IPO refund: when is blocked money released?

Updated 19 October 2026

When you apply for an IPO through UPI or ASBA, your bank blocks the bid amount. Nothing is debited unless you get shares, so there is no "refund" in the usual sense — the block is simply lifted.

Timeline

• T (issue close) — the amount stays blocked.
• T+1 — allotment is finalised.
• T+2 — for non-allottees the block is released; for allottees only the amount for allotted shares is debited.
• T+3 — shares list.

Partial allotment

If you bid for several lots and receive one, the bank debits the amount for that lot and releases the rest.

If the money is still blocked

• Check your allotment status with the registrar first.
• Look at your UPI app's mandate section — revoked or expired mandates sometimes show there.
• Contact your bank with the IPO name and application number.
• If the bank does not resolve it, raise a complaint with the registrar, and then on SEBI SCORES.