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There are two possible scenarios:
1. IPO will get oversubscribed multiple times in retail category
In that case no matter how many lots you have applied, you will get maximum of one lot and that too in a lottery system based on how many times IPO subscribed in retail category. So you should not apply for more than one lot in a good issue which is expected to oversubscribed heavily.
2. IPO may not fully subscribed in retail category
However, in an IPO which may turn out to be not very popular and where subscription is less than or equal to one time in retail category, n you will get as many lots as you have applied (maximum shares of Rs 2 lakh as that is the maximum limit in retail category). But this scenarios presents a significant risk as there is not much demand of IPO shares and prices may fall on the listing day.
In summary, in order to be on safer side, it is advisable to always apply for one lot only in all cases.
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