{"id":16193,"date":"2026-09-15T15:33:15","date_gmt":"2026-09-15T10:03:15","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16193"},"modified":"2026-09-15T15:38:32","modified_gmt":"2026-09-15T10:08:32","slug":"ncd-allotment-in-oversubscribed-issues-day-1-priority-vs-pro-rata","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/ncd-allotment-in-oversubscribed-issues-day-1-priority-vs-pro-rata\/","title":{"rendered":"NCD Allotment in Oversubscribed Issues: Day 1 Priority vs. Pro-Rata"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"NCD_public_issues_in_India_often_get_oversubscribed_within_hours_of_opening_but_not_everyone_who_applies_gets_allotted_the_same_way_This_article_breaks_down_SEBIs_two-tier_allotment_framework_first-come-first-served_%E2%80%9Cdate_priority%E2%80%9D_allotment_for_early_bidders_and_pro-rata_allotment_once_the_issue_is_oversubscribed_with_a_worked_example_and_category-wise_rules\"><\/span><strong>NCD public issues in India often get oversubscribed within hours of opening, but not everyone who applies gets allotted the same way. This article breaks down SEBI&#8217;s two-tier allotment framework: first-come-first-served &#8220;date priority&#8221; allotment for early bidders and pro-rata allotment once the issue is oversubscribed, with a worked example and category-wise rules.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>If you have tried applying for a popular non-convertible debenture (NCD) issue in India, you know how competitive these public issues can be. Retail investors are attracted to the higher coupon rates, and NBFC and housing finance company issues often get oversubscribed several times over. However, what most investors do not fully understand is that just having your application in does not mean you will get what you applied for. <\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ncd-allotment-in-oversubscribed-issues-day-1-priority-vs-pro-rata\/#NCD_public_issues_in_India_often_get_oversubscribed_within_hours_of_opening_but_not_everyone_who_applies_gets_allotted_the_same_way_This_article_breaks_down_SEBIs_two-tier_allotment_framework_first-come-first-served_%E2%80%9Cdate_priority%E2%80%9D_allotment_for_early_bidders_and_pro-rata_allotment_once_the_issue_is_oversubscribed_with_a_worked_example_and_category-wise_rules\" >NCD public issues in India often get oversubscribed within hours of opening, but not everyone who applies gets allotted the same way. This article breaks down SEBI&#8217;s two-tier allotment framework: first-come-first-served &#8220;date priority&#8221; allotment for early bidders and pro-rata allotment once the issue is oversubscribed, with a worked example and category-wise rules.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ncd-allotment-in-oversubscribed-issues-day-1-priority-vs-pro-rata\/#What_Is_Date_Priority_Allotment_for_NCDs\" >What Is Date Priority Allotment for NCDs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ncd-allotment-in-oversubscribed-issues-day-1-priority-vs-pro-rata\/#When_Does_Pro-Rata_Allotment_Kick_In\" >When Does Pro-Rata Allotment Kick In?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ncd-allotment-in-oversubscribed-issues-day-1-priority-vs-pro-rata\/#Pro-Rata_Share_Calculation\" >Pro-Rata Share Calculation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ncd-allotment-in-oversubscribed-issues-day-1-priority-vs-pro-rata\/#What_Happens_When_an_Issue_Is_Undersubscribed_in_One_Category\" >What Happens When an Issue Is Undersubscribed in One Category?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ncd-allotment-in-oversubscribed-issues-day-1-priority-vs-pro-rata\/#Investor_Categories_in_an_NCD_Public_Issue\" >Investor Categories in an NCD Public Issue<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ncd-allotment-in-oversubscribed-issues-day-1-priority-vs-pro-rata\/#A_Recent_Real-World_Example\" >A Recent Real-World Example<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ncd-allotment-in-oversubscribed-issues-day-1-priority-vs-pro-rata\/#Key_Takeaways_for_NCD_Investors\" >Key Takeaways for NCD Investors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ncd-allotment-in-oversubscribed-issues-day-1-priority-vs-pro-rata\/#Frequently_Asked_Questions\" >Frequently Asked Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ncd-allotment-in-oversubscribed-issues-day-1-priority-vs-pro-rata\/#Sources\" >Sources<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ncd-allotment-in-oversubscribed-issues-day-1-priority-vs-pro-rata\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p>SEBI has a detailed, two-step allotment mechanism: one is based on the date of application, and the other is based on a method in which all applicants are given a proportional share once the issue crosses into the \u201coversubscribed\u201d category. Understanding this mechanism will allow you to better time your NCD applications and set a reasonable expectation of the amount you will actually be allotted.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_Date_Priority_Allotment_for_NCDs\"><\/span><strong>What Is Date Priority Allotment for NCDs?