@RPSM Basically u need a grey market broker who matches a buyer and a seller ... Sell and apply means u are limiting your downside as well as your upside
It's like you use your account your money and apply for shares u get fix amount on application let's say 450 for retail ... U apply one retail application u will get 450 irrespective of successful allotment or unsuccessful allotment
In case of subject to rates ... Means only if u are alloted shares u sell it on those rates
Answering your question first u need a grey market broker which is tough very few brokers are present since it requires 100% trust between all 3 parties premium buyer seller and the broker all the dealings maximum times are in cash u apply shares in your account with your capital it's just u are hedging yourself from any kind of loss if it's a much higher listing more than premium u have to give the difference to your broker