62% reduction in payment mandate for IPO through UPI
MUMBAI: Payment mandates through IPIs in IPOs are declining sharply in October, as public payments from a handful of companies have arrived that month. According to data released by the National Payments Corporation of India (NPCI), 11.5 lakh payments were mandated through IPIs for IPOs in October, down 4.5 per cent from the previous month. So in terms of turnover, it is the lowest number since NPCI started issuing statistics. Only one IPO was listed in October and that was Aditya Birla Sunlife AMC. Recently, Nayaka's IPO received a huge response and Fino Payment Bank's IPO came in October but it closed in November. In September, five companies raised Rs. 5 crore, while in August, 6 companies raised Rs. 121 crore which is the highest figure since November 2016. In September, only 20.5 lakh payments were mandated through UPI, compared to 2.3 lakh in August. July saw a significant increase in payment mandates through UPIs with the help of Zomato's lucrative IPO. Although