Applies now: Vedant Poly Fabs, allotment out · lists 9 Nov. See 3 more
What times subscribed means
Times subscribed = shares bid for ÷ shares reserved
It is worked out separately for each category, using the number of shares, not the number of applications. If 10 lakh shares are reserved for retail investors and retail bids add up to 1 crore shares, retail is subscribed 10 times, written 10x.
A figure below 1x means the category is not yet fully subscribed. A figure of exactly 1x means bids match the shares on offer. Anything above 1x means some bidders in that category will get fewer shares than they asked for, or none.
The categories you will see
The exchanges publish a row for each category:
| Category | Who | Share of the net issue (profitable company) |
|---|---|---|
| QIB | Institutions such as mutual funds and insurers | Up to 50%, including anchors (the published figure leaves anchors out) |
| NII | Individuals and others bidding above ₹2 lakh | At least 15% |
| Big NII | NII bids above ₹10 lakh | Two-thirds of NII |
| Small NII | NII bids above ₹2 lakh up to ₹10 lakh | One-third of NII |
| Retail | Individuals bidding up to ₹2 lakh | At least 35% |
| Employee, shareholder | Special quotas, where offered | As stated in the RHP |
| Total | All the above together | 100% of the net issue |
For a company that lists without a three-year profit record, QIBs get at least 75% and retail at most 10%. Read Retail, NII and QIB categories for who fits where.
Where the figures come from
NSE and BSE publish bid details for every issue during the bidding days, updated through the day. The final figures appear after the issue closes at 5 pm on the last day.
Each IPO page on IPO24by7 shows the latest NSE figures by category, with the time they were taken. Under each bar we also show the category’s share of the offer, so you can see how big each pool is.
Why your category matters more than the total
The total mixes categories with very different rules. A total of 241x tells you the IPO was popular. It does not tell you your chance.
Retail shares are allotted by lottery among retail applicants. So the retail figure is the one that matters if you bid up to ₹2 lakh. For small NII, look at the small NII figure, and so on.
A worked example
Here are BLS Polymers’ figures at the close of bidding on 29 October 2026, from NSE’s bid details:
| Category | Times subscribed |
|---|---|
| QIB | 200.25x |
| NII | 559.20x |
| Big NII | 592.83x |
| Small NII | 491.95x |
| Retail | 128.36x |
| Total | 241.22x |
The total is 241x, but the retail figure is 128x. A retail applicant’s odds depend on the 128x, and on how many lots the average retail applicant bid for.
Here is a rough estimate with illustrative numbers. Say the retail portion is 6,00,000 shares, in lots of 100. That is 6,000 lots to give out.
- Shares bid by retail: 6,00,000 × 128.36 = 7,70,16,000.
- If the average application is 3 lots (300 shares), that is about 2,56,720 applications.
- With 6,000 lots for about 2,56,720 applicants, the chance of getting one lot is about 2.3%, or roughly 1 in 43.
These are our calculations on assumed numbers. The real odds appear in the basis of allotment, published after allotment.
Small NII and big NII
Since 2022, the NII category is split in two: one-third for bids above ₹2 lakh up to ₹10 lakh (small NII), and two-thirds for bids above ₹10 lakh (big NII).
In both, allotment works like a lottery for the minimum application size. A small NII winner gets the smallest number of lots worth more than ₹2 lakh; a big NII winner gets the smallest number worth more than ₹10 lakh. If shares are left after every winner gets the minimum, the rest is allotted in proportion to the bids. So the small NII and big NII figures each decide the odds in their own pool, just like the retail figure does for retail.
Employee and shareholder quotas
Some IPOs reserve shares for employees of the company, or for shareholders of a listed parent company. These quotas are shown as separate rows.
Only eligible people can bid in them, and they are often less heavily subscribed than retail. If you are eligible, the RHP explains how to bid, and you can usually also bid in your main category.
SME IPOs
In SME IPOs, the rows are similar, but the retail row is called individual investors, for bids of two lots worth more than ₹2 lakh. A part of each SME issue is reserved for the market maker, and is shown separately from the investor categories. SME issues listing only on BSE SME have their figures on BSE’s website, not NSE’s, and BSE publishes them in the same way.
How the figures move during bidding
Subscription usually follows a pattern over the bidding days:
- Day 1: retail and NII bids start; QIBs are often low or zero.
- Day 2: retail and NII build up.
- The last day: many institutions and large NII bidders bid, often in the final hours.
So a QIB figure of 0.5x on day 2 says little. The final figures, after 5 pm on the closing day, are the ones to use.
The figures published during the day are also provisional. The exchanges update them several times, and the registrar’s final count, used for allotment, can differ slightly after invalid bids are removed.
What subscription cannot tell you
Subscription is a fact about demand during one week. It does not tell you whether the company is good value, or what the listing price will be.
Heavily subscribed IPOs have listed below their issue price, and lightly subscribed ones have listed above it. Read the things worth checking in the offer document as well, and treat the grey market premium with care; see what IPO GMP is.
When an IPO is undersubscribed
If an IPO does not receive the minimum subscription required by SEBI’s rules, 90% of the offer, it fails and all blocked money is released. The RHP states the exact condition for each issue.
If a single category is short, the unsubscribed shares can usually be given to bidders in other categories. This spill-over is not allowed into the QIB portion: QIB shortfalls cannot be filled from other categories. The RHP’s Offer Procedure section explains the rules for each issue.
Common mistakes to avoid
- Using the total to judge your odds. Use your own category’s figure.
- Adding anchors to the QIB figure. The published QIB figure already leaves them out.
- Reading day-1 figures as final. Many bids arrive on the last day.
- Treating high subscription as a sign of quality. It measures demand, not value.
- Bidding more lots to beat the lottery. In retail, most winners get one lot however many they bid for.
What to do next
Learn how IPO shares are allotted and how to check your allotment status. Then see the latest subscription for IPOs open this week.
Sources: SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, Regulation 32 on allocation by category and Schedule XIII on book building, including minimum subscription and spill-over; SEBI ICDR (Amendment) Regulations, 2022: NII portion split one-third for ₹2 lakh to ₹10 lakh and two-thirds for above ₹10 lakh; NSE bid details for BLS Polymers, 29 Oct 2026, 7:48 pm, for the worked example.
Frequently asked questions
What does IPO subscription status mean?
It shows how many times the shares on offer have been bid for, in each investor category and in total. A figure of 10x means bids for ten times the shares reserved for that category.
Where can I check live IPO subscription status?
On the NSE and BSE websites, in the bid details for the issue, updated during the bidding days. Each IPO page on IPO24by7 shows the latest NSE figures with the time they were taken.
Which subscription figure should a retail investor look at?
The retail figure. Retail shares are allotted by lottery among retail applicants, so the retail subscription, not the total, decides your chance.
Does high subscription mean a listing gain?
No. It shows strong demand during bidding, which is a fact about that week. Listing prices depend on many things and have often differed from what subscription suggested.
What happens if an IPO is undersubscribed?
If it does not receive the minimum subscription of 90% of the offer, the issue fails and all money is released. If one category is short, the shortfall can usually be filled from other categories, except the QIB portion.
Why does the QIB figure jump on the last day?
Many institutions bid on the final day, after watching demand. A QIB figure below 1x on the first two days is common and often changes sharply at the close.