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How many IPO applications one can submit from his net banking account varies from bank to bank. Normally, banks allow only one application per bank account but there are few banks that allow 5 ASBA IPO applications submission. SBI Bank and Axis Bank allows 5 IPO applications per bank account but must be with different PAN numbers of any of your family members, friend, or other people.
Notably, if one submits all the 5 IPO applications with a single PAN number then all the applications will get rejected. On the last day, the banks allow submitting IPO ASBA applications till 3 PM; however, it is suggested to submit all the applications by 12 AM to avoid the last minute issue.
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