IPO investor categories: retail, HNI, QIB, and the reserved tranches

Sun, 21 Jun 2026 00:00:00 +0000

The investor categories in an Indian initial public offering are the buckets into which the Securities and Exchange Board of India sorts every applicant, each with its own reserved share of the issue and its own allotment rule. The three public categories of a book-built mainboard IPO are the retail individual investor applying up to Rs 2,00,000, the non-institutional investor or high-net-worth individual applying above that, and the qualified institutional buyer. Three more reserved portions sit alongside them: the anchor-investor carve-out inside the QIB tranche, the employee reservation, and the shareholder reservation. Regulation 6 and Schedule XIII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018 fix the percentages.

Employee Reservation on WebNotes

IPO investor categories: retail, HNI, QIB, and the reserved tranches