Mandate creation through UPI dips in sync with muted IPO show in September

Some 3.03 million mandates were created through UPI, down 48.3% over last month, according to NPCI data

Mandate creation through Unified Payments Interface (UPI) for initial public offerings (IPO) dipped further in September amid moderation in primary market activity.

About 3.03 million mandates got created through UPI, down 48.3 per cent compared to last month, according to data released by the National Payments Corporation of India (NPCI), the umbrella entity for retail payments in India.

Last month, only five companies launched their maiden offerings, cumulatively mopping up Rs 6,887 crore.

The preceding month saw 5.86 million mandates being created, down 24 per cent month-on-month (MoM) despite August being the best-ever month in terms of mobilisation in nearly