One requires a valid PAN (Permanent Account Number) and bank account can invest in IPOs. Parents of minors can also apply on the behalf of their kids under a guardianship account opened for the benefit of a minor. It is important to note that all applicants need to have a demat account for applying to IPOs. Opening a demat account is now a completely online process and several companies waive off account opening charges. Investors can also take advantage of Basic Services Demat Account (BSDA) in case trading volumes are low. Apart from PAN card, you don’t need anything if your KYC is done. Otherwise basic KYC with proof of identity and residence is required to be done before investing.