Is there any advantage for RII (retail investors) if he applies for maximum permissible no. of lots rather than minimum no. of lots in a single application in case of a highly oversubscribed IPO?

In any IPO, allocation of shares to retail investors depends on the total number of shares available in the retail quota divided by the minimum lot size. So, if 10 lakh shares are available for retail investors and 2000 shares is a lot size then 500 applicants will get the shares. If the applicants are more than 500 then a lottery is used to pick the applicants. So, whether you apply for maximum lots or minimum lots, it doesn't matter.