Does applying first increases the chances of IPO allocation?

The IPO allocation does not depend on who applied first. It all depends on how investors respond to the IPO. If there is not enough interest from investors, or the IPO is oversubscribed, you might be allotted the same number of lots as you applied for. If the IPO is not receiving enough interest from investors due to high demand, the allocation of shares to retail investors will depend on how many shares are available in the retail quota and the minimum lot size. If there are 10 lakh shares available to retail investors, and 2000 shares is the minimum lot size, then 500 applicants will be eligible for shares. A lottery is used to determine the applicants who will be allotted the shares.