Is IPO allotment is on first come first serve basis? 

• No, IPO allotment does not happen on a first-come, first-served basis. The allotment process depends on the overall investor response to the IPO.
  1. If the IPO is undersubscribed, investors may receive all the lots they applied for.
  2. If the IPO is oversubscribed, allotment is typically done through a lottery system or proportionate basis, as per SEBI guidelines.