Over the course of two days, orders for an Offer For Sale (OFS) issuance are collected.

The first day is set aside for orders from institutions and high-net-worth individuals (bids above Rs. 2 lacs). On the second day of the issue, all retail bids are placed. A cut-off price for the second day is calculated based on the bids received on the first day of the issue. For retail bids, the new cut-off price becomes the floor price.

In the event of weaker demand for the OFS, the retail cut-off price might be the same as the institutional cut-off price. A strong institutional demand, on the other hand, can result in a substantially higher retail cut-off price.