IPO Hub
Every mainboard & SME IPO on NSE — with live category-wise subscription (QIB · NII · Retail) and a transparent, rules-based read on the demand so you can judge whether to apply. Grounded in NSE's own numbers, not tips.
Subscription figures are NSE's live bidding data and change through the day. The verdict is a transparent, rules-based reading of that demand — for education only, not investment advice. Always read the RHP before applying.
Reading an IPO's subscription numbers
The subscription figures on this page update through the bidding window, and the shape of the demand across categories is far more informative than the total. Here is what each category is telling you.
The three books are not equal
QIB — qualified institutional buyers — is the number worth watching. These are institutions with research teams and access to management, and they mostly bid on the final day, which is why a QIB book that fills early is unusual and meaningful.
NII or HNI demand is the most leveraged and the most volatile. A large part of it is funded borrowing placed for a listing gain, it arrives almost entirely in the last hours, and it can multiply the headline subscription figure without saying anything about the business.
Retail is the slowest-moving of the three and correlates most closely with how much publicity the issue has had.
Why the total is the least useful number
A headline "subscribed 40 times" is dominated by whichever book is most leveraged, and it is the figure most likely to be quoted at you. An issue subscribed 40 times on NII money with a QIB book at 2× is a different proposition from one subscribed 8 times with QIB at 15×, and the second is the stronger of the two.
Watch the timing as well as the level. Demand that builds steadily across all three days is a different signal from demand that appears in the final two hours, which is what a listing-pop trade looks like.
Oversubscription is not a valuation
This is the part that costs people money. Heavy subscription means demand at the offer price with a defined allotment; it says nothing about whether the price was reasonable. Well-subscribed issues have listed below their offer price, repeatedly, and in the Indian market a hot primary market has historically been a decent contrarian indicator for the secondary one.
The price band, lot size and company background on this page are the part worth spending time on. The demand verdict is a rules-based reading of the subscription data and nothing more — it does not value the business, and it is not a recommendation.
And the numbers themselves
Subscription figures come from the exchange and are updated periodically through the day, not continuously. Final allotment depends on the registrar's process and on category-level oversubscription, so a figure here is a description of demand, not a prediction of what you will receive.