IPO Quota Breakdown
SEBI mandates that IPO shares are divided across three investor categories:
- QIB (Qualified Institutional Buyers): 50% of issue — mutual funds, banks, FIIs
- NII (Non-Institutional Investors / HNI): 15% — individuals applying above ₹2 lakh
- RII (Retail Individual Investors): 35% — individuals applying up to ₹2 lakh
How Retail Allotment Works
In the retail category, SEBI ensures maximum distribution:
- If total retail applicants are fewer than available lots → everyone gets at least 1 lot
- If oversubscribed → a computerized lottery decides who gets 1 lot
This means applying for 1 lot vs. applying for the maximum (₹2 lakh worth) gives you the same probability of allotment in an oversubscribed IPO.
How NII/HNI Allotment Works
The NII category uses a proportional allotment system. Applying for more lots increases your share of the allocation. For very high-subscription NII slots, applying from multiple family members' accounts is common.
How to Improve Your Retail Allotment Chances
- Apply from multiple demat accounts (each family member can apply separately)
- Each PAN can only submit one application per IPO
- Apply at the cut-off price — never miss a price revision
- Submit your mandate approval early — last-hour UPI approvals sometimes fail
When and How to Check Allotment Status
Allotment status is published ~6 working days after the IPO closes. You can check via:
- BSE/NSE official website → IPO allotment section
- Registrar's website (KFin, Link Intime, Bigshare)
- GMP IPO Watch allotment checker
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