Demand for mainboard IPOs has cooled sharply. The median issue in October so far was subscribed 9.33x, against 71.26x in August and 30.49x in September, according to IPO Guru's records. This IPO market trend is clearest in the large investor categories.
October is only 21 days old and has 8 issues, so the number can still move. Even so, the direction is plain.
How demand moved month by month
Each row shows the median across mainboard issues that closed in that month. A median is the middle issue, so one blockbuster book does not distort it.
| Month | Issues | Total | QIB | NII | Retail | Over 100x |
|---|---|---|---|---|---|---|
| July | 11 | 41.05x | 97.25x | 26.65x | 6.67x | 2 |
| August | 22 | 71.26x | 142.54x | 73.77x | 19.16x | 8 |
| September | 35 | 30.49x | 28.05x | 54.03x | 16.90x | 9 |
| October (so far) | 8 | 9.33x | 19.72x | 9.57x | 4.87x | 2 |
Who stepped back
QIBs, the qualified institutional buyers such as mutual funds and insurers, bid a median 142.54x in August. By September that was 28.05x. NIIs, the non-institutional investors who bid above ₹2 lakh, went from 73.77x in August to 9.57x in October.
Retail is the steadiest column, but it also fell, from 19.16x in August to 4.87x in October. Only 1 October issue has closed under 2x so far, compared with 4 in September.
The extremes this year
The most subscribed mainboard issues of 2026 are Hy-Tech Engineers at 244.41x, Deepa Jewellers at 233.73x and Advit Jewels at 212.63x. The least subscribed are Aye Finance at 0.97x, Clean Max Enviro Energy Solutions at 0.99x and Central Mine Planning & Design Institute at 1.05x.
The weak months were February and March, when the median stayed at 1.3x and 1.64x. Four of the 7 February issues and 5 of the 9 March issues closed under 2x. October is far above that, but well below the summer.
How this month's books fit
October's spread is wide. Tonbo Imaging India closed at 135.9x, with QIBs at 293.56x. Bonfiglioli Transmissions closed at 46.12x, Sahajanand Medical Technologies at 14.2x and Zetwerk Manufacturing Business at 3.06x. The median sits near the lower end because several issues drew modest bids.
Jio Platforms, the ₹30,213 crore issue that opened on 21 October, is not in these medians yet. Its books are still open, and the final figure will change the October numbers.
Demand is a measure of bids, not of how a stock performs after listing. Heavy QIB bidding has not always meant a strong debut, and our listing performance table shows how earlier issues did.
What happens next
We will refresh these figures when the October books close. The live mainboard subscription table shows every open issue's bids, updated through the day. Subscription multiples come from exchange data, and our tracker settles after 6 PM on closing day.
