What is a Non-Institutional Investor (NII) in an IPO?

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A Non-Institutional Investor (NII) is an investor category in IPOs that includes resident Indians, NRIs, HUFs, companies, legal entities, academic institutions, and trusts.

In mainboard IPOs, NII applications are those above ₹2 lakhs.
In SME IPOs, with effect from 1 July 2025, NII applications are those of 3 lots or more.

Investors who do not fall into the QIB (Qualified Institutional Buyer) or Retail/Individual categories are treated as NIIs.

This category is also popularly known as High Networth Individual (HNI).

Topic: IPO Investors Feedback

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