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IPO lot size and application amount calculator
Type the top of the price band and the lot size. See what one lot costs and how many lots fit each category, from one retail lot to the smallest big NII application.
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How to use it
- Type the top of the price band, also called the cap price. A retail bid at the cut-off price blocks money at this price, so this is what an application costs.
- Type the lot size: the number of shares in one lot, given in the offer document and the price band announcement. Bids are in whole lots.
- Type the lots you plan to apply for, to see the amount and the category it falls in.
The categories
An IPO splits its shares between categories of investors, and the size of an application decides which one it is in.
| Category | Application size | Share of a typical issue |
|---|---|---|
| Retail individual investors (RII) | Up to ₹2 lakh | At least 35% |
| Small non-institutional investors (sNII) | Above ₹2 lakh, up to ₹10 lakh | One third of the NII part |
| Big non-institutional investors (bNII) | Above ₹10 lakh | Two thirds of the NII part |
| Qualified institutional buyers (QIB) | Institutions only | Up to 50% |
The shares in the table are for most mainboard issues, which keep at least 15% for non-institutional investors. A company that does not meet SEBI’s profit track record keeps at least 75% for institutions, and then retail investors get up to 10%. The offer document gives each issue’s split.
Worked example
Company ABC’s price band is ₹285 to ₹300, and a lot is 50 shares. One lot costs 50 × ₹300 = ₹15,000.
- Retail goes up to ₹2 lakh: at most 13 lots, or ₹1,95,000. A 14th lot would take the application to ₹2,10,000.
- Small NII runs from 14 lots (₹2,10,000) to 66 lots (₹9,90,000).
- Big NII starts at 67 lots (₹10,05,000).
UPI can block up to ₹5 lakh, which is 33 lots (₹4,95,000) here. A larger application goes through net banking ASBA, where your bank blocks the money directly.
Why the top of the band
A retail investor can bid at the cut-off price, which means agreeing to pay whatever issue price is fixed inside the band. The bank blocks money at the top of the band, and if the issue price is set lower, the difference is unblocked after the allotment. NII and QIB bidders cannot bid at the cut-off: they name a price, and they cannot withdraw or lower their bids once placed.
Lots and the chance of allotment
Applying for the retail maximum does not raise the chance of getting shares in an oversubscribed issue: each winning retail application gets one lot, picked by a draw of lots. The IPO allotment chance calculator works out that chance. The money for every lot you apply for stays blocked until the allotment, usually two working days after the issue closes.
What this calculator does not cover
Some issues keep a part for their employees or for shareholders of a listed parent company, and some give retail or employee bidders a discount per share; the offer document says so. SME IPOs, listed on the SME platforms of BSE and NSE, have their own larger minimum applications. This calculator follows the rules for mainboard issues.
Questions people ask
- What is the most a retail investor can apply for in an IPO?
- ₹2 lakh per application. The calculator finds the most whole lots that fit: at ₹15,000 a lot, 13 lots, or ₹1,95,000.
- What is the difference between sNII and bNII?
- Both are non-institutional applications above ₹2 lakh. Small NII (sNII) goes up to ₹10 lakh and gets one third of the NII part; big NII (bNII) is above ₹10 lakh and gets two thirds. In both, each winner of the draw gets the same minimum NII application, the fewest lots worth more than ₹2 lakh.
- Why does the amount use the top of the price band?
- A retail bid at the cut-off price blocks money at the top of the band. If the issue price is set lower, the extra amount is unblocked after the allotment.
- Can I apply through UPI for more than ₹5 lakh?
- No. UPI works for IPO applications of up to ₹5 lakh. For more, apply through net banking ASBA with your bank.
Sources
- SEBI: Issue of Capital and Disclosure Requirements (ICDR) Regulations, 2018, as amended (PDF)
- SEBI circular: listing within T+3 days of the issue closing (August 2023, PDF)
- SEBI circular: UPI for applications by individuals up to ₹5 lakh (April 2022, PDF)
- SEBI: public issues filed with SEBI (offer documents)