@AmateurInvestor ji, what
@papon ji has explained is correct. I will add an example to his explanation that might be further helpful to understand how the allocation. Suppose that total SH quota is 100 cr and the applications are as follows
100 cr 1 lot
100 cr 5 lot
100 cr 10 lot
200 cr 13 lot
Total is 500 cr, so probability of allotment is 20% ( 100/500).The allotment will be as follows
1 lots will be a lottery with 20% probability of getting allotted ( total amount reserved 20 crore)
5 lots will be guaranteed 1 lot allotment ( total amount reserved 20 crore)
10 lots will be guaranteed 2 lots allotment ( total amount reserved 20 crore)
13 lots will be guaranteed 2 lots allotment and have a 60% probability of getting a 3rd lot in a lottery ( total amount reserved 40 crore)
If subscription is higher than 13x, like for TataTech, it is a lottery for everyone with probability of allotment proportional to lots applied
Hope this is helpful.