Is third party UPI accepted in IPO application?

No, the 3rd Party UPI IPO Application is not valid. When applying in an IPO using UPI as a payment option, both the demat account and bank account should belong to the same person as the primary account holder.

If you would like to apply using a third-party bank account in IPO, you should consider applying using the ASBA facility offered by the bank. Note that only a few banks like SBI offer 3rd party IPO applications.

But in a few cases, people get allotment due to a loophole in the allotment process.