What is the difference between QIB, NII and retail subscription?

QIB is qualified institutional buyers — funds and institutions with analyst teams and access to management. NII is non-institutional investors, often applying with borrowed funds and frequently exiting on listing day. Retail is individual applicants below two lakh rupees. Each has a separate reserved portion and its own allotment rules, so only your own category governs your odds.

Why does the headline subscription number mislead?

It averages three groups with different information. An issue at 40 times overall could be 55 times QIB and 8 times retail, or 4 times QIB and 90 times retail. Those are opposite situations, and every site prints the same number for both.

Does institutional demand predict a better listing?

This page publishes what happened historically, by pattern, with the sample size beside each figure. It does not forecast. A pattern that held across past listings is a fact about those listings, not about the next one.

Subscription Patterns

0 issues · 0 with a listing outcome · updated 19 Sept 2026, 1:29 am IST

The headline subscription multiple is the least informative number on any IPO page, because it averages three groups with completely different information and completely different incentives.

QIB	Institutions with analyst teams and access to management.
NII	Non-institutional, often applying with borrowed funds and frequently exiting on listing day.
Retail	Individuals, largely reading the same publicly reported GMP as everyone else.

An issue subscribed 40× overall might be 55× QIB and 8× retail, or 4× QIB and 90× retail. Those are opposite situations, and every site prints the same "40x" for both. This page separates them and attaches what happened.

History, not a forecast. These are distributions over past listings, with sample sizes shown. A pattern that held before is a fact about those issues — not a claim about the next one, and not a recommendation.

By pattern

Pattern	Median gain	Mean gain	Positive	Range
Institution-led QIB subscribed more than twice the retail multiple. The people with analyst teams wanted it more than the public did.	—	—	—	—
Retail-led Retail subscribed more than twice the QIB multiple. Public enthusiasm ran ahead of institutional.	—	—	—	—
Retail frenzy Retail subscribed more than ten times the QIB multiple. The gap is extreme.	—	—	—	—
Broad demand No category dominated — all three within a factor of two of each other.	—	—	—	—
Thin Total subscription under three times. Demand was limited across the board.	—	—	—	—

Figures are shown only where at least 8 listings have accumulated. An average over four issues is not an average, and printing one with a quiet asterisk is how a number becomes a claim nobody decided to make. Median is given beside mean because one listing that doubled drags a mean across a small sample.

Not enough scored listings yet for any pattern to show a figure. This page fills in as the archive grows — which is the honest state of it, rather than numbers computed from a handful of issues.

Issue by issue

IPO	QIB	NII	Retail	Total	Pattern	Listing
No category-wise subscription recorded yet.

How a pattern is assigned

By the ratio of retail to QIB demand, not by absolute multiples — so a small SME issue and a large mainboard one can carry the same label. The thresholds are round numbers chosen to be legible. They are deliberately not optimised: a boundary tuned to maximise the difference between buckets would be a fitted model pretending to be a category.