{"id":11940,"date":"2022-05-30T12:57:13","date_gmt":"2022-05-30T07:27:13","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=11940"},"modified":"2022-07-14T16:35:22","modified_gmt":"2022-07-14T11:05:22","slug":"reasons-for-non-allotment-of-shares-in-an-ipo","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/reasons-for-non-allotment-of-shares-in-an-ipo\/","title":{"rendered":"Reasons for Non-allotment of Shares in an IPO"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69d42cf70f2cf\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d42cf70f2cf\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/reasons-for-non-allotment-of-shares-in-an-ipo\/#What_is_Lot_Size\" title=\"What is Lot Size?\">What is Lot Size?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/reasons-for-non-allotment-of-shares-in-an-ipo\/#Steps_Involved_in_an_Initial_Public_Offering_Process\" title=\"Steps Involved in an Initial Public Offering Process\">Steps Involved in an Initial Public Offering Process<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/reasons-for-non-allotment-of-shares-in-an-ipo\/#Allotment_of_lots\" title=\"Allotment of lots:\">Allotment of lots:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/reasons-for-non-allotment-of-shares-in-an-ipo\/#Bid_approval\" title=\"Bid approval:\">Bid approval:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/reasons-for-non-allotment-of-shares-in-an-ipo\/#Share_Allotment_Dynamics\" title=\"Share Allotment Dynamics\">Share Allotment Dynamics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/reasons-for-non-allotment-of-shares-in-an-ipo\/#Why_One_May_Not_Get_Allotment\" title=\"Why One May Not Get Allotment?\">Why One May Not Get Allotment?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/reasons-for-non-allotment-of-shares-in-an-ipo\/#Final_Word\" title=\"Final Word\">Final Word<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/kuvera.in\/blog\/reasons-for-non-allotment-of-shares-in-an-ipo\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/kuvera.in\/blog\/reasons-for-non-allotment-of-shares-in-an-ipo\/#How_can_retail_investors_obtain_shares_of_an_IPO\" title=\"How can retail investors obtain shares of an IPO?\">How can retail investors obtain shares of an IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/kuvera.in\/blog\/reasons-for-non-allotment-of-shares-in-an-ipo\/#In_case_of_over-subscription_how_likely_is_it_to_obtain_a_lot\" title=\"In case of over-subscription, how likely is it to obtain a lot?\">In case of over-subscription, how likely is it to obtain a lot?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/kuvera.in\/blog\/reasons-for-non-allotment-of-shares-in-an-ipo\/#How_do_HNIs_take_part_in_the_allotment_process\" title=\"How do HNIs take part in the allotment process?\">How do HNIs take part in the allotment process?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/kuvera.in\/blog\/reasons-for-non-allotment-of-shares-in-an-ipo\/#Interested_in_how_we_think_about_the_markets\" title=\"Interested in how we think about the markets?\">Interested in how we think about the markets?<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><span style=\"font-weight: 400;\">Piyush and Rajiv applied for an <\/span>initial public offering<span style=\"font-weight: 400;\"> together. Rajiv was allotted his desired number of shares, but Piyush was not. IPO allotment depends on the number and type of responses from investors. The allotment is subject to under-subscription or oversubscription of an IPO through a randomized and computerized process.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before explaining how companies allot shares, it is crucial to understand lot sizes.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\"><img loading=\"lazy\" class=\"size-large wp-image-13417 aligncenter\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-1024x334.jpg\" sizes=\"(max-width: 640px) 100vw, 640px\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-1024x334.jpg 1024w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-300x98.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-768x250.jpg 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022.jpg 1080w\" alt=\"Online Fixed Deposits on Kuvera\" width=\"640\" height=\"209\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Lot_Size\"><\/span>What is Lot Size?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Lots refer to the individual divisions of a company&#8217;s total <a href=\"https:\/\/kuvera.in\/explore\/mf\/c\/all\/equity\">equity shares<\/a>. Investors cannot buy individual shares when subscribing to an IPO; they can buy lots containing specific amounts of shares.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<pre><b>Thus, Number of lots = Total Number of shares \/ Number of shares in one lot.\u00a0<\/b><\/pre>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">For example, Company Z plans to issue 10 lakh shares via an <\/span>initial public offering with ten shares. As per this equation, number of lots equal 10,00,000\/10 i.e. 1,00,000.<\/p>\n<p><span style=\"font-weight: 400;\">Keep in mind that lot size will be valid only if it\u2019s a positive integer.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Steps_Involved_in_an_Initial_Public_Offering_Process\"><\/span>Steps Involved in an Initial Public Offering Process<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">An IPO<\/span> <span style=\"font-weight: 400;\">involves multiple steps. To subscribe to a public issue, investors must have a valid Demat\/trading account. Before beginning the bidding process, investors must have a blocked account. According to SEBI, the bidding process cannot start with insufficient funds, and companies might reject such bids straightaway.\u00a0\u00a0\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Allotment_of_lots\"><\/span>Allotment of lots:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\"> Factors that affect the allotment of lots to individual traders are the number of bids, the total number of lots, and bid validity. Usually, there is an excess demand for lots if the company\u2019s financial performance is decent enough to appeal to investors.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Bid_approval\"><\/span>Bid approval:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\"> Bid results generally surface in a week whereby IPO registrars announce confirmed allotments to successful bidders. Investors can check their <\/span><b>IPO allotment status online <\/b><span style=\"font-weight: 400;\">by issuing their PAN\/Client number\/bid allocation number.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Share_Allotment_Dynamics\"><\/span>Share Allotment Dynamics<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The initial public offering<span style=\"font-weight: 400;\"> involves the allotment of shares to valid bidders. Suppose the total worth of shares of an individual bidder is greater than Rs. 2 lakh, and their status changes to the high net-worth individual. Otherwise, his status remains as an individual retail investor.