Cut-off Price vs Bid Price Calculator
IPO book-building lets you bid "at cut-off" or at a specific price within the band — the choice affects whether your bid is even considered for allotment, not just what you pay. See the outcome for each choice before you apply.
Allotment Price (if allotted)
₹100
Every allotted retail investor pays the same discovered cut-off price, regardless of whether they bid at cut-off or at a specific price at or above it.
Amount Blocked (ASBA)
₹15,000
Always blocked at the cap price, upfront
Refund After Allotment
₹0
If cut-off is below cap price
The "bid at cut-off" option is available only to Retail Individual Investors (RIIs) on Mainboard IPOs — it is not available for SME IPO applications, where every investor must bid at a specific price within the band. QIB and NII/HNI categories must always bid at a specific price too.
How the Cut-off Price vs Bid Price Calculator works
The cut-off price is the single final price discovered by the book-building process once bidding closes — every allotted retail investor pays exactly this price, never their own bid price. Retail Individual Investors (RIIs) get a special option to bid "at cut-off"— effectively saying "I'll pay whatever the final price turns out to be" — which guarantees your bid is considered regardless of where the cut-off lands within the band.
If you instead bid at a specific price within the band and that price ends up below the discovered cut-off, your bid is not considered for allotment at all — it isn't allotted at a worse price, it simply doesn't participate. Bid at or above the cut-off and you're allotted at the cut-off price like everyone else, refunded the difference from your specific bid (or from the blocked cap-price amount).
Regardless of which option you choose, ASBA always blocks funds at the cap price(the top of the band) × your applied quantity at the time of application — the difference between that blocked amount and the actual cut-off price is unblocked once allotment is finalised. Note: the cut-off option is available only to retail investors on Mainboard IPOs — SEBI's 2025 ICDR amendment removed the cut-off option entirely for SME IPOs, where every investor bids at a specific price. QIB and NII/HNI categories must always bid at a specific price too, on both Mainboard and SME.
Disclaimer: This calculator is for educational purposes only and does not constitute investment advice. Always read the Red Herring Prospectus and verify current rates before applying for any IPO.