Hello Supriya

If you have this waitlist in IIM( ahemdabad,ranchi, udaipur etc) then the chances are few, but in colleges which fall under B+ category like SIBM pune , you have a very good chance of converting, you just need to wait to know but there a very good chances if your waitlist number is around 40 also.

So you can wait for the results as you have a fair chance of getting admission in this college.

I hope it helps.

Best of luck