What does NII mean in an IPO?

Non-Institutional Investors (NIIs) are applicants who place bids above ₹2 lakh in an IPO. This group comprises high-net-worth individuals, NRIs, trusts, companies, partnership firms, and other entities applying beyond the retail investment limit.

NII is further classified as Small NII (sNII) and Big NII (bNII).

• Small NII: NIIs who invest upto Rs 10 lakh in an IPO, are called small NII.
• Big NII: NIIs who bid for shares worth more than Rs 10 lakh are called big NII.

Out of total shares offered to NIIs, 1/3^rd is reserved for small NII and 2/3^rd for Big NII.