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An individual cannot apply for an IPO in both the Retail and HNI categories. Retail investors who apply for more than Rs 20,00,000 in shares in an IPO are automatically considered High Net Worth Individuals (HNI). HNI bids are classified under the Non-Institutional Category.
Retail investors are not eligible for discounts offered by companies.
The NII category also has a different way of allotment. Oversubscriptions will result in NII receiving a proportionate share of allotment. If IPO is oversubscribed 100x in this category, applicant will receive 1 share for every 100 shares he applied for. In the retail category, no matter how many shares were applied for, an investor will receive a maximum of 1 lot in the event of oversubscription.
In book build IPO,Retail Individual Investors (RII), holds a minimum of 35% out of the total issue share size. The NII typically have 15% of the shares reserved, while 50% is reserved for Qualified institutional buyers (QIB).
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