IPO subscription status explained: QIB, NII and retail times subscribed

Times subscribed is the number of shares bid for divided by the number of shares reserved for that category. A figure of 10x means bidders asked for ten times the shares on offer.

The categories

• QIB – qualified institutional buyers such as mutual funds, insurers and foreign institutions. They usually bid on the last day.
• NII / HNI – non-institutional investors bidding more than ₹2 lakh. They are split into smaller (₹2–10 lakh) and bigger (above ₹10 lakh) applications.
• Retail (RII) – individuals bidding up to ₹2 lakh.
• Employees and sometimes shareholders – reserved portions in some issues.

The usual pattern

Subscription is typically low on day one, builds on day two and jumps on day three, when institutions and large investors bid close to the deadline. A final retail subscription far below 1x on the last day is a warning that demand is weak.

What it does and does not tell you

• High QIB subscription means institutions found the price acceptable, not that the stock will rise.
• Very high retail subscription lowers your allotment chance because the lottery is more crowded.
• Subscription measures demand for the issue, not the quality of the business.

See live figures on our subscription page, collected from the NSE bidding data.

Frequently asked questions

What is a good subscription number?

There is no fixed number. Above 1x in every category means the issue is fully covered; much higher numbers mean heavy demand and, for retail, a lower chance of allotment.

Last updated 2026-10-20. Information only, not investment advice.