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Allotment confirmation for retail investors depends on two key variables: the total number of successful bids and the total number of offered lots.\u00a0\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Case 1:<\/b><span style=\"font-weight: 400;\"> If the total number of cumulative lot bids is less than the number of offered lots, all the bidders get fully allotted shares.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Case 2:<\/b><span style=\"font-weight: 400;\"> SEBI makes sure that none of the investors receives less than one lot. In this case of over-subscription, there are two more cases that investors can face. Investors are allotted one lot for smaller over-subscriptions, and the rest is proportionately allotted.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the allotment registrar follows an impartial distribution system for larger over-subscriptions. The allotment system is randomized such that every investor has an equal probability of obtaining one lot.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Case 3: <\/b><span style=\"font-weight: 400;\">Certain investors (arbitrageurs) attempt to profit from market inefficiencies. Arbitrageurs have a higher risk appetite and should be able to offer attention to detail.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, allotment cannot be pre-determined until the IPO closes. Shares are primarily distributed in Demat accounts and are not available in physical form.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trading on the <a href=\"https:\/\/app.kuvera.in\/explore\/stocks\/c\/all\">stock<\/a> exchange is usually possible after two weeks of IPO closure.\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_One_May_Not_Get_Allotment\"><\/span>Why One May Not Get Allotment?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Lot allotment is subject to maintaining the basic parameters for the application. Read on to know them.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">An invalid PAN or Demat account may result in the cancellation of one&#8217;s candidature. Moreover, multiple applications from the same Demat account are liable for cancellation. However, applications from multiple Demat accounts (belonging to family or friends) are acceptable.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Since the lot allotment is randomized in the case of many subscribers, there is an equal chance of obtaining one. So the probability of receiving a lot depends on the total number of bidders.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Final_Word\"><\/span>Final Word<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The chance of receiving an <\/span>initial public offering allotment of choice is subject to numerous factors. IPO allocation determines the market performance of the company issuing them. Since the financial market is volatile, it is practically impossible to determine how an investor will be chosen in case of over-subscription.<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"How_can_retail_investors_obtain_shares_of_an_IPO\"><\/span>How can retail investors obtain shares of an IPO?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Retail investors are those who bid for amounts less than Rs. 2 lakh. In the case of an <\/span>initial public offering<span style=\"font-weight: 400;\">, a minimum of 35% of the public issue is reserved for retail investors. The company offering the IPO chooses the number of lots and allows investors to purchase them. A retail investor should opt for at least one lot. However, allotment of lots is subject to under or over-subscription of lots.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"In_case_of_over-subscription_how_likely_is_it_to_obtain_a_lot\"><\/span>In case of over-subscription, how likely is it to obtain a lot?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">When more people apply for shares in an IPO, obtaining shares is less likely. According to SEBI guidelines, there should be a minimum application amount (between Rs. 10,000 \u2013 Rs. 15,000). The number of applicants equals the total number of shares available divided by the minimum lot size. Since the list is randomized, everyone has a fair chance of receiving (or otherwise) a lot.\u00a0\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"How_do_HNIs_take_part_in_the_allotment_process\"><\/span>How do HNIs take part in the allotment process?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Unlike retail investors and qualified institutional investors, high net-worth individuals need not register with SEBI. Additionally, allotment for HNIs is reserved on a pro-rated basis. In the case of over-subscription, the number of shares that HNI clients receive can be calculated by dividing the number of shares applied by HNI by the number of times the HNI portion has been over-subscribed.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Interested_in_how_we_think_about_the_markets\"><\/span>Interested in how we think about the markets?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>Read more: <a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Zen And The Art Of Investing<\/strong><\/a><\/p>\n<p>Check out all our &#8220;Investor Education Originals&#8221; videos on Youtube and get smart about investing.<\/p>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" title=\"SIP for the right start to your dreams | Best of Investor Education\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/8uwn1YpSsFU?list=PLDSzQdT9nLmBOsyCmLDKSz_PQcWdePZgI\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"http:\/\/app.kuvera.in\"><strong>Kuvera.in<\/strong><\/a> to discover <a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a> and <strong><a href=\"https:\/\/app.kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a><\/strong> and <a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><br \/>\n#MutualFundSahiHai #KuveraSabseSahiHai #PersonalFinance #InvestorEducation<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Piyush and Rajiv applied for an initial public offering together. Rajiv was allotted his desired number of shares, but Piyush was not. IPO allotment depends on the number and type of responses from investors. The allotment is subject to under-subscription or oversubscription of an IPO through a randomized and computerized process.\u00a0 Before explaining how companies [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/reasons-for-non-allotment-of-shares-in-an-ipo\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":11948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[91,577],"tags":[572,842,571,843],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Reasons for Non-allotment of Shares in an IPO - Kuvera<\/title>\n<meta name=\"description\" content=\"The first sale of shares to the public by a privately owned company is known as IPO. 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