IPO subscription status explained: QIB, NII, retail times
Updated 26 October 2026 · 4 min read
IPO subscription status shows how many times the shares on offer in each category have been bid for. "Retail subscribed 12 times" means retail investors have together bid for 12 times the shares reserved for retail. The exchanges publish these figures through the bidding days, and the final numbers after the issue closes decide how allotment works in each category.
For a retail investor, subscription is mainly a guide to the chance of getting shares. It also reflects demand, but it is not a measure of the company's quality. This guide explains how the figure is calculated, what each category means, why anchor shares are left out, how subscription usually builds over the days, and what "x times" means for your odds.
How subscription is calculated
For each category: subscription (times) = shares bid for ÷ shares offered in that category. Bids are counted in shares, not in number of applications or rupees. The overall figure combines all categories, again as total shares bid divided by total shares offered to the public.
Say a mainboard IPO offers 1 crore shares to the public after the anchor allotment, split as 50 lakh for QIBs, 15 lakh for NIIs and 35 lakh for retail. If retail investors bid for 2.8 crore shares, retail is subscribed 2.8 crore ÷ 35 lakh = 8 times.
Why anchor shares are excluded
Anchor investors are allotted shares one working day before the issue opens, out of the QIB portion (up to 60% of it). Since those shares are already allotted, the QIB figure in the subscription data is calculated on the QIB portion that remains after anchors. If the RHP says the QIB portion is 50% of the issue and anchors took 60% of that, only the remaining part is offered to QIBs during bidding.
Category-wise numbers
| Category | Who | Share of a typical mainboard issue | How allotment works if oversubscribed |
|---|---|---|---|
| QIB | Mutual funds, insurers, banks, FPIs | Not more than 50% (incl. anchors) | Proportionate |
| NII: small (sNII) | Bids above ₹2 lakh up to ₹10 lakh | One-third of the NII portion | Lottery for the minimum sNII application |
| NII: big (bNII) | Bids above ₹10 lakh | Two-thirds of the NII portion | Lottery for the minimum bNII application |
| Retail (RII) | Individuals up to ₹2 lakh | At least 35% | Lottery for one lot per applicant |
| Employee / shareholder | Eligible employees or parent-company shareholders | Separate reservation, if any | As set out in the RHP |
Shares shown are for a profitable company under SEBI ICDR Reg 6(1). For companies under Reg 6(2), QIBs get at least 75%, NIIs not more than 15% and retail not more than 10%. Check each RHP.
The day-wise pattern
Mainboard issues stay open for at least three working days. Subscription usually builds unevenly:
- Day one: retail bids come in steadily; QIB numbers are often low or near zero.
- Day two: retail and NII figures rise; some institutional bids may appear.
- Last day: a large share of QIB and NII bids typically arrive, sometimes in the final hours, so the overall figure can jump many times over in one afternoon.
Because of this, early-day figures are a weak guide to the final result. A low QIB number on day one is common and does not by itself mean institutions are not interested.
What "x times" means for your allotment odds
In the retail category, the lottery aims to give one lot to as many applicants as possible. A rough way to think about it: if most retail applicants apply for one lot, a retail subscription of 10 times means roughly one in ten applicants may get a lot. Many people apply for more than one lot, which pushes the multiple up without adding applicants, so actual odds can be better than this rough rule suggests. The registrar's basis of allotment, published after the issue, shows the real ratio.
| Retail subscription | What it roughly means for one-lot applicants |
|---|---|
| Below 1 time | Undersubscribed: every valid bid gets the shares applied for |
| 1 to 2 times | Most applicants likely get at least one lot |
| 10 times | Very roughly one in ten applicants, depending on how many lots each applied for |
| 50 times and above | Only a small fraction of applicants get a lot |
Rough illustration only. The actual ratio depends on the number of applications and is set in the basis of allotment.
This is also why applying for more lots in the retail category barely helps in a heavily subscribed issue. The lottery gives one lot per winning application, and extra lots do not buy extra tickets.
What subscription does not tell you
- Whether the company is good value at the issue price.
- How the share will trade after listing, or even exactly where it will list.
- Whether NII demand is genuine; some bids in hot issues are funded with borrowed money.
- Whether institutions are right. Strong QIB demand is a sign of professional interest, not a guarantee.
Each IPO page here shows live subscription by category during the bidding days, alongside the price band, lot size and dates timeline. Use the figures to understand your odds and the market mood, and the RHP to understand the company.
Frequently asked questions
What does IPO subscribed 50 times mean?
It means investors bid for 50 times the number of shares offered. Category figures matter more than the overall number, because each category is allotted separately.
Are anchor investor shares included in subscription figures?
No. Anchors are allotted one working day before the issue opens, so subscription is calculated on the shares offered during the bidding period.
Why is QIB subscription so low on the first day?
Institutions usually place their bids on the last day of the issue. A low QIB figure early on is common and the final number can be very different.
Does high retail subscription reduce my chance of allotment?
Yes. If retail is oversubscribed, a lottery gives one lot to winning applicants. The higher the subscription, the smaller the share of applicants who get a lot.
Is subscription counted by applications or shares?
By shares. The number of shares bid for in a category is divided by the shares offered in that category.