29 July 2029
7 mins read
Not receiving IPO shares is often less about doing something wrong and more about heavy demand. When an issue is oversubscribed, shares are usually allotted through a lottery process. Allotment can also fail because of small but important issues such as incorrect application details, bidding below the final issue price in book built IPOs, PAN or bank detail mismatches, or insufficient funds in the linked account. Careful form filling and accurate bidding can improve the likelihood of allotment.
One of the exciting things that can happen on the stock market is an Initial Public Offering (IPO). It's the time when a private company goes public and sells its shares for the first time.
For investors, the appeal is obvious: a chance to get in on the ground floor of what could be the next big thing. Everyone wants early access.
The application itself looks simple. You fill out a form online. The company decides. But that simplicity is deceptive.
Getting an allotment, especially in a popular IPO, is far from guaranteed. Many small things can go wrong and lead to disappointment.
Understanding why applications get rejected is the key to improving your own odds. Let's break down the common hurdles and the smart ways to clear them.
It's important to understand that you don't apply for individual shares in an IPO. You apply for a "lot." Think of it as buying in a pre-set bundle.
The company decides the minimum number of shares that make up one lot. Every application you make must be in multiples of that lot size.
The company might, for instance, set the price at ₹100 per share and the lot size at 145 shares. This means that you have to apply for at least 145 shares.
You have to apply for 2 lots (290 shares), 3 lots (435 shares), and so on if you want to apply for more. You can't ask for a random number, like 200 shares.
Additional Read: What is IPO: Full Form, Meaning & How it Works
It is significant to understand why an IPO is not allocated, since this could either arise from large oversubscription or a faulty application. Investors have no control over either the level of subscription or the allotment process, which relies on lottery-based methods. However, they can limit the chance of rejection of their applications if they check all details correctly and thoroughly.
In a perfect world, a company would issue just enough shares for everyone who wants them. If they needed 10 lakh applicants, 10 lakh people would apply, and everyone would be happy.
But that's not how it works. A hot IPO is like a sold-out concert with only a handful of tickets. It might get applications for 5, 10, or even 100 times the shares it's actually offering.
This is called oversubscription. It’s a big reason why getting an allotment is so difficult. There simply isn't enough to go around.
When this happens, the game changes from "first come, first served" to a game of chance, where your odds of success drop dramatically.
So what happens when an IPO is massively oversubscribed? The allotment process turns into a digital lottery. There’s no human picking names out of a hat.
A computerised system is used to ensure the process is fair and unbiased. It randomly selects the lucky applicants from the massive pool of eligible entries.
While this system gives everyone an equal shot, it's still a lottery. Because so many people want a small number of shares, many people who apply will not get any.
This is one of the painful reasons to miss out because it's usually avoidable. IPO applications are scanned by software, and even a tiny mistake can get your form thrown out.
Multiple applications: Submitting multiple applications from one PAN number. The system is built to catch this, and it will automatically reject all of them. No exceptions.
Mistakes: A typo in your name. A single wrong digit in your PAN number. Small details that have big consequences.
Name Mismatch: Another common tripwire is a name mismatch. The name on your application must be identical to the name on your PAN card and your linked bank account.
Bid Price Below the Final Price: Many IPOs today are book-building issues. This means there's a price range, and you place a bid within it. The final price is decided later, based on demand.
Here's the rule: if your bid is even one paisa below that final issue price, your application is out of the running. It won't even be considered for the lottery.
This is why just bidding any amount within the range is a risky move. If you bid low to save a few rupees, you might end up with nothing at all.
Additional Read:How to Invest in an IPO Online
While the basiWhile investors cannot affect the basis of allocation in an oversubscribed IPO, they can keep their application valid by following the application process as instructed. steps can help investors ensure that they execute the IPO application process correctly according to the rules and regulations.
Enter Accurate Application Details – Check your PAN, demat account number, bank account details, and UPI ID or ASBA information before submitting your application, as even slight mistakes can cause validation errors or lead to rejection of the application.
Complete the Payment Authorisation On Time – Give your approval to the UPI mandate within the stipulated period or ensure that a sufficient amount is available in the ASBA-linked bank account. If the payment authorisation is not completed, the application may not be accepted.
Submit Only One Valid Application Per PAN – Make sure to submit one application only based on one PAN in the same category of investors, as multiple submissions are likely to be rejected in the course of verification as per the existing IPO norms.
Read the Offer Document Carefully – Go through the Red Herring Prospectus (RHP) carefully so as to learn about the eligibility requirements, application procedure, terms of issue, and risk factors before using up on your IPO application.
Applying for an IPO requires the applicant to pay the issue price and this is done by blocking the amount from their bank account. In case, the IPO is not alloted to an applicant, the amount blocked from the applicant’s bank account is released.
Remember that an IPO allotment status is reflected in your demat account only when the company has finalised the allotment. If your demat account is not showing IPO status, this either means that your application has been rejected or you have filled incorrect IPO details.
To know whether your application form has been rejected or not you can simply visit the official website of Bombay Stock Exchange/BSE or the website of the registrar appointed for the IPO. Fill in the PAN card details and click on search. The screen will show the status of the IPO application form.
The payment for an IPO might fail even if the IPO has been allotted in your name. This happens because the payment for an IPO is not deducted from your bank account until the IPO is finalised and only the amount is blocked. In case payment fails after the IPO allotment, the bank will re-attempt to debit the blocked amount.
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