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>NCD allotment in India is done following a &#8216;date priority&#8217; or first-come, first-served system. This implies that the order of allocation is determined by the date of online upload of applications on the exchange platform, not the date of submission of the physical application form or the date of payment. Certain operational details that need to be addressed:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Only applications that have been uploaded to the stock exchange&#8217;s online system are considered; applications that don\u2019t reach the exchange are of no consequence<\/li>\n\n\n\n<li>Applications uploaded on the same day are treated equally, and the order of allocation is not determined by the time of upload<\/li>\n\n\n\n<li>If an application is revised with respect to a field that cannot be edited online (quantity or series, for example), the application is considered to have been submitted on the newer day and time; however, if a field that can be edited online is revised, your original application date still applies<\/li>\n<\/ul>\n\n\n\n<p>In practice, this means that an NCD applicant who applies before the base size is reached will be fully allocated that NCD, assuming the issue stays open that long.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_Does_Pro-Rata_Allotment_Kick_In\"><\/span><strong>When Does Pro-Rata Allotment Kick In?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Pro-rata applies on the date of oversubscription, which occurs when total cumulative bids exceed the base issue size. Here is the process as described in the SEBI Master Circular for Non-Convertible Securities:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Everyone who applied up to one day before the oversubscription date gets a full allotment<\/li>\n\n\n\n<li>Everyone who applied on the oversubscription date itself, or after, shares what&#8217;s left on a pro-rata (proportionate) basis<\/li>\n\n\n\n<li>The pro-rata share is calculated, then rounded to the nearest whole NCD<\/li>\n\n\n\n<li>If rounding pushes the total allotment above the available quantity, the applicant with the larger decimal fraction (before rounding) gets priority<\/li>\n\n\n\n<li>If two applicants are tied on decimal value, the tie is broken by a computerized draw of lots<\/li>\n<\/ol>\n\n\n\n<p>This is why two people who applied on the same &#8220;oversubscription day,&#8221; even for the same amount, can end up with slightly different allotments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pro-Rata_Share_Calculation\"><\/span><strong>Pro-Rata Share Calculation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The pro-rata share for an applicant is calculated using this formula:<\/p>\n\n\n\n<p><strong>Applicant&#8217;s Pro-Rata Share = (NCDs applied by that applicant \u00f7 Total NCDs applied for by all Day-2 applicants) \u00d7 NCDs remaining for allotment<\/strong><\/p>\n\n\n\n<p>The tricky part is what happens after the formula, because individually rounding each applicant\u2019s share to the nearest whole number can cause the total to exceed or fall short of what is available. The rounding methodology used by SEBI works like this: round each share to the nearest whole number, determine if the total rounded shares exceed or fall short of the available shares, and then adjust by looking at who was rounded up or down by the smallest margin, bumping those applicants the other way until the total matches exactly.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A Worked Example<\/strong><\/h3>\n\n\n\n<p>Say 1,000 NCDs are left after full allotment to early applicants, and four Day-2 applicants together bid for 2,181 NCDs.<\/p>\n\n\n\n<p>Step 1- Calculate each applicant&#8217;s exact share:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Applicant<\/strong><\/td><td><strong>NCDs Applied<\/strong><\/td><td><strong>Exact Pro-Rata Share<\/strong><\/td><\/tr><tr><td>Applicant 1<\/td><td>630<\/td><td>(630 \u00f7 2,181) \u00d7 1,000 = 288.858<\/td><\/tr><tr><td>Applicant 2<\/td><td>516<\/td><td>(516 \u00f7 2,181) \u00d7 1,000 = 236.589<\/td><\/tr><tr><td>Applicant 3<\/td><td>517<\/td><td>(517 \u00f7 2,181) \u00d7 1,000 = 237.047<\/td><\/tr><tr><td>Applicant 4<\/td><td>518<\/td><td>(518 \u00f7 2,181) \u00d7 1,000 = 237.506<\/td><\/tr><tr><td><strong>Total<\/strong><\/td><td><strong>2,181<\/strong><\/td><td><strong>1,000.000<\/strong><\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p>The exact shares always add up perfectly; it&#8217;s the rounding step that creates a mismatch.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Latest Bond Updates:<\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-buy-dollar-bonds-in-india\/\" aria-label=\"How to Buy Dollar Bonds in India: GIFT City IFSC Guide for Investors\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/15155611\/How-to-Buy-Dollar-Bonds-in-India-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"How to Buy Dollar Bonds in India\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/15155611\/How-to-Buy-Dollar-Bonds-in-India-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/15155611\/How-to-Buy-Dollar-Bonds-in-India-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/15155611\/How-to-Buy-Dollar-Bonds-in-India-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/15155611\/How-to-Buy-Dollar-Bonds-in-India-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/15155611\/How-to-Buy-Dollar-Bonds-in-India.