Issue size is the total rupee value the IPO is raising — calculated as the number of shares offered multiplied by the final issue price. Issue size is the sum of the fresh issue and any OFS component. Mainboard issue sizes in India range from ₹100 crore (small mainboard) to ₹20,000+ crore (mega IPOs like LIC).
SME issue sizes are typically much smaller — under ₹100 crore, with a SEBI-mandated minimum lot value of ₹1 lakh per retail bid. The issue size is announced in the DRHP as a range, refined in the RHP, and finalised after the book-building process closes.
Issue size affects the IPO's structural dynamics. Very large issues (above ₹5,000 crore) tend to face less oversubscription pressure but more institutional scrutiny on pricing. Small issues can become heavily oversubscribed in retail but undersubscribed in QIB. The right size depends on the company's actual capital needs and the depth of the market at the issue window.