Individuals including Minors Through Guardians, HUFs, Bodies Corporate, NBFCs, Bank & Financial Institutions, Mutual Funds, National Investment Funds, Insurance Funds, Insurance Companies, Venture Capital Funds, Alternative Investment Funds, Qualified Institutional Investors, Non Resident Indians (NRIs) (On Non Repatriation Basis) etc, One needs to have a valid PAN (Permanent Account Number), Bank Account & Depository (Demat) Account can invest in IPOs.