look, minimum lot: 8 shares applied for 120 shares 120/8= 15 means if it is subscribed 15 times, then minimum 8 shares are sure. if it is subscribed 16, 17 ,or n times, then there will be a lottery.like 15 will get out of "n" applications.
Cut-off application option is available to retail and employee category only. Assuming that all cut-off data published at 6.00 pm in nse-india site under nse-bse graph, the issue is oversubscribed under retail category 14.67 times. All who have applied for maximum eligible bid at cut-off will get 8 shares alotted till the overall subscription under retail category is 15 times. If it goes beyond, then it would be lottery.