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When you apply for an IPO using UPI, a single UPI mandate request is sent to your UPI app after you submit the bid through your broker. This mandate generally remains valid until the IPO allotment process is completed, which is usually a few days after the issue closes. You must approve the mandate before the IPO closes, often within the same day or before the cut-off time mentioned by the exchange; otherwise, the application becomes invalid.
During the entire IPO process, you need to enter your UPI PIN only once, at the time of approving the mandate. After successful approval, you receive instant confirmation notifications via your UPI app, SMS, and sometimes email, confirming that your bid has been placed and funds are blocked.
To ensure the mandate request is genuine, always verify that the request shows the correct IPO name, merchant/bank (sponsor bank), and the exact bid amount. Never approve requests from unknown or incorrect details. If anything looks suspicious, reject the mandate and contact your broker immediately.
