IPO subscription status explained: QIB, NII and retail numbers
Updated 19 October 2026
While an IPO is open, the exchanges publish how many shares have been bid for in each category. IPOScanner shows these figures, refreshed through the day.
How the number is calculated
Subscription = shares bid ÷ shares offered in that category. "Retail 5×" means retail investors have bid for five times the shares reserved for them. The overall figure combines all categories (anchor shares are excluded).
The categories
- QIB — mutual funds, insurers, banks, foreign portfolio investors. Usually about half of a mainboard issue.
- NII — individuals and entities bidding above ₹2 lakh. Split into small NII (₹2–10 lakh) and big NII (above ₹10 lakh).
- Retail — individuals bidding up to ₹2 lakh.
- Employees / shareholders — special reservations, when the issue has them.
Why most bids arrive on the last day
Institutions and large investors often bid on the final day, so subscription can jump from 2× to 50× in a few hours. Early-day numbers are a weak guide to the final figure.
What subscription tells you — and what it does not
- High retail subscription mainly lowers your chance of allotment, since retail allotment is a lottery.
- QIB demand shows professional interest, but institutions can be wrong too.
- NII figures can be inflated by leveraged bids, especially in hot issues.
- Subscription says nothing directly about the company's value or how the shares will trade later.