🧪 Chanakya IPO Lab – Subscription Dissection

📌 Why This Matters-  Headline oversubscription numbers often hide who is actually funding the IPO. Chanakya IPO Lab focuses on money flow, timing logic, and demand quality, helping investors distinguish real conviction from optical comfort.

E to E SME IPO | Day-1 Analysis

Issue Size: Rs. 80.00 Cr
Category Allocation:

• QIB – 50% (Rs. 40.00 Cr)

• NII – 15% (Rs. 12.00 Cr)

• RII – 35% (Rs. 28.00 Cr)

IPO Timeline:
Open: 26 Dec | Close: 30 Dec | Allotment: 31 Dec | Listing: 2 Jan

📊 Subscription Snapshot (Day-1)

💰 Per-Application Money Flow (Key Insight)

QIB (Institutional)

• Total Applied: ~Rs. 90.00 Cr

• Applications: 3

👉 Per QIB application: ~Rs. 30.00 Cr

Chanakya Lab Reading:
Institutional participation is highly concentrated, with very large ticket sizes but extremely limited participation breadth.

NII (HNI)

• Total Applied: ~Rs. 101.64 Cr

• Applications: 1,324

👉 Per NII application: ~Rs. 7.68 lakh

Chanakya Lab Reading:
NII participation reflects depth rather than leverage-heavy aggression, suggesting a relatively balanced HNI book.

RII (Retail)

• Total Applied: ~Rs. 267.68 Cr

• Applications: 9,750

👉 Per RII application: ~Rs. 2.74 lakh

Chanakya Lab Reading:
Retail participation is broad-based and aligned with SME lot economics, indicating genuine retail demand rather than excessive multi-lot speculation.

🧭 Subscription Barometer (Chanakya Classification)

Trend Type:

👉 Retail-Led with Strong NII Support

(QIB participation: Selective, not broad-based)

• RII + NII together form the core demand pillar

• QIB presence adds headline support but lacks width

⏱️ QIB Timing & Cost Logic (Important Investor Insight)

Typically, QIBs prefer last-day bidding, as early applications lead to:

• Capital blockage for 2–4 additional days

• Carrying cost at ~8–10% annualised, impacting efficiency

In this context, large QIB applications on Day-1 may not always be driven by urgency. Such early participation is sometimes aimed at:

• Securing allocation visibility

• Portfolio positioning decisions

• Providing early subscription comfort to the market

Chanakya IPO Lab therefore advises readers to observe Day-3 QIB behaviour for clearer institutional intent, rather than drawing conclusions from early concentrated bids.

📈 GMP Behaviour Overlay

GMP Trend:

• Open: 134

• High: 136

• Low: 136

• Close: 146

Chanakya GMP Reading:

• Rising GMP alongside retail-led subscriptions reflects sentiment-driven optimism

• Sustainability of GMP strength will depend on broader QIB participation on the final day

🧠 Chanakya IPO Lab – Final Interpretation

• Demand Quality: Healthy, bottom-up

• Retail Participation: Genuine and wide

• NII Book: Stable, not overheated

• QIB Signal (Day-1): Concentrated, timing-based; needs confirmation

• Listing Risk Profile: Moderate volatility, not extreme

Chanakya Lab Verdict:

This IPO’s strength currently lies in retail and HNI participation, not institutional breadth. Investors should track final-day QIB expansion and GMP sustainability before extrapolating listing expectations.

Also Study Chanakya Subscription Barometer