Bajaj Housing makes stellar debut! Technical glitches rob many of the chance to make IPO gains
Bajaj Housing Finance made a stellar debut on the domestic bourses, some investors could be rueing the missed chance due to technical hiccups. Nearly 14 lakh applications or 16% of total bids in the company's Initial Public Offering (IPO) — the largest issue in 2024 — were disqualified, according to allotment documents released on Monday. This is the second-highest number of rejections in absolute terms since the Life Insurance Corporation (LIC) IPO in May 2022.
Bankers and market participants said most disqualifications were due to operational glitches, with a chunk of them being unable to complete the UPI (Unified Payments Interface) process. There were also reports of technical issues related to UPI systems.
Tech Glitches Rob Many
“A significant cause for the rejections has been UPI-related issues, primarily due to failed mandates, either from investor non-approval or technical declines,” said Giridhar G, chief business officer, corporate registry, KFin Technologies, who was the registrar to the IPO. “Additionally, many rejections occurred when UPI mandates initiated by investors were sent to NPCI, but failed either at NPCI or the sponsor’s end.”
National Payments Corporation of India (NPCI) did not respond to a query.
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