For retail investors, the basis of allotment is done to ensure that as many distinct applicants as possible get IPO allotment. If an IPO is oversubscribed in the retail category, then IPO shares are distributed on a proportionate basis to RIIs. Each retail investor gets a minimum of 1 lot subject to the availability of shares in the retail portion. If enough shares are not available, a lottery is drawn to choose the investors.
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