How to Apply for an IPO Using UPI | Step-by-Step Guide for 2025

UPI Mechanism for IPO Application

Unified Payments Interface (UPI) is a real-time payment system developed by the National Payments Corporation of India (NPCI), regulated by the RBI. It enables quick and seamless fund transfers between banks. When investors apply for an IPO through UPI, they essentially use this instant payment system for IPO fund blocking and application submission.

Many banks and digital wallet platforms support IPO applications through UPI. Some applications are compatible only with Android devices, while others support both Android and iOS platforms.

IPO UPI Process

The UPI-based IPO application aims to digitize the entire IPO process, enhancing transparency and reducing listing timelines.

1. Online IPO Application Using UPI
Investors can apply online through their broker’s platform if it supports UPI-based IPO applications.

Steps to Apply Online:

• Download a UPI app such as Google Pay, BHIM, or Paytm.
• Create a UPI ID and set up a secure PIN.
• Open a Demat and trading account with a broker.
• Log in to the broker’s platform and navigate to the IPO section.
• Fill in IPO bid details and enter your UPI ID.
• Submit the application.
• Approve the payment mandate received in your UPI app.

2. Offline IPO Application Using UPI
Offline applicants can submit their IPO forms manually, but must still approve the UPI mandate digitally.

Steps for Offline Application:

• Obtain the IPO application form from a bank or download it from the NSE/BSE website.
• Fill in your personal details, PAN, Demat account info, and bid details.
• Enter your UPI ID under the payment option.
• Submit the filled form to a registered intermediary.
• Approve the UPI mandate request to complete your application.

IPO UPI ID

A UPI ID, also called a Virtual Payment Address (VPA), is mandatory for IPO applications via UPI. It acts as a digital address linked to your bank account.

UPI ID Format Example:
yourname@bank or mobilenumber@paymentapp
(e.g., aarav@icici)

You can create a UPI ID through any UPI-enabled app by linking your bank account.

UPI IPO Limit

• IPO applications through UPI are restricted to individual investors.
• The maximum limit for IPO applications via UPI has been increased to ₹5 lakhs, though retail investors can apply only up to ₹2 lakhs under the retail category.
• High Net Worth Individuals (HNIs) applying under the non-institutional category can now use UPI for applications up to ₹5 lakhs.

UPI IPO Time

The UPI mandate request must be approved before 5:00 PM on the IPO’s closing date.
Brokers often set an internal deadline earlier (like 4:30 PM) to avoid technical issues. Always confirm the cut-off time with your broker.

If the UPI mandate is not approved in time, your IPO bid will be considered invalid.

IPO UPI Rules

• Only individual investors can apply using UPI.
• UPI payment is allowed for applications up to ₹5 lakhs.
• A valid UPI ID is necessary.
• Mandate approval is compulsory for successful submission.
• Offline forms using UPI must be submitted to a broker, syndicate member, registrar, or depository—not directly to an SCSB (Self-Certified Syndicate Bank).

IPO UPI Mandate

When you apply for an IPO via UPI, you’ll receive a mandate request in your UPI app. Approving this request is essential to block the necessary funds and validate your application.

Common Mandate Issues:

• Expired Mandate: Approve the mandate before expiry or reapply.
• Mandate Not Received: Cancel and resubmit your IPO bid.
• Mandate Failure: Technical glitches can cause failures; reapply if needed.
• Mandate Revoked: If you cancel your application, funds are immediately unblocked after revoking the mandate.

UPI IPO Application Status

You can check the status of your UPI IPO application through your broker’s platform or net banking. If you applied offline, you can track your bid on the NSE or BSE websites using your bid details.

Possible Status Updates:

• Application Pending
• UPI Mandate Pending
• Bid Uploaded Successfully
• Application Rejected

For checking allotment status, use your broker's platform, the registrar’s website, or platforms like Angelone.

Refunds (if any) are processed as per the IPO refund schedule.

IPO UPI Complaint

Facing issues with your IPO application via UPI? Here’s what you can do:

1. Contact the broker or intermediary through which you applied.
2. Reach out to your bank or the registrar.
3. File a complaint via the UPI Dispute Redressal Mechanism portal.
4. If unresolved, escalate the matter to SEBI.

Details Required for Filing Complaints:

• Applicant’s Name and Address
• Number of Shares Applied
• Application Amount
• Name of Bank or Intermediary Branch

Complaints are usually resolved within 7–10 business days.

Bhim UPI IPO

The BHIM App (Bharat Interface for Money) allows easy IPO applications via UPI.

How to Approve IPO Mandate in BHIM:

• Log in to the BHIM app.
• Find the pending IPO request.
• Verify it’s from a verified merchant.
• Approve the request and enter your UPI PIN.

If you face errors like "BHIM UPI IPO Transaction Failed," it may be due to:

• Incorrect PIN
• Server downtime
• Bank-related issues

Contact the concerned intermediary or bank if issues persist.

Gpay UPI IPO

Google Pay (GPay) also supports IPO applications through UPI.

Steps to Approve IPO Mandate on GPay:

• Open GPay.
• Click on your profile icon.
• Select “Mandates” → “Pending Mandates.”
• Approve the IPO mandate and enter your UPI PIN.

In case of failure, re-initiate the transaction or contact your broker.

Page Glossary

IMPS
Immediate Payment Service is a real-time interbank fund transfer system available 24/7 in India.

NPCI
The National Payments Corporation of India develops and maintains retail payment systems like UPI, Bharat BillPay, RuPay, and FASTag.

UPI PIN
A 4 or 6-digit security PIN required to authorize 
payments through a UPI app. It must be kept confidential and can be reset anytime.