Overview

• Under the proposals, retail investors would secure 35% of IPOs below ₹5,000 crore and retain a minimum 25% share in larger issues with 10% of amounts above ₹5,000 crore reserved for them
• Anchor investor rules would mandate five to 15 participants for the first ₹250 crore of an IPO and allow 10 more for each additional ₹250 crore with a ₹5 crore minimum allotment, while seeking views on longer lock-in periods
• Mutual funds would see their share of the qualified-institutional-buyer portion rise to at least 15%, up from the current 5%, to deepen institutional participation
• Any under-subscription in retail or non-institutional categories could be redistributed to other investor classes to ensure full issue coverage
• Small and medium enterprise IPOs would face a higher minimum application size, proposed to increase from ₹1 lakh to ₹2 lakh or more