Thousands of IPO applications are rejected by stock exchanges and registrars every single week due to minor technical errors. Understanding these pitfalls ensures your application reaches the lottery draw safely.

1. Mistake 1: Using a Third-Party Bank Account

The Golden Rule: The PAN linked to your Demat account MUST match the PAN linked to the bank account from which the UPI mandate is authorized. Submitting a bid using your spouse's, parent's, or friend's bank account will lead to automatic rejection by the exchange.

2. Mistake 2: Missing the UPI Mandate Deadline

Simply submitting a bid on your broker app does not complete your application. You must accept the UPI mandate in your UPI app (GPay/PhonePe) before 5:00 PM on the IPO closing day. Unapproved mandates are disqualified.

Evaluating Bidding Depth

Verify QIB and NII participation numbers on QIB and NII subscription status to evaluate demand momentum before applying.

3. Mistake 3: Bidding Below the Cut-Off Price

In a book built issue, always select Cut-Off Price. Bidding at the floor price when the company finalizes at the cap price invalidates your application.

4. Mistake 4: Multiple Applications with the Same PAN

You cannot submit two retail applications under the same PAN card, even if you use different brokers (e.g., one on Zerodha and one on Groww). The registrar system will flag both applications as duplicates and reject them entirely.

5. Verifying Your Allotment Safely

Once you place your application correctly, check the results on the IPO refund and allotment status tracker, and monitor listing expectations on our upcoming IPO GMP page.