The issue has been subscribed 10 times so far, as per data available on NSE. Reserved portion of qualified institutional bidders, which closes today, has subscribed more than 23 times - QIBs put in bids for more than 41 crore [410 million] equity shares as against reserved portion of 1.8 crore [18 million] shares.
Non-institutional and retail investors' portion remains undersubscribed.
Normally, this oversubscription would raise a red flag - but note the differential between institutional investors and the other two categories. It's only the institutional players that are piling over each other to get in; the retail bloke, by comparison, seems monumentally uninterested. The true red flag comes when Joe Average piles in.