List of the top 10 most subscribed IPOs in India all time
The following is the list of the top 10 most-subscribed IPOs in India across the QIB, NII, and Retail investor segments.
| Company | Date | QIB | NII | Retail Individualw | Total Subscription |
| Salasar Techno Engineering | July 12, 2017 | – | 478.39x | 58.92x | 273.05x |
| Highway Infrastructure | Aug 5, 2025 | 432.71x | 473.10x | 164.48x | 316.64x |
| Astron Paper or Board Mill | Dec 15, 2017 | 103.35x | 396.99x | 73.32x | 241.75x |
| Vibhor Steel Tubes | Feb 13, 2024 | 191.41x | 772.49x | 201.52x | 320.05x |
| Paras Defence and Space | Sep 21, 2021 | 169.65x | 927.7x | 112.81x | 304.26x |
| HOAC Foods India | May 16, 2024 | – | 1,432.6x | 2,556.46x | 2,013.64x |
| NACDAC infrastructure | Dec 17, 2024 | 236.39x | 4,084.46x | 2,503.66x | 2,209.76x |
| Hamps Bio | Dec 13, 2024 | – | 758.27x | 1,342.04x | 1,057x |
| Magenta Lifecare | June 05, 2024 | – | 1,145.78x | 778.41x | 983.19x |
| Greenhitech Ventures | April 12, 2024 | – | 921.6x | 597.41x | 769.95x |
What does the most subscribed IPO mean?
When an IPO receives higher bids for shares than the number of shares offered by the company, it is what you call a most subscribed or oversubscribed IPO.
For example, a company required shares of 5 crore, but received bids for 50 crore, which is when you say the IPO is oversubscribed or subscribed 50 times.
Why does oversubscription happen in an IPO?
IPOs that have been highly subscribed have certain factors associated with them, such as the company’s strong fundamentals, positive market sentiment, attractive pricing, high investor interest, and, lastly, the positive GMP figures, which result in the issue being oversubscribed.
Highly subscribed IPOs highlight the hype and demand around the company. When an IPO is oversubscribed, it estimates that the IPO may list at a premium. However, oversubscription does not guarantee listing gains. Along with subscription figures, a company’s fundamentals, valuation, and market sentiment should also be considered before making any IPO investment.
Conclusion: Does high Subscription guarantee listing gains
This article discusses numerous IPOs that have witnessed strong participation of investors across retail, QIB, and NII categories, making them the most subscribed IPOs of all time.
High subscription figures indicate the strong investor demand and bullish market sentiment around the IPO. A high subscription IPO does impact how the IPO will list, but it does not guarantee listing gains. We do not recommend investing in an IPO solely based on subscription figures.
Along with subscription numbers, one must analyze the company’s financial background, its valuation, business model, overall market sentiment, and Grey market premium before investing your hard-earned money. For more such IPO-related insights, track IPO Watch for the latest updates on Upcoming IPOs and IPO GMP.
