For Mainboard IPOs, there are usually 3 slabs.
Retail (<₹2L): In case of oversubscription, you get lottery allotment for ₹15k
Small NII (₹2L-₹10L): In case of oversubscription, you get lottery allotment for ₹2L
Big NII (>₹10L): In case of oversubscription, you get lottery allotment for ₹2L
Previously, the oversubscription numbers for BNII were consistently lower than SNII, which made sense. Not everyone has ₹10L lying around to apply for IPOs, and since the oversubscription was lower, BNII had better allotment probabilities.
But recently, I’ve noticed higher oversubscription in the BNII category compared to SNII. This seems counterintuitive—why would people opt for BNII with ₹10L when applying under SNII with ₹2L offers the same allotment (₹2L) but likely better odds?
What am I missing here?