IPO subscription demand cooled sharply in September 2026. In IPO Guru's records, the median QIB (qualified institutional buyer) bid fell from 142.54x in August to 28.05x. Retail demand barely moved, slipping from 19.16x to 16.90x.
What changed between August and September?
Institutions did the pulling back. Median total subscription went from 71.26x to 30.49x, a fall of 57%. The median bid from non-institutional investors (NII, mostly wealthy individuals and firms) dropped 27%, from 73.77x to 54.03x. Retail dropped 12%.
The number of issues rose over the same period, from 22 to 35. More issues shared the same pool of institutional money.
| Month | Issues | Median total | Median QIB | Median NII | Median retail | Over 100x |
|---|---|---|---|---|---|---|
| June 2026 | 6 | 27.61x | 10.70x | 81.52x | 15.63x | 2 |
| July 2026 | 11 | 41.05x | 97.25x | 26.65x | 6.67x | 2 |
| August 2026 | 22 | 71.26x | 142.54x | 73.77x | 19.16x | 8 |
| September 2026 | 35 | 30.49x | 28.05x | 54.03x | 16.90x | 9 |
Is demand weak everywhere?
No. Nine issues crossed 100x in September, one more than in August. Four issues were subscribed under 2x, against one in August. The middle fell, while the top stayed strong.
The most subscribed issues of the year so far are Hy-Tech Engineers at 244.41x, Deepa Jewellers at 233.73x and Advit Jewels at 212.63x. At the other end are Aye Finance at 0.97x, Clean Max Enviro Energy Solutions at 0.99x and Central Mine Planning & Design Institute at 1.05x.
How does this compare with earlier in the year?
September's median of 30.49x is close to January's 30.22x. February and March were far weaker. The median total was 1.30x in February and 1.64x in March, and four of seven February issues and five of nine March issues stayed under 2x. So September is a cooling from a very strong August, not a return to the weak spring.
October has just begun. Two issues are in our records so far, with a median of 1.98x, which is too few to say anything about the month.
What our data shows
Retail demand has held between 15.63x and 19.16x in the three months from June, apart from July's 6.67x. QIB demand has been far more volatile, ranging from 10.70x to 142.54x. If you read a single subscription number, check the category split first. It shows who is bidding. A medians table cannot tell you how any one issue will list.
What happens next
We update the monthly table as each issue closes. Track live bids on the mainboard subscription page, past listings on the IPO performance page and upcoming dates on the IPO calendar.
