Not receiving an IPO allotment after applying through FYERS usually occurs due to factors outside the platform’s control. The allotment process is managed by the registrar of the issue as per SEBI regulations and depends on demand and allocation rules.
Common Reasons for Non-Allotment
- Oversubscription: When the IPO receives more applications than available shares, allotment may be done via a lottery or proportionate method. Non-allotment is common in heavily subscribed issues.
- High retail demand: In oversubscribed retail categories, the probability of allotment reduces significantly.
- UPI mandate not approved: If the UPI request is not approved within the cut-off time, your application becomes ineligible.
- KYC/PAN mismatch: Any mismatch in PAN, bank, or KYC details can lead to rejection.
- Multiple applications with the same PAN: SEBI allows only one retail application per PAN. Multiple bids may all be rejected.
What Happens After a Missed Allotment?
- Your application status will show as Not allotted under Orders → IPO on FYERS.
- Your blocked funds are automatically unblocked by your bank within a few working days. FYERS does not handle refunds.
- If you still want to participate, you can buy the stock directly from the secondary market after listing.
To improve your chances, always apply at the cut-off price, approve UPI requests on time, and ensure your PAN, bank, and KYC details are correct.
What If…
| Scenario | Explanation |
|---|
| IPO was oversubscribed heavily | Allotment in the retail category may be decided via lottery. Non-allotment is common. |
| You applied but didn’t receive shares | The application will show as “Not allotted.” Funds will be released automatically. |
| You didn’t receive a refund yet | Refunds are processed by your bank. Contact your bank or registrar if delayed beyond a few days. |
| Your UPI request expired or wasn’t approved | The application becomes invalid and is not considered for allotment. |
| You made multiple applications with same PAN | All such applications may be rejected as per SEBI rules. |
Last updated: 13 Nov 2025