DEMAND · 3 MIN READ
QIB, NII and retail IPO subscription explained
Subscription figures compare valid bids with shares reserved for a category. Each category has different participants and allotment rules.
QIB
Qualified institutional buyers include eligible institutions such as mutual funds, insurers and certain foreign investors. Strong QIB demand is useful context, not a guarantee of listing performance.
NII
Non-institutional investors apply above the retail limit. This category includes smaller and larger NII sub-categories under current allocation rules. Funding conditions can make NII demand volatile.
Retail
Retail individual investors apply within the prescribed application-value limit. When retail is heavily oversubscribed, the chance of receiving even one lot can fall sharply.
Special quotas
Some issues reserve shares for eligible employees or shareholders. Eligibility and allocation rules are stated in the offer document.
Read the timestamp
Subscription changes during the day and often rises late on the final day. Compare figures captured at similar times and verify the source.
Reviewed for clarity · 2026-11-03