After you place a bid, it goes through UPI mandate approval, then to the exchange and registrar, and ends in either an allotment (with the stock crediting to your demat account) or a refund of your blocked amount — this normally plays out over the IPO's allotment and listing dates, not instantly.
What's the order of events after you bid?
- UPI mandate approval — your bid amount gets blocked in your bank account once you approve the mandate in your UPI app. Nothing is debited yet; the amount is only reserved.
- Application goes to the registrar — your bid is forwarded to the exchange and the Registrar and Transfer Agent (RTA) for processing against the IPO's subscription.
- Allotment — on the allotment date, shares are allotted against your bid, in full, in part, or not at all, depending on subscription and the allotment process for that IPO.
- Debit and credit — if you're allotted shares, your bank debits the blocked amount for the allotted quantity and the shares are credited to your demat account. Any unused portion of your blocked amount is released back to you.
- Refund — if you aren't allotted shares, the full blocked amount is released back to your bank account by the refund date.
- Listing — if you were allotted shares, the stock lists and starts trading on the listing date.
How do I see exactly where my application is right now?
Each stage above shows up as a step in your application's own status timeline — see "How to check the IPO bid and allotment status?" for how to open it and what each stage label means.
Something not matching this?
A few things can look off partway through this sequence without meaning your bid failed:
- Mandate status on Rupeezy looking stuck or unapproved — see "Why is the IPO mandate status not updated on Rupeezy?"
- A UPI mandate failing even after your shares were allotted — see "Why did my UPI mandate fail even though my IPO was allotted?"
- Your blocked amount not changing after you modified your bid — see "Why has my blocked amount not changed when I modified my IPO bid?"