Loading…
IPO guides · Reviewed 23 Oct 2026
Most IPO applications fail to get shares because the retail category was oversubscribed and allotment is by lottery. Rejections also happen for duplicate PANs, unapproved UPI mandates, inactive demat accounts or mismatched details.
Oversubscription: more valid bids than shares, so the lottery missed you.
Duplicate PAN, unapproved mandate or an inactive demat account.
If not allotted, the blocked amount is released.
Look up status by PAN to confirm allotted, not allotted or rejected.
When retail demand is several times the shares on offer, the registrar draws applications by lottery. Applying early or for more lots does not change the odds of getting your first lot.
These are errors, not bad luck, and can usually be avoided next time.
Check your status by PAN. A result of Not Allotted means you were valid but missed the lottery. A rejection reason usually appears in your broker app or the registrar's status response.
General information, not investment advice. Rules set by SEBI, RBI and the exchanges can change, so confirm current limits with your broker or the offer document.