How does NRI IPO Investment through UPI works?

If your NRI account is linked to the UPI, you can bid for an IPO using UPI as a payment gateway.

For all IPO applications received from NRIs via UPI, intermediary will enter the IPO bid details along with the UPI ID in the exchange electronic bidding system. And, the stock exchange will share it with sponsor bank to send the mandate request to NRI UPI virtual payment address for blocking of funds. Once the NRI IPO applicant accept it to authorize fund blocking, the bid will be successfully placed on exchange.