Latest IPOIPO Subscription Status Explained: QIB, NII and Retail
Updated 20 Oct 2026 · 2 min read
Subscription status shows how many times investors have bid for the shares on offer. It is the clearest sign of demand for an IPO.
What “subscribed 10 times” means
If an IPO offers 1 crore shares to retail investors and they bid for 10 crore shares, the retail category is subscribed 10 times (10x). Below 1x means there are not yet enough bids for all the shares.
The categories
- QIB: qualified institutional buyers, such as mutual funds, banks, insurers and foreign funds.
- NII: non-institutional investors, bidding above ₹2 lakh. Split into small NII (₹2–10 lakh) and big NII (above ₹10 lakh).
- Retail: individuals bidding up to ₹2 lakh.
- Employee and shareholder: separate quotas in some IPOs.
- Anchor investors: large investors who buy a day before the IPO opens. They are not part of the subscription figures.
How to read the day-wise figures
Bidding usually lasts three working days. Retail investors often bid from day one, while QIBs and big NIIs tend to bid on the last day, so the total can jump at the end. The final figures come after bidding closes.
Subscription vs listing gain
How the 152 IPOs that listed recently did, by how many times they were subscribed overall. Higher demand has usually meant a better listing, but not always.
| Subscribed | IPOs | Listed above issue price | Average listing gain |
|---|---|---|---|
| Under 10x | 74 | 46% | +2.07% |
| 10x to 50x | 23 | 78% | +12.72% |
| 50x to 100x | 18 | 72% | +19.30% |
| 100x and more | 37 | 95% | +50.08% |
Subscription and your chances
The higher the retail subscription, the lower your chance of getting shares: roughly 1 in 20 if retail is subscribed 20 times. Read how IPO allotment works, or see today’s subscription status of every IPO.
Frequently asked questions
When is the subscription status final?
After bidding closes on the last day. Figures during bidding can change a lot, especially on the last day.
What is a good subscription number?
There is no fixed number. Strong demand from QIBs is watched closely, and an IPO subscribed more than 10 times overall usually has good demand.
For information only, not investment advice.