IPO Basics
Understanding IPO Subscription Data
How to read IPO subscription levels across retail, NII, and QIB categories.
4 min read
IPO
IPOFins Team
Finance Research & Data • June 2026
IPO Subscription Data Explained
During an open IPO, exchanges publish daily subscription figures showing how many times each category oversubscribed the issue.
Categories
- Retail — Individual investors (up to ₹2 lakh per application)
- NII — Non-institutional investors (HNI category)
- QIB — Qualified institutional buyers (mutual funds, FIIs)
How to Use It
Higher oversubscription in QIB and NII categories often signals institutional interest. Retail subscription alone can be misleading due to high application volumes with small lot sizes.
IPOFins tracks subscription from authorized exchange data only — we do not publish grey market premium (GMP), which has no official source.