Non allotment under HNI category

Why am I not getting proportionate allotments in IPOs inspite of investing under HNI category? I recently invested around INR 14 lakhs in Glenmark IPO under HNI category but got zero allotment. Aren’t HNIs supposed to get proportionate allotments in cases of oversubscription ?

HNI Allotment is not necessarily always on a proportionate basis, in some cases, a draw of lots can happen. You can refer to this post for details.

@nsk2408

In glenmark NII oversubscribed by 122 times.

so to get one lot you need to apply 122*15,000 worth stocks roughly 19lakhs . you have applied only 14 lakhs . better luck in the current ipos .

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thanks for your response, much appreciated

thanks for your response, this explains

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one can apply in an ipo under hni category at a lower bid of the price band and can one get allotment?
are there any rules under which band an hni has to apply in? like in retail it is always said to apply for the cut off price.
and lastly is there any rules laid by sebi under which the application can get rejected in HNI category?

If its oversubscribed then only highest bid is considered, undersubscribed you get the allotment at the price you quote