After the RTA finalizes the allotment on the allotment date, they send instructions to banks to block or unblock funds. While most banks process the funds on the refund initiation date, it has been noticed that a few banks do so after the mandate expires. To verify the mandate end date, please visit https://invest.upstox.com/ipo/applications and select the IPO.
Example Scenario:
The allotment date for Gopal Namkeen was 12th March 2024. Banks release the funds on the refund initiation date, 13th March 2024. If the funds are not unblocked by the bank, they will be released after the mandate end date, which is 26th March, 2024.
Note: A request should be initiated with the bank to release the funds in case shares are not allotted subsequent to the allotment date.