What is the investment limit for retail investors in an IPO?

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Mainboard IPOs: A retail investor (RII) can apply for shares up to ₹2 lakhs. Any application above ₹2 lakhs falls into the Non-Institutional Investor (NII) category. The minimum application size is 1 lot.
SME IPOs: With effect from 1 July 2025, SEBI has replaced the RII category with Individual Investors. A retail individual must apply for a minimum of 2 lots. An application of 3 lots or more falls into the NII category.

Topic: IPO Investors Feedback

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