Guide
New to IPOs? The 1-minute guide
An IPO is when a company sells its shares to the public for the first time. You apply through your broker app (Zerodha, Groww, Upstox…) using UPI, during the 3 days it is open. "Booked 20×" means people asked for 20 times more shares than are on sale, so not everyone gets them; shares go out by lucky draw. If you don't get shares, your money is simply unblocked. Main board IPOs list on the regular NSE and BSE market with stricter rules; SME IPOs are small companies on a separate, lighter-rule platform: you need ₹1 lakh or more and they are riskier. Listing day is when the shares start trading, and the price can open above or below what you paid.
How to read IPO subscription status
Subscription shows how many times the shares on offer were applied for. 10× means investors bid for ten times the shares available. When an IPO is oversubscribed, not everyone gets shares, and allotment is done by lottery for small investors.
QIB: qualified institutional buyers
Mutual funds, insurance companies, banks and foreign institutions. They usually bid on the last day, so a low QIB number on day one is normal. Strong QIB demand is read as a sign that professional money likes the issue.
NII: non-institutional investors (HNI)
Individuals and companies bidding more than ₹2 lakh. Split into bNII (above ₹10 lakh) and sNII (₹2–10 lakh). High NII demand is often driven by short-term listing-gain hopes and borrowed money, so it can swing a lot.
Retail
Individuals bidding up to ₹2 lakh. If retail is subscribed 15×, roughly one in fifteen applicants gets one lot, because SEBI rules give every successful retail applicant a minimum of one lot.
Main board vs SME IPOs
Main board IPOs list on the regular NSE and BSE market. SME IPOs are smaller companies listing on NSE Emerge. SME lots are bigger (₹1 lakh or more is common), SME shares trade in lots after listing, and they can be hard to sell when the market turns. For SME IPOs NSE publishes the total subscription and the number of applications, not a reliable category split, so that is what we show.
From close to listing: the T+3 timeline
Under SEBI's T+3 rule, allotment is finalised one working day after the IPO closes, shares reach demat accounts and refunds go out on day two, and the shares list on the third working day. The listing dates here are worked out that way, skipping weekends and NSE trading holidays.
FAQ
IPO tracker: frequently asked questions
What does IPO subscription status mean?
It shows how many times the shares on offer have been bid for. 10× means investors applied for ten times the shares available. It is shown for each investor group: QIB (big institutions), NII (high net worth investors, bidding above ₹2 lakh) and retail (individuals bidding up to ₹2 lakh), plus the total.
What is the difference between a main board IPO and an SME IPO?
Main board IPOs list on the regular NSE and BSE market. SME IPOs are smaller companies that list on NSE Emerge or BSE SME. SME IPOs have bigger lot sizes (minimum investment often ₹1 lakh or more), fewer rules, less trading after listing, and SME shares trade in lots, not single shares.
When will an IPO list after it closes?
Under SEBI's T+3 rule, shares are allotted one working day after the IPO closes (T+1), refunds and credit to demat accounts happen on T+2, and the shares list on the third working day (T+3). This tracker shows the expected listing date on that basis, counting only trading days (weekends and NSE holidays are skipped).
How is the minimum investment calculated?
Minimum investment is one lot multiplied by the upper end of the price band, because most retail investors bid at the cut-off price. For example, a lot of 182 shares at a ₹82 upper price needs ₹14,924.
Does a high subscription mean a listing gain?
Often, but not always. Strong demand usually helps the listing price, but some heavily subscribed IPOs still list below the issue price when the market falls or the valuation was stretched. Check the Recently listed tab to see how recent IPOs actually did.
Where does this IPO data come from and how often is it updated?
All IPO details and subscription figures come from NSE. Main board subscription is NSE and BSE combined, as published by NSE; SME subscription is NSE only. While IPOs are open the data is refreshed several times a day. Listing prices come from NSE closing prices.
Is the IPO Tracker free?
Yes. It is completely free and needs no sign-up. It is not investment advice, and it does not show the grey market premium (GMP), which is unofficial.
Kuldeep Singh
Personal finance content creator & developer · Deep Money Minds
Kuldeep builds free, data-driven tools for Indian investors and covers SIPs, mutual funds, stocks and financial independence on YouTube. Questions or a data error? Write to kuldeep@deepmoneyminds.com.
Data: NSE IPO filings, subscription figures and closing prices. Not investment advice.