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In case you participate in a Shareholder category for an IPO , then be aware that zerodha only :
1. Allows ONE application submission , so you can submit either a retail application or a Shareholder application.
2. Allows upto a cap of 2Lacs in shareholder category

While one should look for a broker that provides-
1. Option to choose 2 applications (retail+sh OR hni+sh)
2. Allowing more than 2 lacs under SH application

It's a big drawback !