New Delhi, September 18, 2026: Sona Selection India Limited’s Mainboard Initial Public Offering (IPO) received a measured response from investors on its opening day, with the issue getting subscribed 0.47 times on September 17.
According to the Day 1 subscription data, investors submitted bids for 46,74,000 equity shares, compared with 1,00,10,000 shares available under the categories covered in the subscription data, taking the overall subscription level to 47%.
Retail investors emerged as the most active participant group during the first day of the issue. The Retail Individual Investor (RII) portion was subscribed 0.77 times, with bids received for 38,63,700 shares against 50,05,000 shares reserved for the category.
The Non-Institutional Investors (NII), which includes High Net-worth Individuals (HNIs), put in bids for 5,07,300 shares against an allocation of 21,45,000 shares. The category was consequently subscribed 0.24 times on the first day.
Institutional participation was comparatively lower during the opening session. The Qualified Institutional Buyers (QIB) category received bids for 3,03,000 shares, against 28,60,000 shares reserved, translating into a subscription of 0.11 times.
The Day 1 figures show that retail participation accounted for the bulk of the bids received so far. However, with the IPO still open for subscription, participation from institutional and non-institutional investors could change the overall subscription picture during the remaining bidding sessions.
Before the IPO opened for public bidding, Sona Selection India Limited completed its anchor investor allocation. The company allotted 42,90,000 equity shares at ₹99 per share to three anchor investors, raising approximately ₹42.47 crore.
The issue price paid by the anchor investors includes a share premium of ₹89 per equity share over the face value.
The anchor allocation was distributed among three investors. Astorne Capital VCC – Arven received 22,96,350 shares, accounting for 53.53% of the anchor allocation.
India Max Investment Fund Limited was allotted 9,96,900 shares, representing 23.24%, while Lord Multigrowth Fund received 9,96,750 shares, representing 23.23% of the anchor portion.
The anchor participation provides an early indication of institutional interest ahead of the broader public subscription, although the final response to the IPO will depend on participation across all investor categories until the issue closes.
Retail investors dominate opening-day activity
The subscription pattern on the first day highlights a significant difference in participation between investor categories. Retail investors accounted for more than 38.6 lakh shares in bids, substantially higher than the combined bids received from QIBs and NIIs.
The QIB segment, with a subscription of 0.11 times, remained below full subscription at the end of Day 1. Similarly, the NII portion stood at 0.24 times. Both categories therefore have substantial room for additional bidding during the remaining period.
For retail investors, the 0.77-times subscription indicates that a large portion of the reserved shares had already attracted bids during the first day, although the category had not yet reached full subscription.
The IPO will remain open for investors during the scheduled bidding period, giving QIBs, NIIs and retail investors additional opportunities to participate.
Market participants will closely track the subscription numbers in the next sessions, particularly the pace of institutional bidding and whether the retail segment moves into oversubscription.
The final subscription figure will be determined only after the issue closes and will provide a broader picture of investor demand for the company’s public offering.
For investors evaluating the IPO, subscription data is only one component of the decision-making process. Factors such as the company’s financial performance, valuation, business prospects, competitive environment, use of IPO proceeds and the risks outlined in the offer documents also remain relevant.
As of the close of Day 1, Sona Selection India Limited’s IPO stood at 0.47 times subscribed, with retail investors leading the initial bidding activity and institutional participation yet to gather significant momentum.