I also have this issue.

Ubuntu, kernel:
20.04, 5.4.105-generic

Netplan configuration:
network:
  ethernets:
    ibp73s0:
      dhcp4: true
  renderer: NetworkManager
  version: 2

card: 
Mellanox connectx-3 

Adapter info (lspci -v):
49:00.0 Network controller: Mellanox Technologies MT27500 Family [ConnectX-3]
        Subsystem: Mellanox Technologies MT27500 Family [ConnectX-3]
        Flags: bus master, fast devsel, latency 0, IRQ 116, NUMA node 0
        Memory at e7500000 (64-bit, non-prefetchable) [size=1M]
        Memory at e6000000 (64-bit, prefetchable) [size=8M]
        Expansion ROM at e7400000 [disabled] [size=1M]
        Capabilities: [40] Power Management version 3
        Capabilities: [48] Vital Product Data
        Capabilities: [9c] MSI-X: Enable+ Count=128 Masked-
        Capabilities: [60] Express Endpoint, MSI 00
        Capabilities: [c0] Vendor Specific Information: Len=18 <?>
        Capabilities: [100] Alternative Routing-ID Interpretation (ARI)
        Capabilities: [148] Device Serial Number f4-52-14-03-00-2a-c1-50
        Capabilities: [154] Advanced Error Reporting
        Capabilities: [18c] Secondary PCI Express
        Kernel driver in use: mlx4_core
        Kernel modules: mlx4_core

Mellanox OFED version:
5.0-2.1.8.0-ubuntu20.04-x86_64

Network manager configuration:
[main]
plugins=ifupdown,keyfile
dns=default

[ifupdown]
managed=false

[device]
wifi.scan-rand-mac-address=no

[keyfile]
unmanaged-devices=interface-name:ibp73s0

Running netplan apply does not configure the interface. Running
'dhclient ibp73s0' does. Running 'netplan apply' after doing that causes
the interface to lose it's IP and return to an unconfigured state.

I have a whole bunch of machines that are due to be upgraded from 16.04
before it goes end of life and they all have inifiniband interfaces
configured with dhcp via /etc/network/interfaces (which works fine).

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https://bugs.launchpad.net/bugs/1863529

Title:
  netplan not sending DHCP request of IPoIB interfaces.

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