Applying for an Indian IPO through UPI has two separate parts: you submit the bid and your UPI ID through an eligible intermediary, then approve a mandate in a supported UPI app so your bank blocks the application amount. The bid is not complete merely because the broker shows “submitted.” The mandate must be accepted with your UPI PIN before the issue-specific deadline.
This guide follows the process for individual investors in India, explains which app does what, and shows what happens to the blocked money after allotment.
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What you need before opening an IPO application
Keep these details ready before you start. Having them available reduces the risk of entering a bid that cannot be matched to your bank account or of missing the mandate window.
- A demat and trading relationship with an eligible intermediary. SEBI identifies syndicate members, registered stockbrokers, registrars and transfer agents, and depository participants as possible channels for UPI IPO submissions. Confirm that the provider you intend to use is currently eligible for public-issue applications.
- Your own UPI ID. It must be linked to a bank account held by the applicant. SEBI says third-party UPI IDs or bank accounts are not considered for allocation.
- A supported UPI app and handle. The app that receives the mandate must support public-issue UPI requests. Check the current SEBI public-issue app and intermediary list rather than relying on an old list or a remembered handle.
- Issue terms. Read the offer information for the opening and closing dates, category, price or price band, lot size, bid-change rules, and the exact mandate-acceptance deadline.
- Sufficient balance and transaction capacity. The bank account must have enough available funds for the amount you ask to have blocked, and your bank or UPI app must permit the required transaction.
SEBI’s investor guidance states a UPI IPO application limit of ₹5 lakh per transaction for retail individual investors. Treat that as the regulator’s stated procedural ceiling, not as a guarantee that every issue or category accepts an application of that size. Check the particular offer document and current instructions before bidding.
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How the UPI IPO process works
The UPI route uses an ASBA-style funds block. Your intermediary sends the bid information to the issue system and identifies your UPI ID. The sponsor or escrow bank then sends a mandate request to that UPI address. You review the request and authorize it with your UPI PIN. The money stays in your bank account but is unavailable for other uses while the application is processed.
If shares are allotted, only the amount required for the allotment is debited. Any excess block is released. If you receive no shares, the blocked amount is released after the allocation process. The SEBI ASBA explanation and the NSE ASBA procedure describe this block-and-debit mechanism.
Step-by-step: apply through a broker or other eligible intermediary
1. Verify the live issue details
Open the issuer’s offer information or the issue page provided by your intermediary. Record the bid opening and closing dates, price or price band, lot size, minimum number of lots, investor category, and the deadline by which the UPI mandate must be accepted. Do not infer a universal cutoff time from another IPO. The general SEBI page does not set one current deadline that applies to every issue.
If the issue uses a price band and permits a cut-off bid for eligible retail applicants, follow the exact option shown in the application screen and offer document. A bid at a price you choose may not be processed in the same way as a cut-off instruction.
2. Sign in to an eligible application channel
Use your registered broker, depository participant, registrar or another intermediary identified as eligible for the service. Select the IPO section and open the live issue. A bank or UPI app may be used for mandate approval without being the place where the bid is submitted. Eligibility and features vary by provider, so check the provider’s current public-issue support.
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3. Select the investor category and enter bid details
Choose the category that matches your status, such as retail individual investor, and enter the number of lots and bid price required by the screen. Review the calculated application amount, including any additional quantity you selected. The application amount is the figure the mandate will ask your bank to block; it is not necessarily the amount ultimately debited.
4. Enter the applicant’s own UPI ID
Type the UPI ID linked to the applicant’s own bank account. Check every character before submitting. Do not enter a family member’s, friend’s, or another person’s UPI ID even if that account has enough funds. Under SEBI’s guidance, third-party UPI IDs or bank accounts are not considered for allocation, so a mismatch can invalidate the application.
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5. Submit the bid and save the acknowledgement
Submit the form and save the application number, bid details, and timestamp shown by the intermediary. This acknowledgement confirms that the intermediary received the bid; it does not prove that the mandate has been accepted. Keep the information until allotment and refund or unblocking are complete.
6. Open the supported UPI app and find the mandate
Open the UPI app associated with the ID you entered. Look in the app’s mandates, collect requests, pending authorisations, or IPO section, depending on the app’s current labels. The request should identify the issue, applicant or intermediary, amount to be blocked, and validity or expiry information. Compare those details with your saved bid before approving anything.
Use only an app and UPI handle appearing on the current SEBI public-issue list. That page records intermediary registrations as of March 7, 2025, and may change; check the live page and your bank’s current support before applying.
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7. Authorise the block with your UPI PIN
After checking the issue name, amount and applicant details, approve the mandate and enter your UPI PIN. The PIN authorises the funds block; it is not a payment to the issuer at this stage. Never disclose the PIN to a broker representative, caller, chat agent or anyone claiming to “complete” the application. A legitimate UPI screen will request the PIN only inside your bank or UPI app.
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Return to the intermediary or exchange status page and verify that the bid is recorded. In the UPI app, verify that the mandate shows accepted or authorised rather than pending, rejected, or expired. If the two systems show different states, record screenshots or reference numbers and contact the intermediary and bank promptly, quoting the issue and application number.
