If you have been following the stock market, you’ve probably seen the excitement that surrounds a big IPO. The thrill, the anticipation, and the race to get an allotment are almost like the stock market’s version of a blockbuster movie release. Over the years, India has witnessed some incredible IPO. Some issues were so oversubscribed that the demand went through the roof. These record-breaking IPOs on the BSE and NSE showed just how eager people were to own a part of the company being listed.
In this blog, we will take a look at the 10 most subscribed IPOs in India and explore what made them so popular. So, let’s rewind a bit to some of the biggest IPOs the Indian market has ever seen!
What is IPO Subscription & Why Does it Matter?
When a company decides to go public, it offers its shares to investors through an Initial Public Offering (IPO). The moment the IPO opens, from large institutional investors to retail buyers, everyone starts placing bids for those shares. The total number of bids compared to the number of shares available is called the IPO subscription.
An IPO subscription shows how much demand there is for a company’s shares before they get listed on the stock market. For example, if an IPO is subscribed to 50 times, it means investors have applied for 50 times more shares than what is available, a sign that the issue is in high demand!
IPO subscriptions are usually divided into three groups:
- QIB (Qualified Institutional Buyers): Big players like mutual funds, insurance companies, and foreign investors.
- NII/HNI (Non-Institutional or High-Net-Worth Investors): Rich individuals who apply with larger amounts.
- Retail Investors: Small investors applying for smaller lots, usually up to ₹2 lakh.
So, why does this matter?
Because subscription levels tell a story, they reflect investor confidence, market sentiment, and the overall excitement around an IPO.
Read Also: Top 10 Largest IPOs in India
Why do Investors pay attention to it?
- It hints at listing gains – Heavily subscribed IPOs often list at a premium (though not always guaranteed).
- It reveals hype and demand – You can easily see which companies are getting everyone’s attention.
That said, do not get carried away by subscription numbers alone. A company’s fundamentals matter much more for long-term success. Some IPOs soar on the day they list, while they may lose steam soon after if the business does not live up to expectations.
List of Top 10 All-time Highest Subscribed IPO
| S. No | IPO Name | Subscription | Year | Listing Gain |
|---|---|---|---|---|
| 1 | NACDAC Infrastructure | 2,209x | Dec, 2024 | 99.49% |
| 2 | Hoac Foods India | 2013x | May, 2024 | 190.94% |
| 3 | Austere System Ltd | 1077x | Sep, 2025 | 37.36% |
| 4 | Hamps Bio Ltd | 1057x | Dec, 2024 | 99.49% |
| 5 | Kay Cee Energy & Infra Ltd | 1052x | Jan, 2024 | 343.33% |
| 6 | Toss the Coin Ltd | 1026x | Dec, 2024 | 90% |
| 7 | Medicamen Organics Ltd | 993x | June, 2024 | 325.59% |
| 8 | Maxposure Ltd | 987x | Jan, 2024 | 317.42% |
| 9 | Magenta Lifecare Ltd | 983x | June, 2024 | 35% |
| 10 | GP Eco Solutions India Ltd | 856x | June, 2024 | 318.88% |
Read Also: Best Apps for IPO Investment in India
Conclusion
IPOs are always exciting; it is like getting a front-row ticket to a company’s growth story. Some IPOs grab headlines not just for the business itself but for the insane rush of investors. That said, remember this: a high subscription or a big listing day gain does not automatically mean long-term profits. Smart investing always comes down to looking at the company’s fundamentals and the bigger market picture.
Frequently Asked Questions (FAQs)
What does it mean when an IPO is “oversubscribed”?
It just means more people want shares than are available.
Does a high subscription guarantee profits?
No. High subscription usually shows strong demand and can mean a good listing, but it doesn’t promise long-term gains.
What is the difference between mainboard and SME IPOs?
Mainboard IPOs are from big, established companies listed on NSE/BSE. SME IPOs are for smaller companies on the SME platform
How are IPO listing gains calculated?
It is the percentage difference between the IPO price and the stock’s listing price. Sometimes people look at the opening price; sometimes the closing price on the first day.
Can retail investors apply for all IPOs?
Yes! Most IPOs have a retail quota, usually up to ₹2 lakh. Bigger investors like institutions and HNIs have their own separate quotas.
