@Yeswanth Sure How do you know cutoff price is Rs 450?
There is difference between upper band price and cutoff price.
The cut-off price in IPO is the price at which investors are allotted shares after applying for the IPO. It's determined by the company based on the bids received during the IPO subscription period. Here 'cut-off' simply means company will not issue shares to those who have applied below this threshold determined.
For retail segment this facility is given, wherein if they opt for cutoff price, they give consent to accept shares at any price withon price band. Since, cutoff price is not known at the time of application, bid is made at highest price.
This consenting facility to accept shares at any price is NOT offered to HNI. Hence, HNIs are required NOT to opt for cutoff price otherwise the application can get rejected.
Hope, it helps 🙏