What is Subscription Status?
IPO subscription status shows how many times the IPO has been applied for relative to the shares on offer. A subscription of 2x means twice the number of available shares have been applied for.
Reading the Subscription Table
The subscription table breaks down demand across three categories:
| Category | Shares Offered | Applied | Subscription |
|---|---|---|---|
| QIB | 10,00,000 | 2,00,00,000 | 200x |
| NII/HNI | 3,00,000 | 90,00,000 | 300x |
| Retail | 7,00,000 | 21,00,000 | 30x |
| Total | 20,00,000 | 3,11,00,000 | 155x |
What Strong Subscription Means
- QIB 100x+: Institutional confidence — strong signal
- NII 200x+: Heavy HNI demand — bullish
- Retail 10x–30x: Good retail demand
- Total 50x+: Generally considered a strong IPO
Subscription vs GMP
GMP and subscription data are independent signals that should confirm each other:
- High subscription + high GMP = strong buy signal
- High subscription + low GMP = institutional demand but grey market cautious
- Low subscription + high GMP = GMP may be manipulated — be careful
Day-by-Day Subscription Tracking
NSE and BSE publish real-time subscription data during the IPO window. Day 3 (final day) subscription numbers are the most meaningful — many institutional bidders submit on the last day.
GMP IPO Watch tracks live subscription updates for every open IPO so you always have the latest numbers.
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