What should investors understand if an IPO receives little or no QIB demand?

If the QIB portion in an IPO is not fully subscribed, it indicates weak interest from institutional investors. The impact depends on the level of under-subscription:

• IPO can still proceed if overall subscription is at least 90%.
• Underwriters may step in to cover shortfall.
• If demand remains significantly weak, the company may choose to withdraw or reprice the IPO.