Top 10 Most Highest Subscribed IPOs in India

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. 

S.NO.	Check Out These Interesting Posts You Might Enjoy!
1	What are the Different Types of IPO in India?
2	What is the Book-Building Process in an IPO?
3	Why Does a Company Go Public & Launch IPO?
4	Performance Of IPOs Launched In 2023
5	OFS vs IPO: Key Differences and Benefits
6	Apply in IPO Through ASBA- IPO Application Method
7	What Is An IPO Mutual Fund? Should You Invest?
8	What is IPO Listing Time?
9	Strategies To Boost Your IPO Allotment Chances
10	From Private to Public: Decoding the IPO Journey