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-buy-dollar-bonds-in-india\/\">How to Buy Dollar Bonds in India: GIFT City IFSC Guide for Investors<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ncd-allotment-in-oversubscribed-issues-day-1-priority-vs-pro-rata\/\" aria-label=\"NCD Allotment in Oversubscribed Issues: Day 1 Priority vs. Pro-Rata\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/15152839\/NCD-Allotment-Priority-vs-Pro-Rata--1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"NCD Allotment - Priority vs Pro Rata\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/15152839\/NCD-Allotment-Priority-vs-Pro-Rata--1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/15152839\/NCD-Allotment-Priority-vs-Pro-Rata--300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/15152839\/NCD-Allotment-Priority-vs-Pro-Rata--768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/15152839\/NCD-Allotment-Priority-vs-Pro-Rata--1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/15152839\/NCD-Allotment-Priority-vs-Pro-Rata-.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ncd-allotment-in-oversubscribed-issues-day-1-priority-vs-pro-rata\/\">NCD Allotment in Oversubscribed Issues: Day 1 Priority vs. Pro-Rata<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ncd-ipo-minimum-investment-amount-and-lot-size-rules\/\" aria-label=\"NCD IPO Minimum investment amount and lot size rules\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/11152123\/NCD-IPO-Rules-Minimum-Investment-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"NCD IPO Rules Minimum Investment\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/11152123\/NCD-IPO-Rules-Minimum-Investment-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/11152123\/NCD-IPO-Rules-Minimum-Investment-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/11152123\/NCD-IPO-Rules-Minimum-Investment-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/11152123\/NCD-IPO-Rules-Minimum-Investment-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/11152123\/NCD-IPO-Rules-Minimum-Investment.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ncd-ipo-minimum-investment-amount-and-lot-size-rules\/\">NCD IPO Minimum investment amount and lot size rules<\/a><\/li>\n<\/ul>\n\n\n<p>Step 2- Round each share normally: 288.858 \u2192 289; 236.589 \u2192 237; 237.047 \u2192 237; 237.506 \u2192 238. The total comes to 1,001, which is one NCD more than is available.<\/p>\n\n\n\n<p>Step 3- Correct the overshoot: Only three applicants were rounded up\u2014Applicant 1 (.858), Applicant 2 (.589), and Applicant 4 (.506). Applicant 3 was already rounded down, so it isn&#8217;t touched. Among the three rounded up, Applicant 4 has the smallest decimal, so it&#8217;s the one bumped back down by one unit to bring the total back to exactly 1,000.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Final allotment:<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Applicant<\/strong><\/td><td><strong>NCDs Applied<\/strong><\/td><td><strong>Final Allotment<\/strong><\/td><\/tr><tr><td>Applicant 1<\/td><td>630<\/td><td>289<\/td><\/tr><tr><td>Applicant 2<\/td><td>516<\/td><td>237<\/td><\/tr><tr><td>Applicant 3<\/td><td>517<\/td><td>237<\/td><\/tr><tr><td>Applicant 4<\/td><td>518<\/td><td>237<\/td><\/tr><tr><td><strong>Total<\/strong><\/td><td><strong>2,181<\/strong><\/td><td><strong>1,000<\/strong><\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p>Two applicants who applied for very different quantities, Applicant 3 (517) and Applicant 4 (518), both received the same final allotment. Their decimals just so happened to rank them the same. This is the part most investors miss: Your pro-rata allotment does not equal \u201cyour share of what you applied for.\u201d It&#8217;s that share, adjusted by a fraction-ranking step measured against everyone else competing for the same leftover pool.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Happens_When_an_Issue_Is_Undersubscribed_in_One_Category\"><\/span><strong>What Happens When an Issue Is Undersubscribed in One Category?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Not every category of investors is affected equally by oversubscription. If the overall issue is oversubscribed but a certain category is not, then, as per SEBI&#8217;s rules, preference goes as follows: retail individual investors, then high-net-worth individuals (HNIs), then non-institutional investors, and finally institutional investors. This is meant to protect smaller investors from being crowded out by large institutional bids.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Investor_Categories_in_an_NCD_Public_Issue\"><\/span><strong>Investor Categories in an NCD Public Issue<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI has categorized NCD applicants into four groups, each with a specified quota in the offer document: Category I applicants include banks, insurers, mutual funds, and provident funds; Category II applicants include companies, trusts, societies, and HUFs; Category III applicants include HNIs investing above a certain limit; and Category IV applicants include retail individual investors applying up to \u20b910 lakh. It is important to note that an oversubscribed category does not take up space allocated to other categories unless specifically mentioned in the offer document. So a heavily oversubscribed retail portion won&#8217;t necessarily &#8220;borrow&#8221; space from an undersubscribed institutional quota.