What is the difference between RII, NII, QIB and Anchor Investor ?

What is the difference between RII, NII, QIB and Anchor Investor ?

-         RII – Retail Individual Investor:

Individual Investors (including HUFs and NRIs applying on a repatriation/non-repatriation basis) who invest up to ₹2 lakh in an IPO.

Minimum 35% of the IPO issue is reserved for RIIs.

They usually apply through UPI or ASBA (via bank).

If the IPO is oversubscribed, allotment is done through a lottery system.

-         NII – Non-Institutional Investor (also called HNI – High Net-Worth Individual)

Individual investors who invest more than ₹2 lakh in an IPO.

This category also includes Companies, Trusts, and Societies not eligible under QIB or RII.

Minimum 15% of the IPO issue is reserved for NIIs.

There is no guaranteed allotment — allotment is done proportionally (based on the amount applied).


NII category is often split into two subcategories:

Small NII: (sNII): Application Amount is ₹2 lakhs to ₹10 lakhs
Big NII: (bNII): Application Amount is Above ₹10 lakhs

-         QIB – Qualified Institutional Buyer

Public Financial Institutions, Commercial Banks, Mutual Funds and Foreign Portfolio Investors can apply in QIB category.

SEBI Registration is required for Institutions to apply under this category.

50% of the Offer Size is reserved for QIB's.

-         Anchor Investor

An Anchor Investor in a Public Issue refers to a Qualified Institutional Buyer (QIB) making an application for a value of Rs 10 crores or more through the book-building process. An anchor investor can attract investors to public offers before they hit the market to boost their confidence.


Up to 60% of QIB Category can be allocated to Anchor Investors;
Anchor Investor Offer Price is decided separately.
Anchor investors have different Anchor Investor Bid/Offer Period.


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