IPO mandates via UPI decline marginally in December, shows data

Mandate creation through Unified Payments Interface (UPI) for initial public offerings (IPOs) dipped marginally in December, after a stellar show in November, amid record fund mobilisation.

Data released by the National Payments Corporation of India (NPCI) for December showed over 7.32 million mandates were created compared to 7.6 million in November, a fall of 3.8 per cent.

In December, as many as 12 companies came out with their IPO and mopped up Rs 16,783.75 crore while in November a record Rs 36,000 crore was raised by IPOs. When it comes to mandate execution — transactions where an investor gets allotment of shares — 797,006, or 10.88 per cent of all the mandates created through UPI were executed in December.

SBI received the maximum mandate creation requests of almost 2 million in December, followed by HDFC Bank with 1.12 million, and ICICI Bank with 801,578 requests.