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What happens after a bid for an IPO is placed?

Once a bid is placed, it is submitted to the exchange. The exchange then sends the bid to the bank via the National Payments Corporation of India (NPCI) to get the mandate request on the UPI app. The application flow works as follows:

The IPO application is completed when the UPI mandate is accepted. The company's registrar will consider this application while alloting the shares. If the shares are allotted, the registrar will credit them to the demat account, which is usually done a day or two before the listing date.