IPO Jargon, Decoded
Subscription tables are full of acronyms. Here is what each one actually means, in plain English.
Investor categories
- RII (Retail Individual Investor) — individuals applying for up to ₹2 lakh. Allotment is by lottery when oversubscribed.
- NII / HNI (Non-Institutional Investor) — individuals and entities applying for
more than ₹2 lakh. Now split into two sub-categories:
- sNII (small NII) — applications between ₹2 lakh and ₹10 lakh.
- bNII (big NII) — applications above ₹10 lakh.
- QIB (Qualified Institutional Buyer) — institutions like mutual funds, banks, insurers and FIIs.
- Anchor Investors — large institutions allotted shares one day before the IPO opens, subject to a lock-in. Strong anchor demand is seen as a vote of confidence.
Subscription figures
The “subscription” or “x times” number tells you how many times the shares on offer have been bid for. “QIB 40x” means institutions bid for 40 times the shares reserved for them. Higher subscription generally signals stronger demand, but each category has its own reservation and lottery/pro-rata rules.
Pricing & application terms
| Term | Meaning |
|---|---|
| Price band | The range (e.g. ₹95–₹100) within which you bid; the final price is set within it. |
| Cut-off price | An option (for retail) to accept whatever final price is set, so your bid isn’t rejected for being too low. |
| Lot size | The minimum number of shares you must apply for; you bid in multiples of this. |
| ASBA | Application Supported by Blocked Amount — funds are blocked in your bank, not debited, until allotment. |
| DRHP / RHP | Draft / final Red Herring Prospectus — the official document with the company’s financials and risks. |
| Registrar | The agency (e.g. Link Intime, KFin) that processes allotment and where you check status. |
| Listing gain | The percentage difference between the listing-day price and the issue price. |
Issue structure
| Term | Meaning |
|---|---|
| Fresh issue | New shares sold by the company; the proceeds go to the company. |
| Offer for Sale (OFS) | Existing shareholders selling their shares; the money goes to them, not the company. |
| Face value | The nominal per-share value (e.g. ₹1, ₹2, ₹10) — an accounting figure, not the issue price. |
| Book building | Price discovery within a band, based on the bids received. |
| Fixed-price issue | An issue offered at a single pre-set price rather than a band. |
| Objects of the issue | What the company says it will do with the money raised. |
| Anchor lock-in | The period anchor investors must hold part of their allotment after listing. |
Process & listing
| Term | Meaning |
|---|---|
| Basis of allotment | The document/date on which who-gets-what is finalised. |
| UPI mandate | The approval you give in your UPI app to block the application amount. |
| DPID / Client ID | Your demat account identifiers, sometimes used to check allotment. |
| T+3 listing | Shares list three working days after the issue closes. |
| Pre-open session | A special call auction on listing day that discovers the opening price. |
| Circuit limit | The maximum a stock can move in a session before trading pauses. |
| Flipping | Selling on listing day to capture (or cut) the listing move rather than holding. |
Bookmark this page — then open any live IPO on CoinWhisperer and the subscription
table will read a lot more clearly.
New to applying? Start with how to apply for an IPO, then how to check your allotment.