# SFC Environmental IPO HNI Quota: Small NII vs Big NII Explained

> SFC Environmental IPO HNI (NII) quota: >=15% of the net offer, split 1/3 small NII (INR 2-10L) and 2/3 big NII (>INR 10L). Min bids 14 / 68 lots.
- **Published**: 2026-10-28
- **Modified**: 2026-10-28
- **Category**: ipo
- **URL**: https://www.tldr.money/articles/ipo/sfc-environmental-ipo-hni-nii-quota

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This guide explains the **SFC Environmental IPO HNI quota**, officially the non-institutional investor (NII) portion, including the "big NII" category some people call the UHNI quota. It is part of the [SFC Environmental IPO DRHP and RHP breakdown](/articles/ipo/sfc-environmental-ipo) and our [IPO guides](/ipo).

**Last updated: 28 October 2026.** Public book open 27-29 Oct 2026 -- check BSE/NSE for live NII subscription.

> **Educational content, not investment advice.** This page explains the issue using the company's own offer documents and exchange filings. tldr.money is not a SEBI-registered investment adviser or research analyst, and nothing here is a recommendation to apply for, buy, sell or hold any security. IPO investments can lose money, including on listing day. Prefer the [BSE DisplayIPO page for SFCTECH (IPONo 8060)](https://www.bseindia.com/markets/publicIssues/DisplayIPO?IPONo=8060&id=4906&idtype=1&startdt=27%2F10%2F2026&status=F&type=IPO) and the prospectus / GID linked there before you bid, and speak to a SEBI-registered adviser if you need personal advice.

## Who is an HNI in an IPO?

SEBI's rules do not use the term HNI. They define a **non-institutional investor (NII)** as anyone who is not a QIB, a retail investor or an eligible employee or shareholder bidding in a reserved portion, and who bids for **more than INR 2 lakh**.

The NII portion is split into two sub-categories:

| Sub-category | Common name | Bid size | Share of the NII portion |
|---|---|---|---|
| Small NII (sNII) | HNI, "small HNI" | More than INR 2 lakh, up to INR 10 lakh | One-third |
| Big NII (bNII) | "UHNI", "big HNI" | More than INR 10 lakh | Two-thirds |

"UHNI quota" is market slang, not a separate category. There is no third NII bucket in a standard prospectus.

## SFC Environmental IPO NII quota size

Kotak Neo / offer summaries say **not less than 15% of the net offer** goes to NIIs. Share counts below are **illustrative** from ~15% of the Offer total of **2,02,28,204** equity shares (fresh + OFS). BSE's live IPO page (accessed 28 Oct 2026) shows **Issue Size - No. of Shares: 1,41,59,744** (the post-anchor net available for public bidding -- do not invent a reconciliation beyond noting it excludes the anchor portion).

Illustrative share counts at the INR 330 cap:

| | Shares (illustrative) | Value at INR 330 (our calculation) |
|---|---|---|
| NII portion (~15% of Offer) | ~30,34,231 | about INR 100.13 crore |
| Small NII (one-third) | ~10,11,410 | about INR 33.38 crore |
| Big NII (two-thirds) | ~20,22,821 | about INR 66.75 crore |

Prefer post-anchor exchange parameters when published for exact official share counts.

## Minimum and maximum application amounts

At the INR 330 cap and the 45-share lot:

| | Lots | Shares | Amount |
|---|---|---|---|
| Small NII minimum | 14 | 630 | INR 2,07,900 |
| Small NII maximum | 67 | 3,015 | INR 9,94,950 |
| Big NII minimum | 68 | 3,060 | INR 10,09,800 |
| Big NII maximum | Up to the NII portion | | Subject to investor limits |

NIIs cannot bid at the cut-off price. You must bid at a specific price within the band, and your bid amount must clear the threshold at that price.

<div data-callout="note" data-title="Checked against standard SEBI NII rules: big NII minimum bid vs minimum allotment">

- **Minimum bid** to be in big NII: more than INR 10 lakh, so **68 lots (3,060 shares, INR 10,09,800)** if you bid at INR 330.
- **Minimum allotment** in big NII: usually **14 lots (630 shares)**, the same as small NII -- confirm in this issue's basis of allotment.
- So a big NII winner in an oversubscribed lottery often gets the **minimum NII block, not the full big-NII minimum bid**.

</div>

## How allotment works for small and big NII

Typical SEBI Schedule XIII NII allotment:

1. **Each successful NII gets at least the minimum NII application size**, subject to availability.
2. **If there are not enough shares for every applicant to get that minimum, applicants are picked by a draw of lots**, as SEBI's rules provide. This applies in each sub-category separately.
3. **Any shares left after the minimum allotments** are allotted proportionately.

Bigger bids do not buy a bigger minimum. They only matter if the category is not heavily oversubscribed.

## Paying for an NII bid

- **UPI works only up to INR 5 lakh.** Larger NII bids must use ASBA.
- **You cannot withdraw or lower your bid.** QIBs and NIIs can only revise upwards under typical prospectus rules.
- **The full amount is blocked** until allotment.

Walk through the steps in [how to apply for the SFC Environmental IPO](/articles/ipo/how-to-apply-sfc-environmental-ipo), and see the full [lot table by category](/articles/ipo/sfc-environmental-ipo-price-band-lot-size).

## Related SFC Environmental IPO guides

- [SFC Environmental IPO: DRHP and RHP breakdown](/articles/ipo/sfc-environmental-ipo)
- [SFC Environmental IPO price band and lot size](/articles/ipo/sfc-environmental-ipo-price-band-lot-size)
- [How to apply for the SFC Environmental IPO](/articles/ipo/how-to-apply-sfc-environmental-ipo)
- [SFC Environmental IPO HNI (NII) quota explained](/articles/ipo/sfc-environmental-ipo-hni-nii-quota)
- [SFC Environmental IPO allotment status](/articles/ipo/sfc-environmental-ipo-allotment-status)
- [SFC Environmental IPO dates and timeline](/articles/ipo/sfc-environmental-ipo-dates-allotment-status)
- [Should you invest in the SFC Environmental IPO?](/articles/ipo/should-you-invest-in-sfc-environmental-ipo)

## Sources

Primary sources first. Links accessed 28 October 2026.

- [BSE DisplayIPO -- SFC Environmental Technologies Limited (SFCTECH, IPONo 8060)](https://www.bseindia.com/markets/publicIssues/DisplayIPO?IPONo=8060&id=4906&idtype=1&startdt=27%2F10%2F2026&status=F&type=IPO)
- [Kotak Neo -- SFC Environmental Technologies IPO (lot / HNI maths, schedule)](https://www.kotakneo.com/ipo/sfc-environmental-technologies-ltd-ipo/)
- [Economic Times -- SFC IPO opens; fresh INR 150 cr + OFS ~INR 517.53 cr](https://economictimes.indiatimes.com/markets/ipos/fpos/sfc-environmental-technologies-ipo-opens-today-gmp-at-9-check-price-band-lot-size-and-key-details/articleshow/135222860.cms)
- [MUFG Intime -- public issues / IPO application status](https://in.mpms.mufg.com/Initial_Offer/public-issues.html)
- [BSE, IPO application status](https://www.bseindia.com/investors/appli_check.aspx)
- [NSE, verify IPO bids](https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids)
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