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Causes of Rejection of Application in IPO:

-Never apply more than 1 appl
-PAN in Bank and PAN in Demat shd be same
-Never select Cut Off in HNI appl
-Always Select Cut Off in Retail
-Approve UPI mandate timely
-Demat shd be in Active mode

Anything else ?

Long back, I had done a study of new IPO listings.

Whenever, listing is well abv the issue price, and it never comes back below the issue price.....majority of those stocks are long term multi baggers

One example - Maruti issue 125, listed 165.....high near 10000.