What happens after I apply for an IPO?
Once your IPO bid is complete, the aggregate amount of your bid gets blocked from your bank account. It will show up in your balance but will not be available for use.
Once the allotment is finalised, if you have received the shares the amount will get debited from your account. If you have not received any shares in the IPO, the amount will be unblocked and will be available for use.