IPO Subscription Categories Explained: QIB, NII and Retail in the NSE Bid Table
During an IPO, NSE publishes a bid table that shows how many times each investor category has been subscribed. Words like QIB, NII and "bids above ₹10 lakh" can be confusing the first time you see them. This explainer covers what each category means and how the "times subscribed" figure is worked out, using only an offer document filed with NSE and NSE's own bid data.
Where the categories come from
Every mainboard IPO splits the shares on offer into portions for different types of investors. The rules come from the SEBI ICDR Regulations, 2018, and each company repeats them in its Red Herring Prospectus (RHP). As a worked example we use the RHP of Bombay Coated and Special Steels Ltd, filed with NSE in October 2026. That issue is made under Regulation 6(1) of the SEBI ICDR Regulations, the route most mainboard IPOs use.
The three main categories
Category | Who bids | Share of the issue |
|---|---|---|
QIB | Qualified institutional buyers | Not more than 50% |
NII | Non-institutional investors, bids above ₹2 lakh | Not less than 15% |
Retail | Individuals, bids up to ₹2 lakh | Not less than 35% |
These are the shares under Regulation 6(1), as stated in the RHP. An issue under a different regulation, such as Regulation 6(2), can have a different split, so always check the RHP of the issue you are reading about.
QIB: the institutional portion
QIBs are qualified institutional buyers as defined in Regulation 2(1)(ss) of the SEBI ICDR Regulations, such as mutual funds and insurance companies. The RHP explains a few extra rules inside the QIB portion:
The company may give up to 60% of the QIB portion to anchor investors, who bid one working day before the issue opens.
40% of the anchor portion is reserved: 33.33% for domestic mutual funds and 6.67% for life insurance companies and pension funds, as the RHP describes.
5% of the remaining (net) QIB portion is reserved for mutual funds.
The QIB line in NSE's bid table counts bids against the QIB shares left after the anchor allocation. For the example issue, NSE's QIB line shows 47,98,588 shares, while its issue page lists the anchor portion separately as 65,97,500 shares.
NII: two sub-categories by bid size
NIIs (also called non-institutional bidders) are investors who bid for more than ₹2 lakh. The RHP splits this portion in two:
One-third is for bids of more than ₹2 lakh and up to ₹10 lakh.
Two-thirds is for bids of more than ₹10 lakh.
If one sub-category is under-subscribed, the unused shares can go to the other one, as per the SEBI ICDR Regulations. This is why NSE shows two separate NII lines: "bids above ₹10 lakh" and "bids of ₹2–10 lakh". In the example issue, NSE's table reserves 23,46,885 shares for bids above ₹10 lakh and 11,73,442 shares for bids of ₹2–10 lakh, a two-to-one split.
Retail: bids up to ₹2 lakh
A retail individual bidder bids for an amount of not more than ₹2 lakh. The RHP also explains the "maximum RIB allottees" idea: the number of retail bidders who can each get the minimum bid lot, worked out by dividing the retail shares by the lot size. Government securities auctions also have a retail slice: our explainer on how Treasury Bills work shows how non-competitive retail bids are capped at 5% of the notified amount.
How "times subscribed" is calculated
The number in the bid table is a simple ratio:
Times subscribed = shares bid for in that category ÷ shares reserved for that category.
Here is how NSE's figures for Bombay Coated and Special Steels looked on day 1 (NSE data, updated 29 Oct 2026, 5:00 PM IST):
Category | Shares bid ÷ reserved | Times |
|---|---|---|
Retail | 1,02,01,282 ÷ 82,14,097 | 1.24x |
QIB | 3,14,52,876 ÷ 47,98,588 | 6.55x |
Total | 4,41,95,060 ÷ 1,65,33,012 | 2.67x |
On the same update, NSE showed NII at 0.72x overall, with bids above ₹10 lakh at 0.49x and bids of ₹2–10 lakh at 1.19x. These numbers are used here only to show how the table works. They change through the bidding period and say nothing about how a share will trade after listing.
Three points that are easy to miss
A figure of 1.00x means bids equal the shares reserved. Below 1.00x, that category has fewer bids than shares.
Bids are counted in shares, not in the number of applications. A few large bids can move the NII or QIB figure a lot.
The bid table is a running count while the issue is open. The basis of allotment is finalised after the issue closes, with the designated stock exchange, as the RHP's timetable shows.
FAQ
What do QIB, NII and Retail mean in an IPO bid table?
They are investor categories. QIBs are qualified institutional buyers such as mutual funds. NIIs are non-institutional investors who bid for more than ₹2 lakh. Retail means individual bidders who bid for up to ₹2 lakh.
How much of a mainboard IPO is reserved for each category?
For an issue under Regulation 6(1) of the SEBI ICDR Regulations, not more than 50% is for QIBs, not less than 15% is for NIIs and not less than 35% is for retail bidders, as stated in the RHP.
Why does NSE show two NII lines?
The NII portion is split by bid size: one-third for bids of more than ₹2 lakh and up to ₹10 lakh, and two-thirds for bids of more than ₹10 lakh.
How is the times-subscribed figure worked out?
Divide the shares bid for in a category by the shares reserved for it. For example, 1,02,01,282 retail shares bid against 82,14,097 reserved gives 1.24x.
Sources
About the author: Nishi Jain is a full-time trader in Jaipur and ex-JioBlackRock.
Disclaimer: Education-only explainer. Not investment advice. No IPO or security recommendation is made here, and subscription figures are not an indicator of listing performance. Please read the RHP and consult a SEBI-registered adviser before investing.
