IPO Subscription Status Today

IPO	Type	Status	Day	QIB	NII	Retail	Total
Zetwerk	Mainline	Open	D1	0.13×	0.07×	0.20×	0.13×
Bonfiglioli Transmissions	Mainline	Open	D1	0.08×	0.68×	0.52×	0.43×
Tonbo Imaging	Mainline	Open	D1	3.89×	5.29×	2.90×	3.70×
Sahajanand Medical	Mainline	Open	D1	0.37×	0.14×	0.33×	0.30×
Shellz India	SME	Open	D1	0.00×	1.13×	0.54×	0.51×
Fusion CX	Mainline	Open	D2	0.05×	1.40×	3.69×	1.08×
Ravita Engineering	SME	Open	D2	1.33×	2.29×	1.42×	1.58×
HD Fire Protect	Mainline	Open	D3	256.65×	202.77×	29.04×	130.88×
Vaibhav Vyapaar	SME	Open	D3	1.61×	6.63×	2.57×	3.16×

How to read subscription multiples

Subscription on this page is a multiple of the shares reserved for a category. “Retail 4.50×” means applications in the retail portion added up to four and a half times the shares set aside for retail. It does not mean every applicant gets 4.5 times the lot they asked for. In an oversubscribed retail book the opposite happens: most applicants get either one minimum lot or nothing, decided by a lottery once the issue closes. The total column is the whole book, and it is often dominated by the qualified institutional buyer portion on a mainboard issue. A spectacular total can sit next to a modest retail number. Read the columns separately.

The usual mainboard split, before any employee or shareholder reservation, is about 50% for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and 35% for retail. Retail here means an application up to ₹2 lakh. NII is the book above ₹2 lakh that is not institutional. SME issues do not use that same 50 / 15 / 35 pattern, and the minimum application is larger. A 40× SME total and a 40× mainboard total are not the same fact. The category guide and the mainboard versus SME guide spell the difference out.

Day number, revisions, and empty rows

The day number is which bidding day the latest file belongs to. A day-one figure taken at noon is a partial day. Institutional bids often arrive late. Retail bids often bunch up on the last afternoon, especially when people are watching a premium. Exchanges revise the file after the close. If you make a decision on a midday screenshot, assume it will change. When a row has zeroes, we do not yet have a subscription file for that issue. Zero is not the same as “the IPO found no buyers”. Wait for the exchange file or open the IPO page later in the day.

QIB subscription is not a quality stamp. Institutions bid for many reasons, including the anchor book that is settled just before the issue opens and hedging around listing. Some institutional interest is real conviction. Some of it is process. You cannot see which is which from a single multiple. What you can see is concentration. If QIB is many times covered and retail is barely covered, the headline “oversubscribed” is an institutional headline. If retail is heavily covered and QIB is thin, the lottery gets harsh for retail applicants and the institutional view is cautious. Both patterns show up in real issues. Neither pattern is, by itself, a reason to apply.

An illustration of allotment odds

This is arithmetic, not a prediction. Suppose the retail portion has room for 1,00,000 lots at the minimum application size, and retail applications at the close equal 5,00,000 minimum lots. Retail is 5×. If the issuer allots by draw once every applicant is at the minimum, roughly one application in five receives one lot and the rest receive a refund or a mandate release. Applicants who bid for more than one lot do not improve those odds in the way a newcomer expects, because above the point where the retail book is fully covered at the minimum, extra lots do not buy a larger guaranteed allotment. The exact rule is in the prospectus and in SEBI’s allotment process. Read how allotment works before you increase the application size just to “improve chances”.

NII has its own buckets, including a smaller-application NII slice and a larger one. A very high NII multiple often means leveraged applications from people who are not retail. That demand can vanish from the secondary market after listing even if it looked impressive in the subscription file. Do not add QIB, NII, and retail in your head and call the sum “people like me”. The full subscription guide walks through a day-by-day reading.

What to open next

The IPO page, for the price band, lot, and dates next to these multiples.
The GMP tracker, as sentiment only, with the disclaimer in mind.
The prospectus, for whether the business justifies the band. Subscription cannot answer that.

Figures here can lag the exchange. If a number matters to an application you are about to submit, confirm it on the exchange bidding page before the window closes.