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I read in the IOC OFS document that, if the OFS is not fully subscribed, and if people bid in the 5% discount price range, they could get allotment. Which means:
Floor Price = 387
Discount: 5%
Discount Price: 367.65
If you bid at 367.65 and if the OFS is not fully subscribed, you can get an allotment at 367.65.

To be on the safer side, if one is absolutely bullish on IOC, he/she can apply for a small quantity at 367.65!