You can modify or cancel your submitted IPO applications only between 10:00 AM and 4:30 PM on trading days. Once you cancel your bid, ensure you do not approve the mandate for the cancelled bid.
You can cancel your IPO bid by following these steps:
On Kite app
- Tap on Bids.
- Tap on IPO.
- Tap on Applied.
-
Select the IPO and tap on
CANCEL.
On Kite web
- Log in to Kite.
- Click on Bids and then IPO.
- Click on Options.
-
Click on
Cancel
and then
Ok.
When you cancel your IPO application, your bank will release the blocked UPI mandate. The time it takes for your mandate to be unblocked varies depending on your bank.
Your funds remain in your bank account throughout this process as they are only blocked, not debited. You will continue to earn interest on these funds as usual.