Broker app submission versus bank or UPI app approval
These are complementary roles, not automatically competing ways to apply. A broker or another eligible intermediary can collect and submit the bid. A supported bank or UPI app can receive and authorise the mandate. Some providers combine both screens, while others support only one part.
| Task | Typical place | What you do | What it proves |
|---|---|---|---|
| Choose issue and category | Eligible broker, registrar, depository participant or syndicate-member channel | Select the issue, category, lots and price instructions. | Creates the bid instructions. |
| Provide payment identity | Application channel | Enter the applicant’s own UPI ID linked to the bank account. | Allows the sponsor bank to route the mandate. |
| Receive mandate | Supported UPI or bank app | Open the pending public-issue request and inspect its details. | Shows that a block request reached the stated UPI address. |
| Authorise block | Supported UPI or bank app | Approve and enter the UPI PIN. | Records your authorisation for blocking funds. |
| Check application state | Intermediary, exchange or registrar status facility | Match the application number and mandate state. | Confirms whether both submission and authorisation are recorded. |
A bank app should not be assumed to be an IPO-submission intermediary simply because it can approve UPI mandates. Conversely, a broker app’s submission confirmation does not mean its own app will display the mandate. Verify the specific provider’s eligibility and feature support before relying on it.
What happens to your money after authorisation
During the offer and allocation period
The authorised amount is blocked in the linked bank account under ASBA-style processing. You normally retain the money in the account, but the blocked portion cannot be freely used until the block is lifted or adjusted. Keep enough unblocked balance for essential payments and avoid moving funds that the mandate requires.
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If you receive shares
The amount corresponding to the shares allotted is debited from the blocked funds. If the allotment is smaller than your bid, the remainder is released. The final debit therefore can be lower than the original application amount.
If you receive no shares
The application amount is released after the allocation process. The timing depends on the issue’s processing and the bank or intermediary’s systems. If the issue status shows that no allotment was made but the block remains beyond the stated release period, contact the bank and intermediary with the application and mandate references.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Deadlines, pending requests and status checks
Mandate acceptance has an issue-specific deadline. It may differ from the time at which bidding closes, and the general SEBI investor page does not establish one universal current cutoff for all IPOs. Read the issue instructions and act early enough to allow for app outages, bank maintenance, authentication delays or a request that needs to be regenerated.
A “submitted” label in the broker app usually means the bid reached that intermediary. A “pending” label in the UPI app means the authorisation has not yet completed. Treat the application as unfinished until the mandate is accepted and the status can be matched to the application number.
Troubleshooting common UPI IPO failures
The bid is submitted but no mandate arrives
- Confirm that the UPI ID in the application exactly matches the ID in the app where you are looking.
- Check the app’s mandates, collect requests and IPO sections, not only the ordinary payment inbox.
- Verify that the app and handle are supported for public issues on the current SEBI list and by your bank.
- Check whether the issue’s mandate deadline has passed.
- Contact the intermediary and bank promptly with the application number. General SEBI guidance does not establish one universal remedy for a missing request, so follow the issue’s own instructions rather than attempting an unverified workaround.
The mandate is rejected or expires
Review the rejection message, account balance, UPI transaction limits, bank status and mandate validity. A low available balance, an incorrect or inactive UPI ID, a bank-side outage, or a missed deadline can prevent authorisation. Do not create a second application casually: first ask the intermediary whether a new bid would be treated as a duplicate or whether the issue is still accepting valid requests.
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The wrong UPI ID or another person’s account was used
Notify the intermediary immediately and ask whether the bid can be cancelled or corrected within the issue’s permitted modification window. Do not authorise a mandate from an account that does not belong to the applicant. SEBI’s guidance says third-party UPI IDs or bank accounts are not considered for allocation.
The app shows accepted but the intermediary still shows pending
Save the UPI reference and the broker application number, then allow the systems a short synchronisation period. If the status remains inconsistent, contact both parties before the deadline and request a written status or ticket number. The app’s acceptance record and the intermediary’s bid record are separate system events and must both be reconciled.
The block remains after allotment or no allotment
Check the allotment result and the release date stated by the issue or intermediary. If the relevant amount was not debited after an allotment, or a no-allotment block remains after the stated release period, provide the bank and intermediary with the mandate reference, application number and account statement entry so they can trace the hold.
Safety and accuracy checklist
- Use the applicant’s own demat relationship, PAN and bank-linked UPI ID.
- Check the issuer’s price band, lot size, category and mandate deadline before entering quantities.
- Use only the public-issue app and handle supported by the current SEBI list.
- Compare the issue name and amount on the mandate screen with your saved bid.
- Enter the UPI PIN only inside the bank or UPI app; never share it elsewhere.
- Keep the application number, UPI reference and screenshots until allotment and unblocking are settled.
- Remember that the ₹5 lakh figure is SEBI’s stated per-transaction UPI limit for retail individual investors; verify current issue rules and your category before relying on it.
- Leave time before the issue-specific cutoff instead of waiting for the final minutes.
Where to verify official instructions
Use SEBI’s UPI IPO investor guidance for the eligible intermediary types, own-account requirement, stated retail limit and mandate sequence. Use SEBI’s ASBA guidance for the funds-blocking and release treatment. The NSE ASBA procedure, updated November 6, 2023, provides exchange-level process information. For supported apps and handles, consult the live SEBI public-issue list, which states registrations as of March 7, 2025.
When an offer document, exchange notice or bank instruction differs from a general explanation, follow the current issue-specific instruction. These sources describe the procedure, not whether any particular IPO is suitable or likely to receive an allotment.
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