@Keshav AB Theoretically, probability of successful allotment is more in multiple applications. Hence, 14 retail should be the choice. But, if you compare the funds, 15K of retail v/s 200K of sHNI, even lesser number of sHNI allotment will have potential to give more rewards. Finally, it depends on luck, what one gets in oversubscribed issues. But, at the same time there are other factors too : for example, reserve quota for retail 35% or 10% and oversubscription quantum of each segment, that may yield different results. If you have observed recent issue of Vodafone Idea, retail segment got confirmed allotment of full lots whereas few applicants in sHNI were unlucky to get nothing.
Cutting long story short, there is no set formula that works in all situations, do your own study before making any decision.
Good Luck 🍀