Missed UPI Mandates Leave Investors Frustrated Over Bajaj Housing Finance IPO – Social Media Erupts with Complaints

Many investors missed out on the Bajaj Housing Finance IPO due to issues with UPI mandates, and several voiced their frustration on social media platform X (formerly Twitter).

Recently, IPOs from companies like Baazar Style Retail, PN Gadgil Jewellers, and Bajaj Housing Finance concluded, with many more upcoming IPOs creating a rush for investors. In August alone, 17 companies filed their Draft Red Herring Prospectus (DRHP) with SEBI, marking the highest number of filings in over a year.

However, some investors complained that they applied for the Bajaj Housing Finance IPO through UPI but didn’t receive the necessary mandates. Others reported that their funds were blocked, but their banking apps did not update the status.

R.K., the founder of IPO Mantra, mentioned on X that he received many complaints on the last day of the Bajaj Housing Finance IPO, stating that investors who used UPI didn’t get their mandates and, as a result, had their applications rejected. He advised investors to use Internet banking instead of UPI for IPO applications.

Some users specifically mentioned facing issues with Zerodha and GPay. Zerodha responded by saying they are only intermediaries and have no control over the mandate process. Several users also claimed that some banks’ IPO platforms were overwhelmed. Amit Sethi highlighted that Axis Bank’s ASBA (Application Supported by Blocked Amount) service was down, along with issues reported by other banks.

Sethi further added that this issue shows that banks aren’t prepared to handle large-scale payment mandates, with many investors reporting delayed UPI mandates and failures in the ASBA service.

Another user, Parth Shah, shared that their IPO bid status was rejected before the cut-off date, leading NPCI (National Payments Corporation of India) to suggest reaching out to the relevant bank for assistance.

How to Apply for an IPO Through UPI

If you’re considering applying for an IPO using UPI, here’s a step-by-step guide:

1. When entering your bid details for the IPO, you’ll need to provide your UPI ID. After that, a mandate request will be sent to your UPI app.
2. Once you receive the mandate request, enter your UPI PIN.
3. Depending on the allotment, one of three things can happen:

• Full allotment: The blocked funds will be debited from your account.
• Partial allotment: You’ll receive some shares, and the remaining funds will be unblocked.
• No allotment: The blocked funds will be released after the mandate expires.

This process ensures a smooth IPO application, but it’s essential to monitor the status of your UPI mandates and bank responses.