By ipomarket.in Editorial Team · Last reviewed: 2026-09-05
Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please read the offer document carefully and consult a SEBI-registered investment advisor before investing.
A common belief circulates in IPO groups and comment sections: apply for the same issue from PhonePe, then again from BHIM, then once more through your broker app, and you have effectively placed three bids, so your chances of an allotment triple. This is wrong. It not only fails to help, it can get every one of your applications rejected.
This article explains the rule that actually governs how applications are counted, why switching payment apps changes nothing, and the one legitimate way a household can genuinely improve its odds.
The rule that decides everything: one application per PAN
SEBI's foundational rule for IPO applications is straightforward. An individual investor, identified by their Permanent Account Number (PAN), can submit only one application for a specific IPO.
Your PAN, not your demat account and not the app you use, is the identifier the system uses to count applications. This matters because some investors hold more than one demat account. If all those accounts are linked to the same PAN, the registrar treats them as belonging to a single investor. Only one application will be considered legitimate.
So the count is per person, per issue. Everything else, the demat account you route it through, the broker, the payment app, is secondary to the PAN.
Why multiple apps do not create multiple applications
Here is where the misconception starts. PhonePe, BHIM, Google Pay, Paytm and various bank UPI apps are all valid ways to submit an IPO application. Because they look and feel like separate platforms, people assume each one produces a separate bid.
They don't. These apps are payment and mandate-approval channels, not separate application gateways. When you apply for an IPO through a broker, depository participant or registrar, SEBI requires that the payment side run on UPI. The UPI app's job is to block the required funds in your bank account through a mandate. That is its only role in the process.
Whatever app you tap to approve the mandate, the application itself flows to the same exchange registry, keyed on your PAN. Applying from three different apps for the same IPO simply produces three entries under one PAN.
What happens when the registrar spots duplicates
When the registrar to the issue identifies multiple applications under the same PAN, the outcome is not that it picks the best one and keeps it. Broker compliance materials are consistent on this point: all applications linked to that PAN are liable to be rejected to preserve fairness across investors.
In other words, the attempt to game the system doesn't dilute your odds. It can eliminate them entirely for that IPO.
If you want a fuller picture of how the back end works, our explainer on the IPO allotment process walks through how shares are distributed once applications are validated.
The legitimate way to improve household odds
There is a lawful route to more than one bid on the same IPO, and it has nothing to do with apps. It relies on separate individuals, each with their own PAN.
If a family of four each holds a distinct PAN, a separate demat account and their own bank account, all four can apply for the same IPO independently. Each application is treated as a separate investor bid, because each is tied to a unique PAN. This is entirely within the rules.
The key words are separate PAN and separate money. This is not a loophole; it reflects that these are genuinely different investors.
A trap to avoid
Do not try to apply in your name using someone else's UPI ID, or block funds from a relative's bank account for an application filed under your PAN. The PAN on the bank account funding the mandate must match the PAN on the demat account. A mismatch leads to rejection. Each family member's application must run end to end on that person's own PAN, demat and bank details.
For more legitimate tactics, see our guides on how to improve IPO allotment chances and tips to increase IPO allotment chances.
Does applying for more lots help?
No, not in an oversubscribed retail category. When retail demand exceeds the shares on offer, allotment moves to a lottery. Applying for more lots through a single PAN does not improve your odds of being drawn in that lottery.
What is worth doing is bidding at the cut-off price, which means you agree to accept the final issue price decided in the book-building process. This keeps your application eligible regardless of where the price lands within the band, and is a standard step rather than an odds-boosting trick.
If terms like retail, NII and QIB are unfamiliar, our breakdown of IPO investor categories explains how the pools differ and how oversubscription is measured in each.
Common reasons applications get rejected
Beyond duplicate PANs, applications commonly fail for avoidable reasons:
- Multiple applications under the same PAN, even when spread across different brokers.
- An incorrect UPI ID, so the mandate request never reaches you correctly.
- A pending or unapproved mandate, where funds are never blocked before the deadline.
- A PAN mismatch between the bank account funding the application and the demat account.
Most of these are process errors rather than eligibility problems, which means they are within your control. Double-check the UPI ID, approve the mandate before the cut-off, and make sure the account and demat both sit under the same PAN.
How UPI mandate approval actually works
Since SEBI made UPI-based payment mandatory for IPO applications routed through brokers, DPs and RTAs, the flow is the same regardless of which app you use.
An IPO mandate is a digital instruction that lets your bank temporarily block funds for the application through a UPI-enabled app. You submit the application, receive a mandate request in your chosen UPI app, and approve it. Approval blocks the money; it is debited only if shares are allotted. If you skip or miss the approval, the application is incomplete.
So the app is the messenger for a fund block, not a channel that multiplies your bids.
FAQ
Can I apply for the same IPO from PhonePe and my broker app to get two chances?
No. Both applications would sit under your single PAN, and the registrar can reject all applications tied to a duplicate PAN. Different apps are only payment channels; they do not create separate bids.
Can my family members apply for the same IPO separately?
Yes. Each family member with their own PAN, demat account and bank account can apply independently for the same IPO. Every such application is treated as a separate investor bid, which is fully permitted.
Does applying for more lots increase my allotment chances in an oversubscribed IPO?
No. In an oversubscribed retail category, allotment is decided by a lottery, and applying for more lots under one PAN does not improve your odds of being selected.
Why was my IPO application rejected?
The most common reasons are multiple applications under the same PAN, an incorrect UPI ID, a mandate that was not approved in time, or a mismatch between the PAN on your bank account and your demat account.
Can I use a relative's UPI ID or bank account to apply in my name?
No. The PAN on the funding bank account must match the PAN on the demat account. Using someone else's UPI ID or account for an application in your name leads to rejection.
Last reviewed: 2026-09-05 by the ipomarket.in Editorial Team.