

Click on Orders.

Click on IPO.

Click on Apply.

Enter the UPI ID.

Enter the Qty and Price. The quantity should be a multiple of the lot size, and the price entered should be within the issue price range.

Click on the undertaking checkbox and click on Submit.

Accept the mandate on the UPI app.

Application timeline and process

REIT IPO orders can be placed anytime between 10 AM on the issue opening day and 4:45 PM on the issue closing day.

After you submit your application:

iRage sends you an email requesting mandate acceptance on your UPI app

You can accept the UPI mandate until 5 PM on the closing day of the REIT IPO

The exchange sends you an SMS confirming your application by the end of the day

You can verify your bid details on NSE and BSE

Things to keep in mind

If you use an incorrect UPI ID or cannot receive a mandate request, you cannot delete your application, but you can apply using Netbanking ASBA. Your netbanking application will still be considered unique and eligible for allotment since you did not complete the UPI mandate step.

There are no charges to apply for an IPO through iRage.