Subscription status for open and recently closed Indian IPOs by investor category: Qualified Institutional Buyers (QIB), Non-Institutional Investors (NII/HNI) and Retail Individual Investors (RII). Issues without a full category breakdown are not listed.
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How Bidding Categories Impact Allotment Odds
- Retail Individual Investors (RII): Allotment is computerized via randomized lottery when oversubscribed. Bidding at the cut-off price ensures participation in the lottery.
- Small NII (sNII: ₹2 Lakh to ₹10 Lakh): Proportional lottery under SEBI allocation guidelines.
- Big NII (bNII: Above ₹10 Lakh): High-ticket competitive bidding window with proportional quota.
- Qualified Institutional Buyers (QIB): Proportionate allocation among mutual funds, pension funds, and foreign institutional investors (FIIs).
Subscription, also written as times subscribed, tells you how many shares investors have applied for compared with how many shares are on offer. It is calculated by dividing the number of shares bid for by the number of shares offered.…
A Retail Individual Investor, or RII, is an individual who applies for shares in an IPO for a value of up to Rs 2 lakh. This is the category most ordinary investors fall into. In a standard book-built mainboard issue,…
In a book-built IPO the company does not fix one price in advance. It announces a price band, for example Rs 95 to Rs 100, and invites bids inside that range. When bidding closes, the company and its lead managers…
Small Non-Institutional Investors bid above Rs 2 lakh and up to Rs 10 lakh. One third of the non-institutional portion is reserved for them.
The Securities and Exchange Board of India is the market regulator. It writes the IPO rules and reviews every offer document before an issue.
Big Non-Institutional Investors bid above Rs 10 lakh. Two thirds of the non-institutional portion is reserved for them, and allotment is by lot.
The days, usually three working days, during which investors can place, revise or cancel bids. Bidding runs from the opening to the closing date.
A Qualified Institutional Buyer, or QIB, is a large professional investor that SEBI recognises as having the knowledge and financial strength to invest in securities without the extra protection given to small investors. The category includes mutual funds, insurance companies,…