IPO Subscription Status 2025
Company name stays fixed while swiping data columns
Understanding IPO Subscription
IPO subscription figures indicate the level of demand for an IPO relative to the number of shares offered. A subscription of '10x' (10 times) means that investors applied for 10 times the number of shares available in that specific category or overall.
- Oversubscription (>1x): Demand exceeds supply. Allotment becomes competitive, often involving proportional allocation or lotteries (especially for Retail).
- Full Subscription (1x): This means the demand for shares is equal to the total number of shares offered.
- Undersubscription (<1x): Demand is less than the supply offered. This can sometimes indicate weak investor interest.
Subscription is tracked separately for different investor categories (QIB, NII, Retail, etc.) because they have specific quotas reserved for them, and their allocation processes and investment limits vary accordingly.
Why IPO Subscription Matters
Subscription levels are closely watched by market participants because they offer insights into:
- Investor Demand & Sentiment: High subscription generally signals strong investor interest and positive sentiment towards the company and its prospects.
- Potential Listing Performance: Historically, IPOs with very high subscription levels often experience stronger listing day gains although this is not guaranteed. It suggests high demand may continue when trading begins.
- Allotment Probability: For investors (especially Retail), higher oversubscription significantly reduces the probability of receiving an allotment due to the allocation mechanisms (like lotteries).
While high subscription is often seen as positive, it's crucial to consider other factors like company fundamentals, valuation, market conditions, and long-term prospects before making investment decisions.
Notes
- Subscription figures displayed (especially for live IPOs) are indicative and updated periodically based on data from exchanges (BSE/NSE). Final figures are confirmed after the issue closes.
- 'x' denotes 'times' subscribed (e.g., 5.5x means subscribed 5.5 times).
- QIB = Qualified Institutional Buyer, sNII = Small Non-Institutional Investor (>₹2L to ₹10L), bNII = Big Non-Institutional Investor (>₹10L), RII = Retail Individual Investor (up to ₹2L).
- '-' indicates that the category was not applicable or data was unavailable.
- Total Applications represent the approximate number of unique applications received across categories.
- Mainboard IPOs: Listed on main exchanges (BSE/NSE) with higher minimum investment and stricter compliance requirements.
- SME IPOs: Small and Medium Enterprise IPOs listed on SME platforms with lower minimum investment thresholds.
- Mobile viewing: Company name remains visible while scrolling through subscription data horizontally.
FAQs - IPO Subscription
Subscription is calculated by dividing the total value (or number) of valid bids received in a category by the total value (or number) of shares offered in that category. Overall subscription compares total bids received to the total issue size (excluding anchor portion).
Mainboard IPOs are listed on main exchanges (BSE/NSE) with stricter compliance requirements and higher minimum investment amounts. SME IPOs are for Small and Medium Enterprises, listed on dedicated SME platforms with lower investment thresholds and simplified listing requirements, but with higher risk profiles.
While strong institutional demand (QIB/NII) is often seen as a positive indicator, it doesn't guarantee listing gains. Market conditions on the listing day, overall sentiment, and the final issue price also play significant roles. Sometimes, high initial demand might be speculative.
In the Retail (RII) category, if the number of applicants applying for at least one lot exceeds the maximum number of applicants who can be allotted one lot, a lottery system is used. Higher oversubscription means more applicants are competing for a fixed number of lots, thus lowering individual allotment probability.
The Non-Institutional Investor (NII) category (applications > ₹2 Lakhs) is split. sNII includes applications between ₹2 Lakhs and ₹10 Lakhs, while bNII includes applications above ₹10 Lakhs. They often have separate reserved portions within the overall NII quota, and allotment is done proportionally within each sub-category.
Live subscription data is updated periodically on the websites of the stock exchanges (BSE and NSE) during the IPO bidding days. Many financial news portals and broker websites also display this information.
IPO subscription data is sourced from stock exchanges and is subject to updates and revisions. Figures are indicative and provided for informational purposes only. Final subscription numbers are released after the issue closes. Investment decisions should be based on thorough research of the prospectus and consultation with a financial advisor.