According to the requirement of the Company Law that "the number of shareholders holding not less than 65,438+0,000 shares is at least 65,438+0,000 shares" (referred to as "1 0,000 shares"), at present, the minimum subscription number of IPO in China is set at 65,438+0,000 shares, or 65,438+0,000 shares. After the subscription of new shares is completed, the lead underwriter will confirm the effective subscription quantity, and then calculate the winning rate of new shares according to the number of issued shares and the effective subscription quantity.
Specifically, there are the following improved varieties:
(1) When the number of effective subscriptions of investors is less than or equal to the number of shares issued, investors can usually make subscriptions according to the number of effective subscriptions in various places, and the balance will be underwritten by underwriters;
(2) When the number of effective subscriptions of investors is greater than the number of issuance, the host or lead underwriter of the exchange will determine a declaration number for every 65,438+0,000 effective subscriptions, arrange them in turn, and then draw lots to determine the winning number. Each winning subscription number can subscribe for 65,438+0,000 shares. The formula for calculating the winning percentage is:
Winning rate = (number of issued shares/number of valid subscribed shares) * 100%
Lottery: the lottery winning rate will be announced three days (t+3 days) after the purchase date. The lead underwriter will preside over the lottery according to the total allocation number, confirm the lottery winning result, and announce the lottery winning result in the designated media one trading day (T+4 days) after the lottery. Each winning number can subscribe for 1000 new shares.