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_Recent_Real-World_Example\"><\/span><strong>A Recent Real-World Example<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>IIFL Finance&#8217;s April 2025 NCD public issue, with a base size of \u20b9100 crore and a green shoe option of \u20b9400 crore (a total of \u20b9500 crore), ended up getting oversubscribed by 4.75x <sup>[1]<\/sup> times, with subscriptions reaching \u20b9475 crore by April 9, 2025. The heavy subscription forced the company to close the issue on April 11, instead of its original closure date of April 23. This is a common occurrence for well-rated NBFC NCDs. Early closure is a direct consequence of the date-priority mechanism. Once demand crosses the base size, every additional day of bidding just adds more applicants competing for the remaining pro-rata pool.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Takeaways_for_NCD_Investors\"><\/span><strong>Key Takeaways for NCD Investors<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>There is a strict date order in which applications are processed, and being at the top of that order can mean the difference between a full allotment and a partial, rounded-down pro-rata share<\/li>\n\n\n\n<li>Retail investors get first preference if the overall issue is oversubscribed but the retail category itself isn&#8217;t fully subscribed<\/li>\n\n\n\n<li>Pro-rata math is not exactly proportional once rounding and the largest-remainder correction come into play<\/li>\n\n\n\n<li>Category-wise reservations mean oversubscription in Category III (HNI) doesn&#8217;t help you if you applied under Category IV (Retail), and vice versa, unless the prospectus says otherwise<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1789465535671\"><strong class=\"schema-faq-question\">Q1. <strong>What does \u201cDay 1 priority\u201d mean in an NCD issue?<\/strong><\/strong> <p class=\"schema-faq-answer\">It generally refers to date-based priority in allotment. Applications uploaded on an earlier date can receive priority over applications uploaded on a later date, subject to the issue&#8217;s allocation ratio and allotment rules.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1789465546909\"><strong class=\"schema-faq-question\">Q2. <strong>What is pro-rata allotment in an NCD issue?<\/strong><\/strong> <p class=\"schema-faq-answer\">Pro-rata allotment means eligible applicants receive NCDs broadly in proportion to the size of their applications when the available NCDs are insufficient to satisfy all applications in that portion.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1789465558288\"><strong class=\"schema-faq-question\">Q3. <strong>Does applying on the first day guarantee full allotment?<\/strong><\/strong> <p class=\"schema-faq-answer\">No. Applying early can provide date priority where the issue uses such a mechanism, but it does not guarantee that you will receive all the NCDs you apply for.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1789465568860\"><strong class=\"schema-faq-question\">Q4. <strong>What is an \u201coversubscription date\u201d?<\/strong><\/strong> <p class=\"schema-faq-answer\">It is the date on which applications in the relevant portion or category exceed the NCDs available for allotment in that portion, subject to the issue&#8217;s allocation structure.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1789465582566\"><strong class=\"schema-faq-question\">Q5. <strong>If I apply on Day 1, will I always get more NCDs than someone applying on Day 3?<\/strong><\/strong> <p class=\"schema-faq-answer\">Not necessarily. It depends on when the relevant category or portion becomes oversubscribed and the specific basis of allotment. An early application can have priority, but the final allocation is governed by the issue terms.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1789465592248\"><strong class=\"schema-faq-question\">Q6. <strong>What happens to applications submitted on the same day?<\/strong><\/strong> <p class=\"schema-faq-answer\">Where the issue follows a date-priority structure, applications uploaded on the same day are generally treated at par with one another. If the available NCDs are insufficient for those applications, allotment can be made proportionately among them.<\/p> <\/div> <\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sources\"><\/span><strong>Sources<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><a rel=\"nofollow\" href=\"https:\/\/www.iifl.com\/finance\/media\/iifl-finances-non-convertible-debentures-issue-oversubscribed-475-times-plans-early-closure\">IIFL Finance \u2014 NCD issue oversubscribed 4.75 times and planned early closure<\/a><\/li>\n<\/ol>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udcdd Quick Summary: NCD public issues in India often get oversubscribed within hours of opening, but not everyone who applies gets allotted&hellip;<\/p>\n","protected":false},"author":16,"featured_media":16195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1026,25],"tags":[],"class_list":["post-16193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guide","category-bond-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NCD Allotment in Oversubscribed Issues: Day 1 Priority vs Pro-Rata<\/title>\n<meta name=\"description\" content=\"How are oversubscribed NCD allotment? 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