If I were in your position, I wouldn't sell any applications in the grey market for a fixed price.
Here’s why:
1) The BHNI category is expected to be oversubscribed around 7 times. With four applications, you have a solid chance of being allotted shares.
2) If all four PANs under your control are taxable, and you’re allotted shares, you’ll need to pay a 20% short-term capital gains tax. Assuming the stock lists double, that could mean approximately 35-40k in profits, leaving you with a net gain of around 25-30k.
3) Personally, I believe in an all-or-nothing approach.
If your thinking aligns with this perspective, I’d recommend not selling, as there’s no one-size-fits-all answer to this decision.
सर्वे भवन्तु सुखिनः, सर्वे सन्तु निरामयाः