A complete guide on how to apply in an IPO through UPI

Generally, UPI mandate is sent within 1-2 hours but if you did not receive mandate yet, cancel your IPO order placed and place a new IPO order. UPI mandate must be approved before the cut-off time on the issue closure date otherwise, it will be automatically expired.

Yes, given the maximum UPI limit of Rs 5 lakh, HNI investors with a bidding amount up to Rs 5 lakh can use UPI to invest in an IPO. Thus, HNI can now purchase IPO stocks with discount brokers like Zerodha, Upstox, Groww, etc.

Any HNI IPO application above Rs 5 lakh can be made through the ASBA process only where you need to either access net banking account or submit physically signed forms.

All refunds of blocked amount get processed on the allotment day.

If an investor do not receive share allotment or gets partial allotment (shares allotted is less than shares applied for), funds will be released to your bank account.

If in any circumstances, funds are not unblocked on the allotment, it will be refunded or released before the mandate expiry period. You may also reach out to your bank for release of blocked amount.

No, SEBI allows only one IPO application per PAN. An investor can place only 1 IPO order using UPI in either retail or NII category (upto Rs 5 lakh).

If you make two orders, both these applications will be rejected as it is not valid.

An investor can place a maximum IPO bid of not more than Rs 5 lakh using the UPI payment gateway. However, if you want to bid for above Rs 5 lakh, you can do it through the ASBA process. In this, you can either make an IPO application using your net banking account or submit a physical ASBA application form.

Yes, eligible employees can purchase an IPO for an amount not exceeding Rs 5 lakh through UPI. Employees can place IPO bid under the employee quota or retail category.

For retail investors, the limit for IPO application is 2 lakh per transaction on UPI while HNIs can place an IPO bid for maximum of Rs 5 lakh.

There are no transaction charges applied for using UPI mode of payment. Still, you need to get in touch with your respective bank for details of charges, if any.

No. Applications made by retail investors using third party UPI ID or by any category of investors using a third party bank account are liable for rejection.

Retail individual investors can withdraw bids till issue closure date. During the bidding period, you can approach the same intermediary to which you had submitted the application form for withdrawal.

The status of the active IPO mandate can be viewed in the mandate section of your UPI app.