Why am I not getting an IPO allotment after applying through FYERS?
Not receiving an IPO allotment after applying can occur due to factors outside the platform’s control. The IPO allotment process is regulated by SEBI and executed by the registrar of the issue. Allotments depend on the IPO’s subscription demand and the method used for distribution.
Common reasons for IPO non-allotment
The allotment decision is influenced by several factors:
- Oversubscription: If the IPO receives more applications than available shares, allotment may be done via a lottery or on a proportionate basis.
- Retail investor demand: High interest from retail investors reduces allotment probability, especially in heavily subscribed issues.
- Incorrect bid price or amount: Not applying at the cut-off price or bidding outside the price band can lead to invalidation.
- UPI or KYC-related errors: If your UPI mandate is not approved or PAN/bank/KYC details are mismatched, the application may be rejected.
What to do after a missed allotment?
- Any blocked funds will be automatically unblocked or refunded to your bank account.
- You can check the allotment status on FYERS under the Mutual fund order section or on the registrar’s website using your PAN or application ID.
- If the issue lists on FYERS, you can choose to buy shares from the secondary market once trading begins.
What if?
| Scenario | Explanation |
|---|
| IPO was oversubscribed heavily | Allotment in the retail category may be done via lottery. Non-allotment is a common outcome. |
| You applied but didn’t receive shares or refund | Refunds are usually processed within a few working days. Contact your bank or registrar if delayed. |
| UPI request expired or wasn’t approved | The application is incomplete and becomes ineligible for allotment. |
| Multiple applications made using the same PAN | All bids may be rejected under SEBI rules, which allow only one application per PAN in retail. |
To improve your chances, always apply at the cut-off price, verify UPI approval status, and ensure all application details match your KYC records.
Last updated: 11 Jun 2025
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