Minimum subscription requirement triggers refund if threshold not met; mandates disclosure and allows specified exceptions. Minimum subscription requires that an issue receive at least ninety per cent of the offer through the offer document, subject in IPOs to allotment of the minimum number of specified securities. If the minimum subscription is not received, all application monies must be refunded: within fifteen days for non-underwritten issues, and within seventy days for underwritten issues where underwriters' devolvement obligations do not secure the minimum within sixty days. The offer document must disclose minimum subscription particulars per Part A of Schedule VIII, and the rule (apart from the IPO allotment requirement) excludes offers for sale of specified securities.