Chanakya Subscription Barometer

Overall Snapshot

• Total Subscription: 0.03x

• Total Amount Bid: Rs. 40.39 Cr

• Key Insight: Entire institutional confidence so far is anchor-driven, with negligible participation from other categories.

---

Anchor Investors

• Subscription: 1.00x

• Shares Offered & Bid: 1,38,69,499

• Amount Raised: Rs. 1,248.26 Cr

✅ Takeaway: Anchor book was fully subscribed, providing initial stability. However, anchor participation alone has not translated into follow-on demand from QIBs or HNIs.

---

QIB (Excluding Anchor)

• Subscription: 0.00x

• Shares Offered: 91,94,187

• Shares Bid: NIL

⚠️ Key Concern: Complete absence of fresh QIB participation beyond anchors indicates institutional caution on valuation and near-term growth visibility.

---

Non-Institutional Investors (NII / HNI)

• Overall NII Subscription: 0.02x

Break-up:

• bNII (> Rs. 10L): 0.01x

• sNII (< Rs. 10L): 0.04x

⚠️ Takeaway: HNI participation is extremely weak. Even small HNIs show only marginal interest, suggesting low confidence in listing gains and leverage-based applications.

---

Retail Individual Investors (RII)

• Subscription: 0.11x

• Shares Bid: 3,38,432

• Amount Bid: Rs. 30.46 Cr

🔍 Observation: Retail response is relatively better than institutions but still muted. Indicates selective participation, likely from long-term or brand-familiar investors rather than listing-gain seekers.

---

Employees

• Subscription: 0.03x

🔹 Insight: Even employee participation remains subdued, reflecting measured internal sentiment.

---

Chanakya View – Fractal Analytics

• Anchor book is doing the heavy lifting

• No real traction yet from QIBs or HNIs

• GMP remains low → listing expectations subdued

• Issue may depend heavily on last-day institutional participation

---

---

Aye Finance IPO – Subscription Dissection (Category-wise)

Overall Snapshot

• Total Subscription: 0.13x

• Total Amount Bid: Rs. 70.63 Cr

• Key Insight: Retail investors are relatively more active; institutional interest remains modest.

---

Anchor Investors

• Subscription: 1.00x

• Shares Offered & Bid: 3,56,98,420

• Amount Raised: Rs. 460.51 Cr

✅ Takeaway: Anchor book fully subscribed, offering baseline confidence. However, broader institutional follow-through is limited.

---

QIB (Excluding Anchor)

• Subscription: 0.14x

• Shares Bid: 31,88,376

• Amount Bid: Rs. 41.13 Cr

🔍 Observation: Some QIB participation is visible, but far from convincing. Institutions appear selective and cautious.

---

Non-Institutional Investors (NII / HNI)

• Overall NII Subscription: 0.01x

Break-up:

• bNII (> Rs. 10L): 0.00x

• sNII (< Rs. 10L): 0.03x

⚠️ Key Concern: Near-zero big HNI participation signals lack of leverage-driven interest and weak listing-gain expectations.

---

Retail Individual Investors (RII)

• Subscription: 0.28x

• Shares Bid: 21,80,220

• Amount Bid: Rs. 28.13 Cr

✅ Positive: Retail interest is the strongest among all categories, suggesting long-term or credit-cycle recovery expectations, rather than short-term trading interest.

---

Chanakya View – Aye Finance

• Retail-led demand, but institutional confidence still missing

• Zero GMP reflects muted listing outlook

• Subscription momentum may improve only if QIB participation accelerates sharply on final day

---

Final Comparative Takeaway

• Fractal Analytics: Anchor-heavy, weak follow-on demand

• Aye Finance: Retail-supported, but lacks HNI and strong QIB backing

• Market mood: Risk-averse, valuation-conscious, selective

Ideal only for investors with long-term conviction; listing-gain strategies remain high risk at current subscription trends.