IPO Subscription Status Explained: QIB, NII & Retail
By IPOgmps Research Desk · Updated 2026-10-21
Quick answer: IPO subscription status shows how many times the shares on offer have been bid for, in total and by investor category: QIBs (institutions), NIIs (high-net-worth investors, split into sNII and bNII) and retail investors (bids up to ₹2 lakh). “Subscribed 25 times” means bids for 25 shares came in for every share available.
Key points
- Times subscribed = shares bid for ÷ shares offered in that category (anchor shares are excluded).
- Profitable companies offer at most 50% to QIBs, at least 15% to NIIs and at least 35% to retail investors.
- NII is split: one-third for sNII (₹2–10 lakh) and two-thirds for bNII (above ₹10 lakh).
- Strong QIB demand is often read as a vote of confidence by professional investors.
What does “times subscribed” mean?
Subscription is the number of shares bid for divided by the number of shares offered. If 1 crore shares are on offer to retail investors and they bid for 10 crore, the retail portion is subscribed 10 times (10x). Below 1x means the category is undersubscribed. Live figures for every IPO are on our live IPOs page and the subscription trends page.
Who are QIB, NII and retail investors?
Investor categories in an IPO| Category | Who | Share of the issue (profitable companies) |
|---|
| QIB | Mutual funds, banks, insurers, foreign portfolio investors | Up to 50% |
| NII (HNI) | Individuals and companies bidding above ₹2 lakh | At least 15% |
| Retail (RII) | Individuals bidding up to ₹2 lakh | At least 35% |
| Employee / shareholder | Eligible employees or shareholders of a parent company | As set in the offer document |
For companies that don’t meet SEBI’s profitability track record (Regulation 6(2) issuers), the split changes: at least 75% goes to QIBs, up to 15% to NIIs and up to 10% to retail investors.
What are sNII and bNII?
Since April 2022, the NII portion is divided in two: one-third for small NIIs (sNII), who bid more than ₹2 lakh and up to ₹10 lakh, and two-thirds for big NIIs (bNII), who bid above ₹10 lakh. Each NII is allotted at least the minimum NII application size by draw of lots, subject to availability; anything left over is allotted in proportion.
Who are anchor investors?
Anchor investors are large institutions that are allotted shares one working day before the IPO opens. Their shares come out of the QIB portion and are not counted in the subscription figures. Half of an anchor’s shares are locked in for 30 days after allotment and the rest for 90 days.
How does subscription build over the bidding days?
Most IPOs stay open for three working days, and demand rarely arrives evenly. Retail bids come in steadily from day one. NIIs often wait until the second or third day. QIBs usually bid on the last day, which is why an IPO that looks undersubscribed on day two can end up many times oversubscribed. Our live pages show the subscription as it updates during the day, with the time of the last update.
Example: final subscription of an IPO| Category | Shares offered | Shares bid for | Times subscribed |
|---|
| QIB | 20 lakh | 3.2 crore | 16x |
| NII | 15 lakh | 1.8 crore | 12x |
| Retail | 35 lakh | 2.8 crore | 8x |
| Total | 70 lakh | 7.8 crore | 11.1x |
In this example a retail investor applying for one lot has roughly a 1 in 8 chance of allotment, and the strong QIB figure suggests institutions like the issue. Note that the total is weighted by the shares in each category, not an average of the three numbers.
How should you read subscription figures?
- QIB demand is often the strongest signal: institutions do detailed research. QIBs tend to bid heavily on the last day.
- NII demand can be inflated by borrowed money (IPO funding), so treat very high NII numbers with care.
- Retail subscription tells you your allotment odds: roughly 1 in (retail times subscribed) for one lot.
- High subscription usually supports the grey market premium, but it doesn’t guarantee listing gains.
Frequently asked questions
What does “times subscribed” mean in an IPO?
It is the number of shares bid for divided by the number of shares offered. 10 times subscribed means bids for 10 shares came in for every share available.
What are QIB, NII and RII in an IPO?
QIBs are qualified institutional buyers such as mutual funds and banks; NIIs are non-institutional investors bidding above ₹2 lakh; RIIs are retail individual investors bidding up to ₹2 lakh.
What is the difference between sNII and bNII?
sNII (small NII) applications are above ₹2 lakh and up to ₹10 lakh and get one-third of the NII portion; bNII (big NII) applications are above ₹10 lakh and get two-thirds.
Why are anchor investor shares not in the subscription figure?
Anchor shares are allotted before the IPO opens, so the subscription figures only count the shares offered during the bidding days.
Is high subscription good for listing gains?
It usually signals strong demand, which tends to support the listing price, but market conditions on listing day still decide the actual price.
Sources
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