UPI mandate creation for IPOs drops 62% in October with fewer public offers

The 1.14 million mandates created in October were the lowest on the platform since NPCI started making the data public

Mandate creation through Unified Payments Interface (UPI) for initial public offerings (IPO) fell sharply in October as fewer companies launched their public floats.

Data released by the National Payments Corporation of India (NPCI) shows 1.14 million mandates were created through UPI for IPOs in October, down 62.3 per cent compared to last month. In volume terms, this is the lowest the platform has seen since NPCI started making the data public.

In October, only a single IPO closed that of Aditya Birla Sun Life AMC. IPOs of FSN E-Commerce Ventures, or Nykaa, which saw bumper listings, and Fino Payments Bank