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Retail investors, non-institutional investors (NIIs), and Qualified Institutional bidders (QIB) are the three major categories of investors in an IPO apply process. Here is the difference between QIB, NII, and RII:
| QIB | NII | RII | |
| Meaning | SEBI registered financial institutions, commercial banks, mutual fund asset management companies, etc. | High-net worth individuals, NRIs, HUFs, corporates, trusts, etc. who invests for above Rs 2 lakh in an IPO. | Individuals, NRIs, HUFs, etc. who subscribe to an IPO worth maximum of Rs 2 lakh. |
| IPO investment amount | No limit | Minimum Investment: Above Rs 2 Lakh Maximum Investment: Upto Rs 10 Lakh |
Minimum Investment: 1 IPO Lot Maximum Investment: Upto Rs 2 Lakh |
| Reservation | Not more than 50% | Not less than 15% | Not less than 35% |
| Bid withdrawal | Not Allowed | Not Allowed | Retail applicants can cancel their IPO bid before the issue closing day. |
| Lock-in | No lock-in for QIBs while Anchor investors who invests more than Rs 10 Cr in the QIB category, their investment is locked in for 30 days. | No lock-in on NII investment | No lock-in |