✔ The bid is submitted to the exchange, which then forwards it to the bank through NPCI (National Payments Corporation of India).
✔ The investor receives a UPI mandate request from the bank, which must be approved.
✔ Once the UPI mandate is accepted, the IPO application is considered valid.
✔ The registrar verifies the application and processes share allotment after the bidding period closes.
✔ If shares are allotted, they are credited to the investor's demat account 1-2 days before the listing date.
✔ If shares are not allotted, the blocked funds are refunded to the bank account.