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A person cannot apply for both the NII and retail categories as an IPO. He must apply in one of the categories.
Individuals who apply less than Rs 2 Lakhs are considered retail. Retail investors have a 35% reserve allocation. Retail investors may also receive a price discount from some companies. If there is oversubscription, each investor will receive 1 lot.
Residents Indians, HUFs, NRIs, Corporate entities who apply more that Rs 2 lakhs must apply to the NII category. The 15% reserved allocation for NII investors is 15% In the event of oversubscription, NIIs will be allocated on a proportionate basis.
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