Zomato IPO: 28% of applications through UPI route get rejected

Overall, about half a million rejected on technical grounds

About 28 per cent of applications made by retail investors in Zomato’s initial public offering (IPO) through the unified payments interface (UPI) route were rejected, said investment bankers in the know.
 
In comparison, only 5 per cent of non-UPI retail applications –those coming from bank-backed brokerages– were rejected.
 
To be sure, part of the rejection was due to issues at the applicant’s end, such as multiple entry, name and PAN mismatch, and non acceptance of payment mandate. Meanwhile, a substantial amount of UPI bids also got rejected on account of issues at the remitter bank.
 
Industry players