Is it possible for individual to apply for both retail (below 2 lakh) and HNI (above 2 lakhs) for a IPO?

No, an individual cannot apply for both retail and HNI categories for IPO. If an investor applies for more than Rs 2,00,000 for an IPO, they automatically falls under the HNI category. HNI stands for high net worth individual. HNI bids fall under the non-institutional investor (NII) category. There are a few things to note about the "HNI" category: HNI bids cannot be cancelled. Bids can only be changed upwards. For example, if you have placed a bid of Rs 2.5 lakhs, you can change it to Rs 3 lakhs, but not to 2 lakhs. Investors must subscribe at the highest bid price. On the other hand, retail investors can apply for a maximum of Rs 2,00,000 for an IPO. Retail investors are given a discount while this does not apply to HNI. In the NII category, the allotment is handled differently. NIIs will receive a proportionate share of the allocation in case of oversubscription. If the IPO in this category is 100 times oversubscribed, the applicant will receive 1 share for every 100 applied shares. In the retail investor category, if the IPO is oversubscribed, an investor will receive a maximum of 1 lot, regardless of how many shares they have applied for. Retail investors (RII) receive at least 35% of the shares of the total issue volume in bookbuild IPOs. NIIs generally receive 15% of the shares and the remaining 50% are reserved for qualified institutional buyers (QIB).